Market
Altcoins Predicted to Outperform Bitcoin in November 2024: Top 3
Throughout most of October, Bitcoin (BTC) outperformed many altcoins within the top 100, dispelling speculation that an altcoin season would kick off this month. However, as the 11th month of the year approaches, BeInCrypto reveals three bullish altcoins predicted to outperform Bitcoin.
In this analysis, you will discover reasons why these cryptos might perform better. The top three include ApeCoin (APE), Dogecoin (DOGE), and Solana (SOL).
ApeCoin (APE)
Apecoin is one of the few altcoins that performed better than BTC this month. Over the last 30 days, APE’s price has increased by 27%, driven primarily by the launch of ApeChain, the new layer-3 blockchain launched earlier in October.
But that is not the sole reason ApeCoins is part of the bullish altcoins predicted to outperform Bitcoin. Specifically, APE might perform better than BTC because of the anticipated listing on Coinbase Futures on October 31.
In most cases, when Coinbase lists a cryptocurrency, it typically leads to increased trading volume, creating an environment conducive to price appreciation. This trend could very well apply to ApeCoin (APE) in November.
On the daily chart, APE’s price rallied to $1.58 a few days after ApeChain’s announcement. But it has since lost 33% of that value. Currently, the altcoin looks to be on the verge of a decline below $1.
While that might happen, there seems to be strong support at $0.87 near the 20-day Exponential Moving Average (EMA). Considering this position, it is likely for APE to bounce above the $1.19 resistance.
Read more: Who Owns the Most Bitcoin in 2024?
In a highly bullish scenario, the altcoin might climb as high as $1.39 or move toward $1.62. On the flip side, if bulls fail to defend the $0.87 support, the crypto could sink to $0.71.
Dogecoin (DOGE)
Dogecoin is another altcoin that could outperform BTC in November. This month, the coin’s price has increased by double digits—something that has not happened in many months.
This development could be linked to rising whale accumulation. Elon Musk’s promotion of the Department of Government Efficiency (D.O.G.E) also contributed to crypto’s performance.
In November, Dogecoin could emerge as one of the bullish altcoins poised to outperform Bitcoin, largely due to the highly anticipated Doge Day, scheduled to take place between October 31 and November 2.
This event commemorates the beloved Kabosu, the Shiba Inu that inspired the cryptocurrency’s iconic logo. As the community rallies to honor Kabosu’s legacy, enthusiasm around Doge Day may spark renewed interest and trading activity for DOGE.
Historically, such events have led to increased buying pressure, potentially driving prices higher. For instance, the first edition in 2023 saw Dogecoin’s price rise from $0.066 to $0.10 between October and December.
A look at the technical perspective shows that DOGE has formed a broken out of bullish flag. A bullish flag pattern is a technical analysis that suggests that the price is likely to resume its upward movement after the consolidation phase.
In the pattern, the price moves sharply upward, creating a strong flag pole, and then enters a period of consolidation, where it trades within a parallel downward-sloping channel. This consolidation often indicates that buyers are taking a breather, and once the price breaks out above the upper boundary of the flag, it can indicate a renewed push higher.
Based on the current outlook, DOGE’s price might climb toward $0.18 before November closes. However, invalidation might occur if the altcoin fails to rise above $0.15. If that happens, Dogecoin might drop below the flag’s lower level of $0.13.
Solana (SOL)
Solana is third on the list of altcoins predicted to outperform Bitcoin in November. Rising activity on the Solana blockchain is one reason SOL might continue to outperform BTC.
Furthermore, the SOL/BTC technical setup indicates that Solana is gaining significant momentum against Bitcoin. On the daily chart, Solana’s price has surged by 16% since October 18, showcasing its strength.
Also, the 20-day Exponential Moving Average (EMA), in blue, has crossed over the 50 EMA (yellow). This position, known as the golden cross, indicates that the trend is bullish. Currently, the SOL/BTC ratio is 0.0026. But in November, it could rise to $0.0028.
Read more: Which Are the Best Altcoins To Invest in October 2024?
As such, SOL could move much higher than BTC next month. On the contrary, Solana’s price might play second fiddle to BTC if the golden cross fails to hold.
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.
Market
Banana Gun Rises After Justin Sun’s $6.2 Million Art Purchase
Justin Sun, founder of TRON and Poloniex CEO, has purchased the viral art piece Comedian—a banana duct-taped to a wall—for $6.2 million at Sotheby’s.
Following the purchase, Sun announced on X (formerly Twitter) that he plans to eat the artwork. This has ignited a frenzy of memes, commentary, and market reactions, even causing the crypto token Banana Gun to spike in value.
Crypto Reacts: Banana Gun on the Rise
Maurizio Cattelan’s Comedian gained international fame in 2019 when it was first displayed at Art Basel Miami. Its simplicity and absurdity—a banana taped to a wall—sparked debates about the nature of art. The so-called artwork became viral when performance artist David Datuna ate it in a stunt dubbed Hungry Artist.
Sun’s pledge to eat the $6.2 million fruit has also drawn parallels, adding another layer of humor to the piece’s history. The Tron founder even said he’s willing to donate the banana to Elon Musk and send it to Mars.
Meanwhile, several users even recreated their own version of Comedian and shared it on social media. One fan followed up by taping bananas around the Massachusetts Institute of Technology (MIT) campus, encouraging others to “tape all over the world” and start a movement.
What they are campaigning for, precisely, remains to be seen.
“In the coming days, I will personally eat the banana as part of this unique artistic experience, honoring its place in both art history and popular culture. Stay tuned,” Sun said on X.
