The crypto market is still attempting to move forward from the FTX exchange collapse contagion that has impacted the value of most digital assets. The widespread losses have partly eroded confidence in the crypto market, with several assets registering increased selling pressure.
Despite the market downturn, several altcoins are standing out, exhibiting the potential to regain previous highs. Indeed, the interest in the altcoins is due to the specific narrative they drive alongside the use cases. Below are the key altcoins to watch for the week of November 28.
Litecoin (LTC)
Litecoin (LTC) has registered increased buying pressure, with the token rallying at some point surpassing meme cryptocurrency Shiba Inu (SHIB) in market capitalization. Although LTC has long been termed ‘boring’, the token’s latest gains come less than one year to its halving. As of November 23, over $1 billion flowed into LTC within a day as the asset recorded a one-year price high against Bitcoin (BTC).
Notably, as the asset targets the $100 level, its recent price movement has replicated the previous trend of rallying months to its halving event. In this case, the next LTC halving is scheduled for August 2023.
As things stand, Litecoin is trading at $77, extending its recent gains after reaching a monthly high of $82. As reported by Finbold, crypto trading expert Rekt Capital stated that for LTC to rally further, the asset needs to hold above $67.
Furthermore, LTC technical analysis looks bullish, with a summary going for a ‘buy’ at 14, with moving averages supporting a ‘strong buy’ at 13 on the TradingView daily gauges. Elsewhere, the oscillators remain ‘neutral’ at eight.
Dogecoin (DOGE)
The meme cryptocurrency has recently been on a bullish trendline amid positive news around the token. Notably, the rally has come as the DOGE community moves to give the asset more utility. As reported by Finbold, Ethereum (ETH) co-founder Vitalik Buterin and Tesla (NASDAQ: TSLA) CEO Elon Musk are reportedly planning to combine and work on upgrading Dogecoin.
Indeed, Musk has been a firm supporter of DOGE with his tweets on the asset leading to a price rally. At the same time, since Musk acquired Twitter, speculations have emerged over DOGE’s possible integration with the social media platform.
By press time, DOGE was trading at $0.10, with gains of about 7% in the last 24 hours. The surge has followed sustained buying pressure, with DOGE recording a market capitalization of $12.9 billion.
At the same time, the Dogecoin community remains bullish about the asset’s prospects as they target the $1 level. As per a previous Finbold report, the community’s bullishness is exhibited by the fact that DOGE investors are among the least stressed crypto holders amid the sustained bearish conditions.
From a technical analysis perspective, DOGE is exhibiting bullishness with a summary standing at ‘buy’ with a score of 15 on the daily gauges. Moving averages are for a ‘strong buy’ at 13, while oscillators are also for a ‘buy’ at two.
Cardano (ADA)
Cardano’s (ADA) prospects are mainly linked to the network’s array of sustained developments. Part of the developments is centered around improving the network’s core technology, Lace wallet development, among others. At the same time, the network has over 1,000 projects built, while 106 projects have been launched on Cardano.
Part of the network’s growth saw the ADA wallets surpass 3.7 million, adding over 100,000 in November alone. At the same time, Cardano has recorded over 55 million transactions, while the smart contract feature has over 3,700 plutus scripts. In this line, Cardano also launched the Plutus DApp resource page for developers.
Overall, the network development is projected to act as a critical catalyst for ADA’s possible price rally. In the meantime, ADA is changing hands at $0.32 with weekly losses of about 4%.
Furthermore, the ADA technical analysis remains predominantly bearish, with the summary of the daily gauges going for ‘sell’ at 12 while moving averages are for a ‘strong sell’ at 12. However, oscillators are going for a ‘buy’ at two.
Huobi Token (HT)
The Huobi Token (HT) is on an upward trajectory defying the general market price movement. The native token of the Huobi cryptocurrency exchange has recorded weekly gains of 58%, while the daily chart shows a rally of 4%, trading at $7.14. Furthermore, the sustained buying pressure has resulted in HT hitting a market capitalization of about $1.09 billion.
It is worth noting that the HT rally accelerated after it emerged that About Capital Management announced purchasing Huobi Global. Under the deal, About Capital will control the majority stake in the firm. At the same time, Justin Sun, founder of blockchain DAO system Tron, is set to join as an adviser to the firm.
Notably, the bullishness around HT is exhibited on the technical analysis with a summary aligning with ‘buy’ at 15, while moving averages recommend a ‘strong buy’ at 13.
Chainlink (LINK)
After starting the week with uncertainty and turbulence, the price of LINK has recovered, recording a sustained buying pressure that has culminated in weekly growth of over 15%. Indeed, the asset has registered increased network activity, with the active addresses surging to new highs. The gains came after Chainlink announced a series of partnerships and integrations with platforms, including Cask Protocol and Shamba Network.
Additionally, Chainlink has capitalized on the recent FTX crypto exchange fallout by opting to offer proof of reserve services for troubled trading entities. Although the feature was launched almost two years ago, it gained popularity recently as crypto exchanges came under the spotlight to share proof of reserves.
At the moment, LINK is trading at $7.15, gaining almost 4% in the last 24 hours with a market capitalization of about $3.6 billion. Based on recent price movement, cryptocurrency trading expert Michaël van de Poppe noted that LINK needs to sustain the resistance around $7.05 and will be in line to hit $8.50.
Furthermore, a summary of Chainlink technical analysis recommends neutrality at eight, while moving averages are for ‘buy’ at nine, while oscillators are for selling at three on the daily gauges.
In general, the highlighted altcoins’ gains are helping the crypto market turn on a new leaf after the FTX crisis. Overall, the market’s prospects are also at the mercy of ongoing macroeconomic factors.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/cryptocurrencies-to-watch-for-the-week-of-november-28/