November has kicked off with a positive note for many cryptocurrencies, with Bitcoin hitting new all-time highs. However, amidst all the excitement, some altcoins are being overlooked despite having the potential for significant gains.
BeInCrypto has conducted an analysis of three such altcoins that investors should keep an eye on this week. These altcoins have important developments in the pipeline that could lead to a surge in their prices.
Aptos (APT)
Aptos has had a strong bullish week, with its price climbing by 35% to reach $10.72. The altcoin is now aiming to establish the 61.8% Fibonacci Retracement level at $11.64 as a support level. This could further strengthen its upward momentum and attract more investor interest.
Despite unlocking 11.31 million APT tokens valued at $121 million today, Aptos did not experience a significant price drop. This resilience indicates that investors have confidence in Aptos, which could potentially lead to further gains as the altcoin shows strength even with an increased circulating supply.
However, if Aptos fails to break through the $11.64 resistance level, we might see a decline to $9.79, which aligns with the 50% Fibonacci level. Losing this support could change sentiment, invalidate the bullish outlook, and open the possibility of a short-term price correction.
dYdX (DYDX)
The price of dYdX surged by 38% this week, but it is still within a consolidation range that was established back in August, keeping the altcoin below $1.33. Investors are eagerly watching for signs of a breakout, as sustained gains are needed to confirm a stronger upward trend.
A recent approval of a proposal by the dYdX community treasury led to the establishment of the dYdX Treasury SubDAO. Additionally, a vote was passed to transfer 45,000,000 DYDX to support a new staking program. These actions indicate a growing momentum in governance, paving the way for potential future growth in the asset.
This positive development is likely to attract more attention and investment, possibly pushing dYdX past the $1.33 resistance level. A breakout could lead to a bullish trend, but failure to escape the consolidation range would keep dYdX within its current boundaries.
Artificial Superintelligence Alliance (FET)
FET’s price saw a surge of 28.5% this week, bringing the altcoin above the critical support level of $1.40. The next obstacle is at $1.71, and if FET manages to surpass this level, it could be on track to reach $2.00, indicating a strong bullish momentum.
This week is crucial for FET, as the Superintelligence Summit on Monday will shine a spotlight on leading AI-powered crypto projects, including the Artificial Superintelligence Alliance. Such events often attract investor interest, and FET could benefit from increased attention on AI-driven blockchain technologies.
A positive outcome from the summit could propel FET’s price to $1.71 or even higher. However, if FET fails to break through this resistance, the altcoin may retrace back to $1.40 or lower, weakening the bullish outlook and hinting at a potential price stabilization.
In conclusion, while these altcoins show promise, it’s important to remember that market conditions can change rapidly. Always conduct thorough research and seek professional advice before making any financial decisions.
