November has started very well for many cryptocurrencies, including Bitcoin, which have reached all-time highs. However, in the midst of the confusion, some altcoins have not received much attention and have the potential to rise.
BeInCrypto has analyzed three altcoins that should be watched this week. They are facing major developments that could trigger price increases.
Aptos (APT)
Aptos has shown a strong upward trend, rising 35% this week to reach $10.72. This altcoin is now trying to establish the 61.8% Fibonacci retracement level of $11.64 as a support, which could strengthen the upward momentum and attract more investor attention.
Today, Aptos unlocked 11.3 million APT tokens worth about $121 million, but this did not cause a price drop. This resilience indicates strong investor confidence in Aptos, and it could continue to drive the upward trend even as the circulating supply increases.
However, if Aptos fails to break through the $11.64 resistance level, it could drop to the 50% Fibonacci level of $9.79. Losing this support could invalidate the bullish outlook and suggest the possibility of a short-term correction.
dYdX (DYDX)
The price of dYdX has surged 38% this week, but it is still trading below $1.33, within the correction range formed in August. Investors are closely monitoring for signs of a breakout to confirm the continued upward trend.
Recently, a proposal from the dYdX Community Foundation was approved, leading to the establishment of the dYdX Foundation SubDAO. A vote was also held to transfer 45 million DYDX to support a new staking program. These actions reflect the growth of governance and set the stage for future growth of the asset.
These positive developments are likely to attract more attention and investment, which could enable dYdX to break through the $1.33 resistance level. If the altcoin manages to break above this level, the bullish trend could continue. However, if it fails to do so, dYdX will likely remain within the current range.
Fetch.ai (FET)
The price of FET has surged 28.5% this week, reclaiming the important $1.40 support level. The next resistance level is $1.71, and if FET can break above this, it could move towards $2.00, indicating strong bullish momentum.
This week is an important period for FET. The Superintelligence Summit on Monday will spotlight key cryptocurrency projects utilizing artificial intelligence, including the Fetch.ai Artificial Superintelligence Alliance. Such events often attract investor attention, and FET could benefit from increased interest in AI-based blockchain technology.
If the summit produces positive results, FET's price could rise above $1.71. However, if FET fails to break through this resistance level, the altcoin could retreat below $1.40, which would weaken the bullish outlook and suggest the possibility of price stabilization.
