The post 3 Altcoins to Watch in the First Week of November 2024 appeared on BitcoinEthereumNews.com.

October saw a bullish surge in the crypto market, but the final week left investors disappointed as altcoins faced significant drawdowns. With November now underway, investors are eager to know if this trend will continue.  BeInCrypto has identified three altcoins that crypto enthusiasts should keep a close eye on, as major token unlocks scheduled for the first week could impact the market. Aptos (APT) Aptos price declined by 18% over the past five days, reflecting broader market weakness. APT is currently attempting to hold above the 38.2% Fibonacci Retracement line at $8.23, a crucial support level that could stabilize its recent downtrend. The upcoming token unlock on November 11 is expected to release 11.31 million APT, valued at nearly $93 million. This event may introduce volatility, as investors might opt to cash out, anticipating a price drop post-unlock. Such a scenario often affects supply, increasing short-term price fluctuations. Read More: What Is Blockchain and How Does it Work? APT Price Analysis. Source: TradingView If Aptos loses support at $8.23, it may dip to $6.65, aligning with the 23.6% Fibonacci level. However, if the $8.23 support holds, a rebound could erase recent losses, challenging the bearish outlook and signaling a potential recovery for APT’s price. Cardano (ADA) Cardano’s price has been unstable since October, with no significant gains. Currently, ADA trades below the critical support level of $0.339, highlighting ongoing challenges in sustaining momentum. This support loss keeps the market cautious. An upcoming 18.53 million ADA token unlock, valued at approximately $6.16 million, is expected to introduce volatility similar to the recent November 1 unlock. Such events often trigger short-term fluctuations in Cardano’s price as supply increases. ADA Price Analysis. Source: TradingView While investors hope this volatility will drive prices upward, there’s a risk ADA could decline further toward $0.311. However, if market…

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Filed under: News - @ November 4, 2024 4:28 pm