The crypto market is waiting for an altcoin season bull run, just like leading digital assets, including Bitcoin, Ethereum etc. This year has brought the worst for altcoins, as the most dominant ones are trading at the bottom of the price chart.
However, a slight upward bounce back is possible if the crypto market flows with positive sentiments. According to an analysis, altcoins may pump hard in November and touch extreme highs in the price chart.
Altcoin Gang To Dominate Moonvember!
October has been the most excellent month for the entire crypto space as it pushed the crypto market from the mud of its prolonged bearish trend.
Leading assets of the market have shown a promising upward jump while altcoins remained in a consolidated zone and waiting for an initial pump.
A prominent crypto analyst, Mac, predicts that altcoins may start their domination in November as the upward rally is now being led by Dogecoin, while Bitcoin may trade in a sideways range.
TORN Price Analysis:
TORN is currently trading at $6.13 with an uptrend of 0.7%. TORN may witness a short-term pump in November, as indicated by the analyst. According to Mac, TORN already made an upward move to $9 due to liquidity, and this price level is not occurring again anytime soon in the short term as TORN may register new lows. However, it may provide excellent buying opportunities if a pump happens in the price chart.
Our technical analysis reveals that TORN may witness a short-term pump soon as the RSI-14 trades in a bullish zone at 48-level. To register an initial bullish rally, TORN needs to break its EMA-50-line, trending at $7.23. Conversely, the bullish analysis may fail if TORN drops below the Bollinger band’s lower limit at $4.77.
ChainLink Price Analysis:
ChainLink has already been making a significant gain in the last 24 hours as it registers an uptrend of 6% with a current value of $8.03. Mac mentioned that ChainLink was trading in a range-bound area near the weekly 7 SMMA line. LINK price may spike if it crosses its daily 200-day MA line, which is at $9.1.
Looking at the daily price chart, ChainLink rose over 22% in the last three days and continues to trade higher. The RSI-14 trades at 63-level, hinting at an immediate bullish momentum which may continue further. However, it may face a rejection above $9 and make a minor downward retracement near its fundamental support level at $7.3.
Algorand Price Analysis:
Mac analyzed that Algorand may also continue the same price movement as ChainLink as it made multiple lows with a long-consolidated range near the weekly 7 SMMA line. To initiate a short-term pump in the price chart, ALGO needs to break its daily 200-day MA line at $0.45.
Algorand trades at $0.35 with an uptrend of 1.45% in the last 24 hours. Our technical analysis states that a bullish momentum may soon occur if Algorand breaks its initial resistance level at $0.41 and maintains its price above it. However, a downfall may initiate if ALGO drops below its support level at $0.28.
RUNE Price Analysis:
Mac noted that RUNE might reach the weekly 7 SMMA line level, which the majority of altcoins may attain soon. According to him, the wider the gap between the current price level and the weekly 7 SMMA line, the better and more stable the pump in the price chart. He further said that RUNE needs to continue its consolidated range without hitting its lows, resulting in a better upward move further.
RUNE is trading at $1.56, with a rise of 0.66% from yesterday’s price. Looking at the daily price chart, RUNE needs to break its price level at $2.9 to initiate a smooth bull run. The RSI indicator is also supporting the current price movement of RUNE as it trades at 52-level. However, a price drop is expected if RUNE changes its mood and heads towards its support level at $1.2.