Acceleration ahead for altcoins? – After recording four consecutive weeks of green, the price of Bitcoin closed last week in the red just above $97,000. At the moment, sellers are defending $100,000, and very few altcoins are taking advantage of this to really explode. Indeed, XRP takes the opportunity to surpass Solana (SOL) and USDT in terms of capitalization, but most altcoins do not progress with as much volatility. The context is clearly favorable to cryptocurrencies, but the altseason is still not relevant. Let's look at the altcoins that have been strong over the past few weeks, and which could continue to be interesting in the coming weeks. Here we go!
- Bitcoin closed in the red after four weeks of gains, slowing the explosion of most altcoins.
- The capitalization of altcoins increased by almost 50% in a few weeks, reaching highs not seen since November.
Altcoin capitalization continues to be strong
For several weeks, different tokens have managed to explode like those belonging to memecoins, XRP or even Hedera (HBAR). If all cryptocurrencies do not explode, the fact remains that the capitalization records new high on new high since the beginning of November. In the space of a few weeks, the capitalization of altcoins is up almost 50%. The price clearly exploded upward following the break of the bearish trendline :
From now on, the course heading towards ATH at $1.71 trillionand it evolves well beyond the institutional bias (EMA 9/EMA 18) bullish. This system of moving averages could allow rebounds in case of breathing during the course. To find the last resistance at $1.6 trillionit will be necessary to keep the support at $1.4 trillion. And in the event of loss of this support, capitalization could fall back to 1,200 billion dollars.
The RSI is solidit continues to climb beyond the bearish trendline. The momentum is therefore bullish For now.
Memecoins are the best performers in the month of November
The month of November will have allowed the king of cryptocurrencies to soar beyond $70,000 and come close to $100,000. Will the $100,000 be for the month of December? It's possible. Waiting for, the rise in Bitcoin has had an impact on all sectors. As proof, the least performing sector (Layer 1) is up more than 40 % over a month:
These are the memecoins which will therefore have been the best performing in the month of November with almost 90% increase. They are followed by the top Gaming with 85%. Altcoins seem warming up for an altseason which could happen in the coming weeks or months.
Two assets belonging to memecoins finish in the top 10 of the most successful altcoins: the Dogecoin (DOGE) et Peanut the Squirrel (PNUT) with respectively 160% and 2,000% increase :
In the ranking, we find several flagship cryptocurrencies which have gone through cycles such as Tezos (XTZ), IOTA (IOTA), Cardano (ADA), Stellar (XLM), XRP (XRP) or encore Algorand (ALGO). This week we will analyze Hedera (HBAR), Algorand (ALGO) and Cardano (ADA). If you are interested in further analysis, technical analyzes have been done recently on XLM and XRP.
Hedera (HBAR) explodes and finds resistance at $0.25
HBAR is one of the altcoins that are impressive over the last 30 days. In fact, the price shows an increase of more than 400% since the beginning of Novemberand the course draws a clearly bullish momentum weekly:
After four weeks in a row in the greenwill the next week also be bullish. To do this, it will be necessary to get rid of the resistance at $0.25. In this case, the price could return to resistance at $0.34a level which has not been revisited since January 2022. Nevertheless, after so much increase, a breathing course is possible. The price could then return to the level of support at $0.14where the moving averages 9 and 18 bullish.
For his part, the RSI is bullish. The breakage of the bearish trendline generated bullish volatility. THE buyers have the advantage on momentum.
Algorand (ALGO) soars over 300% in November
ALGO shows an impressive increase of more than 300% in November. Buyers clearly have control over the price, and weekly resistances are broken one after the other. Now, ALGO is expanding beyond support at $0.41 :
To continue its rise, ALGO will have to keep the level at $0.41 et break resistance at $0.6. Car in case loss of $0.41the price could retrace a little deeper towards the next strong support at $0.28. It is at this level that the bullish institutional bias. Buyers could respond in the event of a return to these levels.
RSI preserves the bullish trendline et bounces on this level. The troughs and peaks are ascending, these are the buyers who have weekly momentum.
Cardano (ADA) is back on resistance at $1.15
Like the other two assets analyzed, Cardano displays a solid momentum over the last four weeks. ADA is up more than 200 % over this period, and he finds the resistance located at $1.15. This is a level that has not been reached since April 2022:
The momentum is clearly bullish on this asset, but a rejection on resistance is possible. In this case, the price could return to the level of support at $0.8. In revenge, if $1.15 is crossedthe next resistance lies at $1.5. The RSI momentum indicator has just break the bearish trendline. Therefore, the buyers have their hands on momentum in this unit of time.
Key elements to remember
Are altcoins warming up before the altseason long awaited by cryptocurrency enthusiasts? The month of November allowed altcoins to regain color. In fact, all sectors are showing green in November. And the trend could continue in December if Bitcoin does not weaken.
The altcoins analyzed today are in the midst of a bullish explosion and are finding resistance dating from 2022. However, after increases of several hundred percent, operators could start to take some profits. And in this case, the assets could experience a bit of downside volatility. In any case, given the trend, buyers should then regain control. At the same time, Hyperliquid's HYPE is having an exceptional launch with a capitalization that exceeds $3 billion.
