As the first third of the fourth quarter is already coming to an end, October has presented many altcoins with new all-time highs, causing surprise. However, Bitcoin, as the leader of the cryptocurrency assets, has failed to take a leap.
November is expected to see a change in this situation, with BTC being less than 3% away from a new all-time high, and these 4 altcoins also likely to follow suit.
Meme Coin (MEW)
MEW is currently over 16% away from reaching a new all-time high, and it saw an impressive 76% rise in October. This strong performance has established MEW as a popular meme coin, garnering significant investor interest.
The all-time high is $0.01173, and MEW is trading at $0.01009, maintaining support at $0.00900. If this support level holds, a 16% increase is possible to reach a new high. This stability is crucial for MEW to capitalize on the recent uptrend.
Read more: What are Altcoins? A Guide to Alternative Cryptocurrencies
However, if MEW loses the $0.00900 support level, it could drop to $0.00769, wiping out a significant portion of its recent gains. This decline would invalidate the current bullish outlook and signal a shift in sentiment in the meme coin market.
Mantra (OM)
OM has become one of the most sought-after cryptocurrency tokens, thanks to its impressive uptrend throughout October. This altcoin recently reached a new all-time high of $1.62, drawing significant investor attention and establishing OM as a prominent asset in the market.
As November approaches, OM has the potential to recover its recent gains. Maintaining the crucial $1.33 support level is essential for the recovery, providing a foundation for a renewed uptrend.
However, if OM fails to hold the $1.33 support level, it risks dropping to $1.18. Losing this level could invalidate the current bullish outlook, potentially leading OM to fall as low as $1.04. This decline would challenge the positive sentiment and serve as a warning to traders closely monitoring OM's performance.
SPX6900 (SPX)
SPX has gained attention in the meme coin market, recording an impressive 479% surge since October. This remarkable rally has pushed SPX to an all-time high of $1.19, demonstrating strong investor interest and momentum.
To revisit the recent peak, SPX needs a 25% increase from its current price of $0.95. Stability above the $0.91 support level is crucial for this upward path. Maintaining this level could allow SPX to secure a position for further growth in the meme coin market.
If SPX fails to hold the $0.91 support level, it could drop to $0.70, or potentially as low as $0.56. This decline would challenge the current bullish outlook and signal a shift in market sentiment. Such a drop could temper expectations and serve as a warning to investors.
Binance Coin (BNB)
BNB is one of the altcoins closest to its all-time high, currently 19% below the $721 record. However, to reach this level, BNB must overcome the crucial resistance range between $575 and $619. This resistance level has persistently challenged BNB's upward momentum.
The $575 to $619 barrier has been hindering BNB's rally since early June. If BNB successfully breaks through this zone, it could continue to rise to $686 and eventually reach a new all-time high.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
However, if BNB fails to break through the $619 resistance, as it has in previous attempts, it could retreat to $550 or $520. Such a pullback could delay the achievement of a new all-time high and dampen the hopes for a continued uptrend, potentially shifting market sentiment.
