Throughout most of October, Bitcoin (BTC) outperformed many of the top 100 altcoins, dispelling speculation that altcoin season would begin this month. However, as we approach the 11th month of this year, BeInCrypto has revealed three bullish altcoins that are predicted to outperform Bitcoin.
In this analysis, we will discover why these cryptocurrencies perform better. The top three include Apecoin (APE), Dogecoin (DOGE), and Solana (SOL).
Ape Coin (APE)
Apecoin is one of the few altcoins that has performed better than BTC this month. In the past 30 days, APE's price has increased by 27%. This was primarily driven by the launch of ApeChain, a new layer 3 blockchain that was launched in early October.
But that's not the only reason ApeCoins is part of the bullish altcoins predicted to outperform Bitcoin. Specifically, APE may outperform BTC as it is scheduled to be listed on Coinbase Futures on October 31st.
In most cases, when Coinbase lists a cryptocurrency, it leads to an increase in trading volume, creating an environment that leads to higher prices. This trend is very likely to hold true for ApeCoin (APE) in November.
On the daily chart, APE price rose to $1.58 a few days after ApeChain’s announcement. But it has since lost 33% of its value. Currently, altcoins appear to be falling below $1.
Although this is likely, there appears to be strong support near the 20-day exponential moving average (EMA) at $0.87. Considering this position, APE is likely to rebound above the $1.19 resistance.
Read more: Who will own the most Bitcoin in 2024?
In a very bullish scenario, the altcoin could rise to $1.39 or move towards $1.62. On the other hand, if the bulls fail to defend the support at $0.87, the cryptocurrency could fall to $0.71.
Dogecoin (DOGE)
Dogecoin is another altcoin that could outperform BTC in November. This month, the price of the coin has increased by double digits, which is not something that has happened in recent months.
This development may be associated with increased whale accumulation. Elon Musk’s promotion to the Department of Government Efficiency (DOGE) also contributed to the performance of cryptocurrencies.
In November, Dogecoin emerged as one of the bullish altcoins likely to outperform Bitcoin due to the highly anticipated Doge Day scheduled to take place from October 31st to November 2nd. There is a possibility that
This event commemorates Kabosu, the beloved Shiba Inu who was the inspiration for the cryptocurrency's iconic logo. Doge Day frenzy could spark renewed interest and trading activity in Doge as the community comes together to honor Kavos' legacy.
Historically, such events have led to increased buying pressure and the potential for higher prices. For example, in the first edition of 2023, the price of Dogecoin increased from $0.066 to $0.10 between October and December.
If we look at it from a technical perspective, we can see that DOGE has broken out of the bullish flag. A bullish flag pattern is a technical analysis that suggests that prices are likely to resume their uptrend after a consolidation phase.
In this pattern, price rises sharply and forms a strong flagpole, then enters a period of consolidation and trades within a parallel downward channel. This consolidation often signals that buyers are taking a breather, and if the price breaks above the flag's upper bound, it could signal a new rally.
Based on the current outlook, DOGE price could rise towards $0.18 by the close of trading in November. However, invalidation may occur if the altcoin does not rise above $0.15. If this happens, Dogecoin could fall below the flag floor at $0.13.
Solana (SOL)
Solana ranks third on the list of altcoins predicted to outperform Bitcoin in November. Increasing activity on the Solana blockchain is one of the reasons why SOL may continue to outperform BTC.
Additionally, the technical setup of SOL/BTC indicates that Solana is gaining significant momentum against Bitcoin. On the daily chart, Solana's price is up 16% since October 18th, showing its strength.
Also, the blue 20-day exponential moving average (EMA) is above the 50 EMA (yellow). This position, known as a golden cross, indicates that the trend is bullish. Currently, the SOL/BTC ratio is 0.0026. However, it could rise to $0.0028 in November.
Read more: Which are the best altcoins to invest in in October 2024?
Therefore, SOL could rise significantly more than BTC in the next month. Conversely, if the Golden Cross fails to hold, Solana’s price could become second fiddle to BTC.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms of Use, Privacy Policy and Disclaimer have been updated.
