Top Altcoins to Watch in November 2023
This November, several altcoins are poised to make significant developments that could impact their prices positively. Let’s take a closer look at the potential happenings for XRP, Injective (INJ), eCash (XEC), Hedera (HBAR), and the Graph (GRT).
The Ripple (XRP) Swell Conference Approaches
XRP, currently priced at $0.70 with a market cap of $37,622 billion, is gearing up for the Ripple Swell conference scheduled for November 8-9 in Dubai. Traders and investors are anticipating potential market-shifting announcements, including a rumored IPO or the application for a Virtual Asset Regulatory Authority (VARA) license in the United Arab Emirates. The XRP price recently broke out from a 98-day descending resistance trendline, setting the stage for a potential 35% price increase to reach the yearly high of $0.94, pending a successful breakout. Conversely, a rejection might trigger a 23% drop to the closest horizontal support at $0.55.
Injective (INJ) NFT Collection Contribute to Burn
INJ, valued at $17.89 with a market cap of $1,492 billion, is scheduled to launch its first-ever Non-Fungible Token (NFT) collection on November 11. The Quants collection mechanism outlines that 5% of all Quants volume will be burned, potentially reducing the token supply and positively affecting the price. Additionally, technical analysis suggests a bullish Elliot Wave count, hinting at a potential 40% increase to the all-time high of $25.30, with further resistance at $36.50.
eCash (XEC) Upgrades Network
The upcoming eCash network upgrade on November 15 is expected to introduce a 10% block reward allocated as a staking reward, while also increasing the miner fund block reward. XEC is currently trading above the $0.00003 horizontal area, with a 38% potential increase to $0.000042 as the next resistance. Conversely, a close below $0.000030 can lead to a 28% drop to the nearest support at $0.000022.
Hedera (HBAR) Community Event Can Lead to Increased Interest
HBAR, currently priced at $0.055, is expected to unveil new decentralized business solutions at an event co-hosted by Hedera and Object Computing, Inc. on November 14. It is currently trading at a critical resistance level, with a potential 30% increase upon a breakout to reach the next resistance at $0.075. However, a rejection could lead to a 20% drop to the closest support at $0.047.
The Graph (GRT) Concludes November Altcoins to Watch
GRT’s upcoming big announcement on November 7 has generated significant interest, with a potential 25% increase if the price breaks out from the descending resistance trendline, reaching the next resistance at $0.170. Conversely, a rejection could initiate a 30% drop to the trendline at $0.100.
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