Analyst Valdrin Tahiri expects surprises from some altcoin projects in November in an environment where the crypto money market is active. The analyst examines the charts of the altcoins he has chosen and tries to determine their possible routes.
- 1 In the first place is the leading altcoin Ethereum (ETH)
- 2 Filecoin (FIL) ranks second on the list.
- 3 The third surprise altcoin project of November is Chiliz (CHZ)
- 4 Fourth project Quant (QNT)
- 5 Surprise latest altcoin project Merit Circle (MC)
- 6 Share this:
In the first place is the leading altcoin Ethereum (ETH)
Altcoin price bounced off the $1,270 horizontal support area (green icons) between September 21 and October 13. The second bounce created a very long low wick that was considered a sign of buying pressure. AmkNews.com As you follow, ETH has been increasing since October 23. The rate of increase has gained momentum in recent days. Two days later, the altcoin broke out of a descending parallel channel that had previously existed since August 14. A breakout from such a long-term structure often leads to a sustained upward movement for ETH price.
Moreover, technical analysis indicators are also supporting the breakout. The daily RSI also broke out of the descending resistance line (green) and jumped above 50. Both of these are signs associated with uptrends. Now, the main resistance area for ETH is $1,713. This is the 0.618 Fib retracement resistance level and a horizontal resistance area. If the altcoin price succeeds in breaking above this, it is possible that the rate of increase will accelerate substantially. Thus, the doors are opened for ETH to go well above $2,000. On the other hand, your bullish thesis will be invalidated if a daily closes below the $1,270 support area. If that happens, it likely means that ETH will hit a new year low.
Filecoin (FIL) ranks second on the list.
Filecoin has been falling below a descending resistance line since August 1. The downward move continued until $4.73 on October 13. Since the beginning of September, the daily RSI has been forming a bullish trend (green line). The segregation led to an upward movement. Thus, the FIL went out of line on October 22. It has been increasing ever since. If the upside continues, the main resistance area will be at $6.50 for FIL.
Filecoin route is bound to break above $6.50 behind the Lotus peak on Nov. There is a distinct lack of resistance above the $6.50 area. As a result, if the altcoin manages to break through, it is possible to rally as high as $11.20. As the breakout started after a low of $4.73, a drop below this level will prove the validity of the breakout. This will take the FIL to new all-time lows.
The third surprise altcoin project of November is Chiliz (CHZ)
CHZ has been rising since forming a long low wick on Oct. In the process, it confirms the $0.16 support area. This is both the 0.618 Fib retracement support level and a horizontal support area. Shortly after, Chiliz broke out of the descending resistance line. Also, it hit the highest level of $0.21 ever. However, a bullish reversal has yet to be confirmed. This is because the daily RSI does not break out of the bearish trend line (green) and is below 50. Additionally, CHZ has seen a drop in the last 24 hours.
If the daily RSI breaks out of the bearish trend line and finds support above 50, it will confirm the completion of the correction. It’s still possible that the decline was just part of the correction. Therefore, a drop below the June low of $0.081 is required for the bullish hypothesis to be invalidated for this altcoin.
Fourth project Quant (QNT)
QNT price broke out of an ascending parallel channel on October 15 and reached $228 two days later. The altcoin has been falling since the move, which resembled a fourth wave pullback. The most likely level for the correction to complete is around $160 (red circle), which coincides with the middle of the ascending channel. Once the correction is complete, another upward move of QNT above $230 is likely. The potential high would be $200 below the ATH level.
A dip below the $133.30 first wave (red line) would invalidate Quant’s bullish argument. That means new lows are in store. In this case, QNT is likely to revisit the $90 level, where the current gain accelerated.
Surprise latest altcoin project Merit Circle (MC)
The altcoin price has been falling below a descending resistance line since June 6th. After the daily RSI formed an uptrend, MC price finally managed to break through on October 23. Afterwards, it started a very rapid upward movement. But he couldn’t keep up and left a long top wick in place. The daily RSI is currently well above 50. This supports the continuation of the upward move for MC.
The closest resistance area for the altcoin is $1.18. If MC Price succeeds in breaking above this, it is likely to quickly rally as high as $1.95 due to the general lack of resistance. However, if MC breaks below the pre-breakout levels of $0.57, the breakout will be invalid. In that case, it’s likely the MC will hit an all-time low.
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