With 5 days to the US election, the global Crypto market is on pins and needles to witness the events that will unfold. Traders and investors are waiting with bated breath as the market celebrates the recent surge in Bitcoin, the flagship cryptocurrency. With the recent market appreciation, buyers and investors are looking for the most preferable options to trade. No one can accurately forecast cryptocurrencies that would rally with an uptrend. However, the current market events have paved the way for predictions. We can observe and study price action and movement of crypto to predict a likely occurrence. In this article, I’ve highlighted the top three cryptocurrencies that have the potential to impress this November. History has a lot of influence on the present. When good history repeats itself, it becomes a surety for positive expectations. Check out these top 3 cryptocurrencies to watch for the November price surge.
When BTC plunged to $52,530 on Sept. 6, investors could feel the weight of the dip in their bones. Traders could only hope for the best in the historical uptober month. True to what they felt, BTC rose to around $65,866 on Sept. 28 before the start of the month. Although its price kept fluctuating, BTC grew by about 13.48% between Oct 1 and Oct. 20. It reached a new record peak of $73,562 on Oct. 29 like it did on March 1 when it skyrocketed to $73,835.
For the first time since early April 2021, BTC’s market dominance surged past the 60% level when it crossed a new record. Its recent highs pushed the global crypto market cap to $2.45 trillion. According to CoinMarketCap, BTC’s market cap grew from $1.23 trillion on Oct. 15 to $1.43 trillion, a 16.26% increase as of Oct. 31. The current trading price pegged at $72,259.92 as at the time of writing this post. CoinMarketCap shows a record of red flashes between greens as BTC becomes highly volatile after its major comeback on Tuesday.
CryptoNews described BTC with an ABCD pattern, which suggests a key support at $70,570, the next strong support area between $68,797 and $68,091, and a key resistance at $75,069, pushing it to a potential $76,600 mark.
Peter Brandt, a renowned technical trader, notes that Bitcoin (BTC) has had difficulty rising above $71,500, a mark that has historically acted as a barrier after multiple tests. He believes that Bitcoin must close above $76,000 to confirm a breakout. If this happens, it would reinforce a positive outlook for BTC’s price movement.
Matthew Sigel, the head of digital assets at VanEck, referenced the 2020 election. He says that Bitcoin experienced low volatility leading up to the election, followed by a significant price rally after the announcement of a winner. He suggests that a similar pattern could occur in the 2024 election with the potential for new buyers entering the market post-election. He sees BTC’s current market condition as favourable. He also suggests that if history repeats itself, there might be a surge post-election.
November might even be more promising than expected if there’s an occurrence of Standard Chartered’s forecast. Geoff Kendrick, Standard Chartered’s Global Head of Digital Assets Research, says BTC might reach $73,000 on Nov. 5, US election day. He predicts a potential year-end new peak rally of $125,000 if Trump trumps the election.
Coincodex predicts BTC to trade at $94,861, a rise of 31.29% by Nov. 30. It expects a bullish sentiment as BTC records a 4.97% price volatility with a 16/30 (53%) green days in the last 30 days.
Bitcoin could adopt a more bullish outlook in the coming days and potentially rise above $73,000 if the U.S. sees a Republican presidency. Former President Donald Trump has a more optimistic stance on cryptocurrency, which may influence this trend. If not, we can either expect a mega bull run or a burst into a downward slope. It depends on the market sentiment.
TRON (TRX) has emerged as one of the top cryptocurrencies worth considering. It has been performing well recently, maintaining a consistent upward trend and trading at $0.1697, with positive green gains over the past 7 days.
On CoinMarketCap, TRON is ranked as the 9th largest cryptocurrency with a market cap of $14.66 billion. Ejecting $2.41 billion TRX from circulation was a strategic move, resulting in a 2.93% deflation rate this year. TRON currently displays a bullish chart pattern and is approaching a potential breakout above the $0.16 resistance level.
CoinMarketCap shows a record of TRX profits of 4.7% weekly and 5.3% monthly. Since the broader market sentiment towards TRX is positive, it might break out above $0.16 to $0.17. If this happens, it could target the $0.18 mark and reach a record of $0.20 by 2025.
Geoff Kendrick says BTC’s positive momentum would increase capital flow in the crypto market. TRON would likely enjoy this increase with a potential price target of $0.34.
TRX has risen by 57.5% over the past 10 months, starting the year at $0.1077. With its bullish trading trend, the current positive outlook in the crypto market, and favourable overall sentiment, TRON has strong potential for a surge in November.
Binance Coin (BNB) has made its mark since its launch in 2017. According to CoinMarketCap, the cryptocurrency is currently trading at $576.75 and rose by 84.04% when it surged from $313.51 on January 1 to its present trading price. It climaxed to $711.16 on June 6. Although it dropped over the months as it is very volatile, it hit around $606.30 during BTC’s monumental surge.
Coincodex predicts a 20.38% rise and a rally to $710.56 by Nov. 30. It records a neutral sentiment from the broader market towards BNB and a 2.81% price volatility with 17/30 (57%) green days in the last 30 days.
Despite following a bearish trend recently, BNB has shown resilience with frequent recoveries. Supported by its stability, incentives from Binance Exchange to attract new buyers, and positive market sentiment following the election, BNB could potentially surpass $700 by year-end.
Since BNB is also influenced by broader market sentiment, a favourable trend for BTC could signal a rally for BNB. Based on Bitcoin’s recent upward price trajectory, BNB might climb to a new record.
According to CoinMarketCap, the crypto global market is currently at a greed level of 66. Investors are optimistic about the mega bull run ahead and would be more likely to take risks. While strong market sentiment suggests potential upward movement, stay cautious with your investment strategies to avoid riskier choices. Although no one wants to see the market calm before a storm, remember not to count your chickens before they hatch. Stay vigilant, and always conduct thorough research before making any trades or investment decisions.
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Your Crypto Project needs good content: specific, easy to understand, and audience-oriented. Esther Oguntuase is a Crypto Writer with a flair for uncovering new trends and insights about the crypto world. She provides quality content for Crypto projects through long articles.
You can connect with her on LinkedIn: https://www.linkedin.com/in/esther-oguntuase-seowriter.
