Altcoin Analysis: Key Insights for November 2024

Market Overview

October was marked by a bullish surge in the crypto market, but as we conclude the month, many altcoins experienced significant drawdowns. November's arrival brings questions about market stability and potential recoveries.

Aptos (APT)

Aptos price declined by 18% over the past five days, reflecting broader market weakness. APT is currently attempting to hold above the 38.2% Fibonacci Retracement line at $8.23, a crucial support level that could stabilize its recent downtrend.

The upcoming token unlock on November 11 is anticipated to release 11.31 million APT, valued at nearly $93 million. This event may introduce volatility, as investors might opt to cash out, anticipating a price drop post-unlock. Such scenarios often affect supply, increasing short-term price fluctuations.

Cardano (ADA)

Cardano’s price has been unstable since October, with no significant gains. Currently, ADA trades below the critical support level of $0.339, highlighting ongoing challenges in sustaining momentum.

An upcoming 18.53 million ADA token unlock, valued at approximately $6.16 million, is expected to introduce volatility similar to the recent November 1 unlock. While investors hope this volatility could drive prices upward, there’s a risk ADA could slip further toward $0.311.

Banana Gun (BANANA)

BANANA nearly regained its July losses after a 54% crash but hit a resistance level at $63.49, halting its recovery. Currently trading at $48.97, bearish pressure mounts.

The upcoming token unlock of 250,000 BANANA, currently valued at $12.28 million, is anticipated to significantly increase supply. Historical trends suggest minimal price shifts during unlocks, yet a potential bounce from the $47.61 support could target $55.01.