As the cryptocurrency market approaches November, altcoins are likely to experience significant price fluctuations. Beyond the general market sentiment, some cryptocurrency assets are facing important network and chain updates, which could have a substantial impact on their valuation.
BeInCrypto recommends keeping an eye on three tokens that are facing important developments this week.
Jupiter (JUP)
The price of
Jupiter is expected to rise in the coming days, as the DAO is set to start voting on a major governance proposal. This proposal aims to achieve more accurate representation by adjusting the voting threshold, and offers an option to double the quorum to 30% of the total vote or 120 million votes.
The voting process could drive up the price of Jupiter, which has already risen 38% over the past 3 weeks. Currently trading at $1, Jupiter could rise towards the $1.11 resistance level, and breaking through this threshold could strengthen the altcoin's upward momentum and attract additional buyers, further increasing its value.
However, if Jupiter fails to break the $1.11 resistance level, the altcoin could enter a correction phase. In this scenario, JUP could stabilize below the resistance line, but maintain above the $0.94 support level.
MANTRA (OM)
The
launch of MANTRA's mainnet has generated significant interest, but this has not yet been reflected in the price. Despite the target month being October, the uncertainty around the exact launch date has dampened the surrounding upward momentum.
The anticipation of the launch could provide the necessary impetus for OM to break above $1.62 and reach new highs. This event was expected to create an upward momentum, attracting additional buying interest and driving the price higher.
Conversely, if the interest in the mainnet launch fails to meet market expectations, OM's price could face significant downward pressure. Failing to maintain interest could push the token below the crucial $1.33 support level, potentially driving OM down to $1.18. This decline would challenge the bullish outlook.
Harmony (ONE)
The
price performance of Harmony has been disappointing, with a 20% drop last week, reaching $0.012. However, this trend could soon reverse. The network is preparing for an important hard fork, scheduled for October 31st, which is expected to enhance functionality and stimulate demand, potentially leading to a recovery in the price of ONE.
The upcoming hard fork will initiate the first stage of HIP32, a crucial milestone towards Harmony's complete decentralization. This upgrade will also improve the epoch transition in Shard 1, significantly reducing signature losses and enhancing the overall network efficiency.
If the hard fork successfully improves the network performance, the price of ONE could recover its recent losses and reach above $0.013, potentially even touching $0.015. However, if the market conditions turn bearish, the price of ONE could drop to $0.011, challenging the bullish outlook.
