The crypto market is gradually embracing a bullish sentiment in Q4, with Bitcoin on the verge of a breakout toward $70,000. Amid this renewed momentum, selling these three altcoins now could be a missed opportunity for investors as they are poised for a prolonged rally in November.
Why Dumping These 3 Altcoins Before November Might Be a Big Mistake
The altcoin market has started gaining momentum for a Quarter 4 rally as Bitcoin triggered renewed recovery sentiment after a $60,000 rebound. Meme cryptocurrencies, known for their dynamic reactions to market shifts, tend to experience sharp moves during such rallies, often outperforming traditional altcoins in the short term. Among the top meme coins, Dogwifhat (WIF), Goatseus Maximus (GOAT), and SPX6900 (SPX) stand out as must-hold assets.
Altcoins- Dogwifhat (WIF)
In the last 10 weeks, the Solana-based meme coin Dogwifhat showcased a notable recovery from $1.07 to $2.97— accounting for 177% growth. However, the coin price recently retraced to $2.4 to recuperate the bullish momentum, while the market cap fell to $2.41 Billion.
According to Coinglass data, the WIF OI-Weighted funding rate remains positive at 0.0082%. This suggests that long positions are still willing to pay a premium to hold their trades, indicating that traders maintain a bullish outlook despite short-term price corrections.
Thus, the WIF price is better positioned to form a fresh higher low and drive a recovery past $3.
Goatseus Maximus (GOAT)
Goatseus Maximus (GOAT) is an AI-generated meme-cryptocurrency that quickly gained crypto investors’ attention due to its high momentum and viral nature.
According to Lookonchain data, a crypto trader stupidmoney.sol sold his entire 15.15M GOAT 9 days ago, turning their 5 SOL( worth approx $727) into 15,883 SOL( worth 2.44M). However, the GOAT price extended its recovery to reach $0.69 now while boosting a market cap of $695.47 Million.
If the trader has held its current position, his profit would be more than $10M.
Will stupidmoney.sol regret selling $GOAT too early?
He sold all 15.15M $GOAT 8 days ago, turning 5 $SOL($727) into 15,883 $SOL($2.44M), a huge gain!
But if he had held on until now, his profit would be more than $10M!https://t.co/bVF7he12N0 pic.twitter.com/2lh0yt0b6j
— Lookonchain (@lookonchain) October 23, 2024
Unlike other altcoins, Goatseus Maximus continues to show strong recovery momentum with no signs of slowing down, making it a foolish decision to sell this asset at this stage.
SPX6900 (SPX)
SPX6900 (SPX) is an Ethereum-based meme coin that parodies the S&P 500, currently trading at $0.79 and a market cap of $731 Million. Over the past two weeks, the SPX price has traded sideways, resonating within two converging trendlines of a bullish pennant pattern.
Theoretically, the chart setup drives a short-term consolidation for the prevailing trendline to regain momentum. If true, the meme cryptocurrency is poised for a 6.6% jump before offering a major breakout from the pattern’s key resistance.
A potential breakout will accelerate the bullish momentum for a rally past $2.
Conclusion:
Selling WIF, GOAT, and SPX6900 before November could be a missed opportunity as these altcoins show strong bullish patterns and market data suggest potential for higher rallies.
Frequently Asked Questions (FAQs)
Investors should avoid selling these altcoins as they are positioned for a potential rally in November. WIF, GOAT, and SPX show strong bullish patterns and positive derivative market data, indicating a likelihood of higher price surges.
The positive OI-Weighted funding rate for WIF, currently at 0.0082%, suggests that long positions are still paying a premium to hold their trades
The pennant pattern in SPX6900 suggests that the asset is in short-term consolidation, likely preparing for a breakout.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/why-selling-3-altcoins-november-stupid-decision/
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