In this article, BeInCrypto will take a look at ten cryptocurrencies that have interesting developments lined up for the month of November, that could potentially have an effect on their price.
Secret (SCRT)
- Current Price: $9.15
- Market Cap: $1.388 Billion
- Market Cap Rank: #92
Secret Network is a blockchain that focuses on data privacy. It allows its users to build applications that preserve their privacy.
The native token is SCRT. It allows users to pay fees in the network at a lower cost and can be staked in order to earn rewards. Furthermore, it allows stakers to participate in governance decisions.
The biggest mainnet upgrade until now, Supernova, will launch on Nov 9.
SCRT has been increasing rapidly over the past ten days and managed to reach a new all-time high on Oct 7. The next resistance area is at $13.90 – $14.25.
This is created by the 1.61 external long-term Fib retracement (black) and the 2.61 short-term external Fib retracement (white).
Aave (AAVE)
- Current Price: $339.88
- Market Cap: $4.483 Billion
- Market Cap Rank: #42
Aave is a decentralized liquidity protocol that is fully open-source. This means that it is possible to build a third-party service upon it. Participants in the network take part as either borrowers or depositors.
The native token for the platform is AAVE. One of its main functions is its usage for voting on improvements for the protocol. The token can be staked, allowing stakers to earn fees in the process.
The Cosmosverse conference will be held in Lisbon from Nov 5 to 6. One of the main speakers will be Ajit Tripathi, the head of institutional business for AAVE.
Since Aug 17, AAVE has been falling while following a descending resistance line.
It purportedly broke out on Aug 17, but failed to maintain the upward movement and fell sharply the same day. It created a long upper wick that has a magnitude of 26% so far.
As long as AAVE is trading below this line, the short-term trend is considered bearish.
Cosmos (ATOM)
- Current Price: $37.72
- Market Cap: $10.6 Billion
- Market Cap Rank: #22
Cosmos is a decentralized network of independent blockchains. It acts as an ecosystem for interconnected services, and applications. Since there is currently a very high level of fragmentation in the various existing blockchain networks. Cosmos aims to solve this problem by connecting such applications and services through the Inter-Blockchain Communication protocol.
The native token for the ecosystem is ATOM, which is earned through a proof-of-stake algorithm.
The Cosmosverse conference will be held in Lisbon from Nov 5 to 6. Billy Rennekamp, the Hub lead for COSMOS will be one of the main speakers.
ATOM has broken out from a descending resistance line that had been in place since the Sept 20 all-time high. On Oct 25, it validated it as support (green icon).
If it continues moving upwards and reaches a new all-time high, the next closest resistance area would be at $55. This is the 1.61 external Fib retracement level when measuring the most recent drop.
Crypto.com Coin (CRO)
- Current Price: $0.19
- Market Cap: $109 Million
- Market Cap Rank: #42
CRO is the native token of Crypto.com, which is currently one of the fastest-growing crypto applications. It is part of the Cosmos ecosystem.
Crypto.com is a payments platform that allows users to purchase and trade numerous cryptocurrencies and non-fungible tokens (NFTs). Furthermore, it offers various other services, such as rewards of up to 14.5% and a Visa card.
The new Cronos mainnet will launch on Nov 8.
CRO has potentially created a double top pattern at $20. This is considered a bearish pattern that usually leads to price reversals. However, the token regained its footing afterwards and broke through the $0.225 resistance area.
The next resistance is at the all-time highs at $0.25.
XRP (XRP)
- Current Price: $1.14
- Market Cap: $53.5 Billion
- Market Cap Rank: #8
Ripplenet is a payments platform that mainly focuses on cross-border transactions. XRP is its native token, which runs on the Ripplenet platform. It serves as an alternative to existing payment platforms such as SWIFT.
The Ripple Swell yearly conference will take place on Nov 9-10. Both the CEO, CTO, and the Managing director of the company will be the main speakers.
XRP broke out from a descending resistance line on Oct 9 but failed to sustain the upward movement. It was rejected by the $1.20 resistance area the next day and has been decreasing since.
While it initially validated the line as support, it is currently in the process of falling below it. If it does, the bullish structure would break, which would likely lead to new lows.
Polkadot (DOT)
- Current Price: $51.62
- Market Cap: $54 Billion
- Market Cap Rank: #7
Polkadot is a multichain protocol that assists in cross-chain transfers. Its main function is interoperability between various blockchains.
The native token for the platform is DOT.
The Polkadot parachain auction will begin on Nov 11. Parachains are advanced layer-1 blockchains that are connected with each other.
DOT barely failed to reach a new all-time high on Oct 22 and began to decrease. However, it validated the $41.35 area as support and initiated a bounce on Oct 27.
On Nov 1, the token reached a new all-time high price of $51.57.
OMG Network (OMG)
- Current Price: $15
- Market Cap: $2.1 Billion
- Market Cap Rank: #81
OMG Network is a layer-2 scaling solution for Ethereum (ETH). Unlike layer-1 improvements such as the parachains for DOT, layer 2 solutions are built on top of the blockchain rather than at its base.
The native token for the platform is OMG.
The BOBA token will be airdropped to OMG holders on Nov 12. Boba will mainly improve gas fees and smart contract capabilities.
OMG has been decreasing since reaching an all-time high price on Oct 4. The decrease has possibly taken the shape of a descending parallel channel. Currently, OMG is in the process of breaking out from the descending parallel channel.
Boson Protocol (BOSON)
- Current Price: $3.16
- Market Cap: $187 Million
- Market Cap Rank: #348
Boson is a protocol that aims to connect traditional and digital marketplaces and simultaneously eliminate intermediaries. It does this through tokenization.
More specifically, it tokenizes purchase contracts and creates NFTs in the process. Afterward, these NFTs can be redeemed for the service of goods that is purchased.
Boson protocol will release its mainnet on Nov 14.
Similar to CRO, BOSON also seems to have created a double top, which is considered a bearish pattern. Also, both tops have been combined with long upper wicks, which are considered signs of selling pressure.
However, the token reversed the trend shortly after and broke out on Oct 28.
So far, it has reached a high of $3.29, doing so on Oct 31.
COTI (COTI)
- Current Price: $0.469
- Market Cap: $414Million
- Market Cap Rank: #185
COTI is a financial technology platform that allows users to create their own payment systems and digitize any type of currency. It does this through its consensus algorithm, “Trustchain,” which is based on machine learning.
COTI will release mainnet 2.0 by the end of Nov.
COTI has been falling since Sept 29, when it reached an all-time high price of $0.68.
However, it is holding on above the $0.48 horizontal support area and an ascending support line that’s been in place since July. It initiated a bounce on Oct 27 and has been increasing since.
Tezos (XTZ)
- Current Price: $6.31
- Market Cap: $5.5 Billion
- Market Cap Rank: #40
Tezos is a self-amending blockchain network that offers peer-to-peer transactions. Its ”self-amending” quality ensures that a hard fork will never be necessary since the network evolves over time. The native token is XTZ.
Similar to Ethereum, it also allows users to build decentralized applications (DApps).
Various Tezos NFTs will be in the spotlight at ArtBasel Miami Beach on Nov 30.
The movement of XTZ is very similar to that of COTI, in the sense that the former is also following an ascending support line. However, XTZ has fallen below the $7.50 horizontal area instead of holding above it.
Therefore, the price movement is slightly more bearish for XTZ.
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
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