As the crypto market gears up for November, altcoins are likely to experience notable shifts in price action. Beyond general market sentiment, certain crypto assets are also set to undergo pivotal network and chain updates, which could significantly influence their valuations.
BeInCrypto has identified three tokens to watch closely this week as they approach these critical developments.
Jupiter (JUP)
Jupiter’s price is projected to see an increase in the coming days as the DAO begins voting on a key governance proposal. This proposal aims to adjust voting thresholds for more accurate representation, with options to either double the quorum to 120 million votes or set it at 30% of total staked $JUP.
The voting process could fuel Jupiter’s price, which has already surged by 38% in the last three weeks. Currently trading at $1.00, Jupiter may climb toward a resistance level of $1.11, presenting a strong opportunity to break past this threshold. A successful breach could reinforce the altcoin’s bullish momentum, drawing in additional buyers and pushing JUP toward even higher valuations.
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However, if Jupiter fails to breach the $1.11 resistance— a level it has unsuccessfully tested twice— the altcoin might enter a consolidation phase. In this scenario, JUP could stabilize below resistance but remain above its support level of $0.94.
MANTRA (OM)
The launch of MANTRA’s mainnet has generated considerable excitement, though this hype did not reflect in price. While October had been confirmed as the target month, the uncertainty of an exact launch date fizzled the bullishness surrounding it.
The launch anticipation could have been just the boost OM needs to achieve a new all-time high above $1.62. This event was expected to create a bullish momentum that could attract further buying interest and drive its price upward.
On the other hand, if the mainnet launch hype does not meet market expectations going forward, OM’s price could face significant downside pressure. Failure to sustain the hype may lead to a drop below the critical support level of $1.33, potentially pushing OM towards $1.18. This decline would challenge the bullish outlook.
Harmony (ONE)
Harmony’s price performance has been underwhelming, with a 20% drop over the past week, bringing it to $0.012. However, this trend may reverse soon, as the network is preparing for a critical hardfork. Set for October 31, the update aims to enhance functionality and drive demand, presenting an opportunity for ONE’s price to potentially rebound.
The upcoming hard fork will initiate the first phase of HIP32, a key milestone toward Harmony’s goal of full decentralization. This upgrade will also improve epoch transitions on Shard 1, significantly reducing signature losses and improving overall network efficiency.
Read More: Harmony (ONE) Price Prediction for 2024
Should the hard fork successfully boost network performance, ONE’s price might recover recent losses, aiming to surpass $0.013 and possibly reach $0.015. However, if broader market conditions shift bearish, ONE’s price could face a pullback to $0.011, challenging the bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/altcoins-to-watch-in-the-last-week-of-october/