The ripple effects of Sun’s purchase eventually trickled beyond the confines of art and humor and into crypto markets. The token Banana Gun, which shares its name with the theme, surged nearly 16% following the news. Traders and enthusiasts, ever attuned to cultural moments, appear to have seized the chance to capitalize on the buzz.
Sun’s acquisition and the banana’s virality bring to mind another recent development in the art-crypto nexus. Earlier this week, Ethereum co-founder Vitalik Buterin allegedly minted 400 Patron NFTs. This development sparked hopes of a resurgence for the NFT market.
This aged well…. $BANANA is an insane project. For me, this is in the same league as $ZIG. Fundamentals are truly insane. No matter which narrative will cook next, $BANANA will profit from it,” said one trader on X.
The combination of Sun’s high-profile purchase and the market’s reaction to Banana Gun demonstrates how art, humor, and technology continue to blur boundaries. Whether Sun’s banana-eating spectacle will leave a lasting impact or peel away (pun intended) into meme history, one thing is certain—the intersection of crypto and culture remains as unexpected as ever.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Price Hits 41% Weekly Growth, $1 Target in Sight
Cardano (ADA) price has surged 41.89% in the last seven days, signaling strong bullish momentum in the market. The uptrend remains strong, supported by key technical indicators like the ADX and Ichimoku Cloud, which point to sustained positive sentiment.
However, signs of consolidation and narrowing gaps in short-term indicators suggest that the rally could face challenges if buying pressure weakens.
ADA Current Uptrend Is Still Strong
Cardano DMI chart shows an ADX of 42.7, indicating a strong trend. The metric has remained above 40 since November 7. This high ADX value confirms the robustness of ADA ongoing uptrend, signaling solid momentum behind the recent price movements.
With the positive directional index (D+) at 21.3 and the negative directional index (D-) at 11, bullish pressure continues to outweigh bearish activity, further supporting the upward trajectory.
The ADX measures the strength of a trend without considering its direction. Values above 25 indicate a strong trend, while those below 20 suggest a weak or nonexistent trend. With an ADX at 42.7, ADA is clearly in a strong uptrend, showing significant market confidence.
The gap between D+ and D- reinforces the bullish dominance, suggesting that ADA price could sustain its upward movement if current conditions persist.
Cardano Ichimoku Cloud Shows An Important Signal
The Ichimoku Cloud chart for Cardano indicates a generally bullish trend, as the price remains above the cloud (Kumo). The Tenkan-sen (blue line) and Kijun-sen (red line) are relatively flat, showing signs of consolidation after ADA’s recent rally.
While the price is still trading above these lines, the narrowing gap between the price and the Tenkan-sen suggests weakening short-term momentum.
The green cloud ahead signals potential support for ADA uptrend, but the current consolidation phase highlights the need for sustained buying pressure to maintain this momentum.
If the price drops below the Kijun-sen or approaches the cloud, it could signal a possible shift toward bearish sentiment.
ADA Price Prediction: Can It Reach $1 In November?
If Cardano (ADA) maintains its strong uptrend, it could test the resistance at $0.85. Breaking this level could pave the way for further gains, with the potential to reach the $1 threshold, marking a 20% rise from current levels and the highest price for Cardano since April 2022.
However, as indicated by the Ichimoku Cloud, a potential reversal could be on the horizon. If bearish momentum takes over, ADA price could face significant downward pressure, potentially dropping to $0.51.
If this support fails, the price could decline further to $0.32, representing a steep 59% correction. This highlights the importance of the current support and resistance levels in determining ADA’s next direction.
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.
Market
Why SUI Network Outage Did Not Cause a Price Crash
Earlier today, the Layer-1 blockchain Sui experienced a two-hour blackout, halting block production and rendering transaction processing impossible. This network outage led to a slight dip in SUI’s price, falling from $3.73 to $3.64.
Despite concerns of a more significant decline, the price stabilized after the project announced that the network was fully restored and operational.
Sui Comes Back Online, Altcoin Still in Good Position
Around 10:52 UTC, web3 security firm ExVull disclosed that a DOS bug caused the Sui network outage. Fully known as a Denial-of-Service (DoS) attack, the bug” refers to a software attack that overwhelms a system with excessive traffic or requests, causing it to become unavailable to legitimate users by crashing or severely slowing its functionality.
“After our analysis, it was found that the Sui Network node occur DOS due to integer overflow,” ExVul stated.
Following this development, several exchanges halted SUI transactions as the price also dipped a little. However, nearly two hours later, the project updated its community, saying that validators had assisted in resolving the issue.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” it explained.
Meanwhile, data from Messari showed that, amid the outage, the Sharpe ratio remained positive. The Sharpe ratio is a key measure of risk-adjusted return, indicating how much excess return an investment generates relative to its volatility.
It helps investors assess whether the returns of a riskier asset justify the risk taken. A higher ratio signifies better risk-adjusted performance. Typically, when the ratio is negative, it means that the risk might not be worth the reward.
However, since it is positive for SUI, it indicates that accumulating the altcoin around its current value could still yield positive returns.
SUI Price Prediction: Run Above $4
On the daily chart, SUI continues to trade within an ascending channel. An ascending channel, also called a rising channel or channel up, is a chart pattern defined by two parallel upward-sloping lines.
It forms when the price shows higher swing highs and higher swing lows, indicating an ongoing uptrend. Furthermore, the Chaikin Money Flow (CMF) has increased, suggesting that buying pressure has outpaced distribution.
If this continues, SUI’s price could climb above $4. However, if a Sui network outage occurs again, this might not happen. In that scenario, the value could drop below $3.
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.
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