The cryptocurrency market continues to captivate investors worldwide, especially as Bitcoin’s trajectory becomes less predictable. This weekend, November 8–9, promises to be crucial for altcoins, with certain tokens showing the potential for significant moves based on their developments and market data. Here are three altcoins to keep an eye on.
1. Internet Computer (ICP): A Surge Fueled by AI Innovation
Internet Computer (ICP) has been making waves after the recent launch of Dfinity’s AI-powered tool, Caffeine. This modern innovation has doubled the project’s subnet capacity to 2 TiB, offering enhanced performance for decentralized HIPAA-compliant applications. As a result, investor interest in ICP has skyrocketed, pushing its price up by 166% in just one week.
Currently trading at $7.80, ICP has broken past its $7.61 resistance level, reaching a 10-month high. If bullish momentum persists, experts foresee further growth, with a potential rally to $10.83. However, investors should be cautious as profit-taking may trigger selling pressure, possibly bringing the price back to $6.05 or even $4.67.
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2. Movement (MOVE): Facing Pressure Before a Token Unlock
Movement (MOVE) is gearing up for a significant token unlock event this weekend, which will add 50 million tokens, valued at $2.90 million, into circulation. While this increases supply, subdued demand may place downward pressure on the token’s price. In the past month, MOVE has been in a steady decline, reflecting its strong 0.86 correlation with Bitcoin’s market behavior.
If the bearish trend continues, MOVE could drop below its $0.0525 support level and slide further to $0.0461. Conversely, renewed investor demand has the potential to reverse its trajectory, breaking past the $0.0669 and $0.0741 resistance levels. Crossing these thresholds could foster optimism among investors, invalidating the current bearish outlook.
3. Axie Infinity (AXS): Preparing for a Breakout
Axie Infinity (AXS) is another altcoin worth monitoring this weekend. While its upcoming token unlock is valued at a modest $854,780, it is unlikely to significantly disrupt the token’s price stability. That being said, AXS has been stuck in a month-long downtrend, awaiting a push to break free.
Technical indicators show promise, with the MACD nearing a bullish crossover—often a signal of positive momentum. If market sentiment improves, AXS could breach its $1.39 resistance level and aim for $1.51 or higher in the near future. However, persistent bearish conditions may cause a drop below $1.18, potentially retesting $1.00, invalidating any short-term bullish outlook.
Final Thoughts
This weekend will be pivotal for these altcoins as investors closely monitor market movements and network updates. While technical and fundamental analysis supports potential growth, it is always prudent to conduct your own research before making any investment decisions.
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