As November begins, many cryptocurrency investors are expecting positive developments this month. Considering this optimism, it is important to monitor the most closely watched altcoins in the market.
According to CoinGecko, the major altcoins attracting attention today include Ethervista (VISTA), Grass (GRASS), and Goatseus Maximus (GOAT). This analysis also reveals why these three cryptocurrencies are at the top of the trending table.
Ethervista (VISTA)
VISTA, the native token of the decentralized exchange Ethervista built on the Ethereum blockchain, is one of the trending altcoins due to its price surge. Over the past 7 days, the price of VISTA has increased by 560%, driven by a surge in on-chain activity.
According to Dune Analytics, this remarkable increase is also associated with an increase in token burning and a growing number of holders. For example, in mid-October, the number of VISTA holders was less than 8,000. This figure has now exceeded 10,000. Additionally, VISTA has burned 3.73% of its total supply, increasing its scarcity and potential value.
The current price of VISTA is $47.38. The Relative Strength Index (RSI) on the daily chart has increased, crossing above 70.00, indicating an overbought state.
However, based on the technical setup, despite the overbought condition, there is no major resistance, which means the price of VISTA may not decline. If this state persists, the altcoin's value could rise to $57.25.
Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies
On the other hand, if profit-taking increases, the cryptocurrency's value could decline to $37.06.
Grass (GRASS)
The DePIN project Grass has been consistently among the trending altcoins for most of this week. With its strong performance since launch, it has established itself as one of today's trending altcoins.
According to CoinGecko, the price of GRASS has increased by 9.30% and is currently trading at $1.13. The altcoin is facing resistance around $1.13, but the 4-hour chart shows support at $1.01, which could help it rebound.
If that happens, the value of GRASS could rise to $1.25. However, if the opposing pressure continues around the current price, it may not. Instead, the value of the altcoin could drop to $0.99.
Goatseus Maximus (GOAT)
The AI-based meme coin Goatseus Maximus has returned to the list of trending altcoins after disappearing from it for a few days.
However, contrary to what investors might expect, GOAT is attracting attention due to a price decline, not an increase. Over the past 24 hours, the token's value has decreased by 5%.
Currently, the value of GOAT is $0.54, down 38% from its all-time high. However, the 4-hour chart shows support at $0.50, indicating the presence of bulls helping the price recover.
Read more: What Are the Best Altcoins to Invest in November 2024?
If the bulls maintain momentum, the price of GOAT could continue to rise and reach $0.75. However, if the buying pressure weakens, this prediction may not materialize. Instead, the price could drop to $0.47.
