November has started positively for Bitcoin, with the cryptocurrency setting new all-time highs several times in recent days. Leveraging this upward trend, some altcoins have also recorded significant rallies.
BeInCrypto analyzed the major altcoins that have shown an upward trend this week, with most of them led by Ethereum's (NEIRO) first Nero.
Ethereum First Nero (NEIRO)
NEIRO has shown remarkable strength in the altcoin market this week, rising 94% and setting new all-time highs daily. This sustained upward trend emphasizes NEIRO's strengths and popularity among investors, showcasing its outstanding performance in the current cryptocurrency market.
NEIRO is currently trading at $0.0027, having reached a daily high of $0.0028. This recent milestone reflects NEIRO's continued bullish momentum, as the meme coin solidifies its position and aims for further gains.
However, despite NEIRO's strong uptrend, a change in market sentiment or investors taking profits could lead to a pullback to $0.0022. A break below this support level would invalidate the current bullish outlook, requiring caution and potentially leading to a broader correction.
GOAT Maximus (GOAT)
GOAT emerged as the best-performing meme coin this week, surging 77% to post its highest gains since October. This impressive growth showcases GOAT's strengths in the current cryptocurrency environment, continuing to garner significant interest and momentum among traders.
Following NEIRO, GOAT set a new all-time high of $0.902 this week and is currently trading at $0.789. The meme coin is seeking stability above the $0.640 support level to maintain its recent gains, which would provide a solid foundation for continued growth.
However, if GOAT falls below the $0.640 support, the bullish outlook could be compromised. Such a breach could lead to a corrective phase, potentially pushing the altcoin down to $0.466, which would signal a reversal.
Cronos (CRO)
Cronos surged 70% this week, recovering the losses it had incurred over the past 5 months. Currently trading at $0.123, this altcoin is attempting to establish $0.121 as a new support floor, which is crucial to maintain the recent bullish sentiment around CRO.
Securing the $0.121 support would open the path for further gains, potentially pushing Cronos up to $0.133. This progress would continue to recover previous losses and strengthen investor confidence, potentially signaling a sustained uptrend for the altcoin.
However, if the $0.121 support level is not maintained, CRO could drop to $0.108. This decline would invalidate the current bullish outlook and wipe out a significant portion of the recent gains, potentially changing investor sentiment and increasing caution among CRO traders.
