Here’s a list of cryptocurrencies that are likely to prolong a recovery rally in November 2023: Should you buy now?
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The cryptocurrency market is living up to its tradition of an “Uptober” rally, with substantial gains seen across the board. Spearheaded by a strong recovery in Bitcoin, various altcoins are also showing signs of a trend reversal and appear ready to embark on a new bullish journey. In this article, we’ll spotlight the top three coins that are primed for a sustained uptrend in the upcoming month of November.
Solana Price Analysis: Buyers Break Year-Long Pattern
Over the past year, the Solana price has steadily climbed within a well-defined rising channel, marked by two parallel trendlines that have effectively acted as dynamic support and resistance. Amid the current market rebound, the SOL price is breaking out above the channel’s upper trendline.
A daily candle close above this line would empower buyers to potentially initiate a strong upward move. In theory, the distance between the two trendlines is the predetermined target for this pattern. Thus, the post-breakout project could potentially surge the prices 52% higher to hit the $54 target.
THORChain Price Analysis: Sustained Buying Eyes $5 Target
In the last fortnight, the THORChain coin price has experienced an impressive rally of nearly 95%, climbing from a key support level of $1.5 to its present price of $2.9. This upswing is backed by a surge in trading volume, emphasizing strong buyer interest.
On October 26th, the price decisively broke free from a long-standing resistance trendline within an expanding channel, marking the end of a lengthy consolidation period and signaling a potential trend reversal. With an intraday gain of 5.7% the Rune price eyeing the next significant resistance at $3.15, registering a potential 8.5% gain.
If the bullish momentum continues, the buyers could extend this recovery rally to $3.8, followed by $5.22.
XRP Price Analysis: Bullish Pattern Sets Extended Recovery
For the last two months, the XRP price has been largely range-bound, encapsulated within a symmetrical triangle. Contrary to expectations of a downward continuation, the market has favored buyers with a breakout above the pattern’s upper trendline.
This movement suggests a possible trend shift and has already lifted the coin price from $0.0542 to $0.59, delivering a 10% weekly gain. Following the pattern’s logic, the XRP price could ascend another 13% to reach $0.6687.
This would mean recovering nearly half of its losses from the correction between July and August, setting the stage for a new bullish trajectory.
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.