3 notable altcoins this weekend | November 8 – 9

This weekend is a crucial time for the crypto market as fears of Bitcoin falling below $100,000 grow, leaving altcoins less reliant on broader market indices and more on the growth of their own networks.

BeInCrypto analyzes three altcoins that retail investors should watch this weekend.

Internet Computer (ICP)

ICP stood out as one of the top-performing altcoins this week after Dfinity launched its new AI engine called Caffeine. This languageless AI upgrade doubled the project’s subnet capacity to 2 TiB, improved performance for HIPAA-compliant decentralized applications, and increased investor interest in the network’s expanding AI ecosystem.

This explosion of innovation has fueled rapid demand, sending ICP ’s price soaring 166% in just one week. Currently trading at $7.80, the altcoin has broken through resistance at $7.61 and hit a 10-month high. If the bullish sentiment continues, ICP could continue to explode to $10.83, adding to its strong momentum over the weekend.

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However, if investors start to take profits after this strong rally, selling pressure could increase, which could push ICP prices down to $6.05 or even lower to $4.67. A drop below these levels would invalidate the bullish outlook and erase much of the recent gains of the week.

Movement (MOVE)

Movement is gearing up for a major Token Lockup unlock event in the next two days, with 50 million MOVE Token worth over $2.90 million set to enter circulation. A sudden increase in supply amid falling demand could increase selling pressure.

This altcoin has been in a steady downtrend over the past month, and its strong correlation of 0.86 with Bitcoin adds to the market uncertainty. If it follows Bitcoin's downtrend, its price could fall below the $0.0525 support and could drop below $0.0461, extending recent losses and weakening investor sentiment.

However, fresh investor support could help reverse the trend. If buying pressure intensifies, the MOVE could break the current downtrend, surpassing the resistance at $0.0669 and above $0.0741. A successful break above these levels would invalidate the bearish argument.

Axie Infinity (AXS)

Another altcoin to watch this weekend is AXS, which is preparing for a Token Lockup unlock event similar to MOVE, albeit on a smaller scale. The upcoming unlock, worth just $854,780, is unlikely to have a significant impact on the altcoin's price. The limited supply reduces the risk of strong selling pressure, helping to maintain short-term price stability.

However, AXS is stuck in a month-long downtrend that could soon break. The MACD is approaching a bullish crossover, signaling a potential reversal in momentum. If sentiment improves, AXS could break above the downtrend, surpass the $1.39 resistance, and reach $1.51 or higher in the coming sessions.

However, if the bearish sentiment continues, AXS could face renewed selling pressure. A drop below the $1.18 support could drag the altcoin below $1.15, with the possibility of a retest of $1.00. Such a move would invalidate the bullish argument and increase losses for Axie Infinity investors.