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The biggest November crypto predictions deal with Bitcoin (BTC), the Bitcoin Dominance Rate (BTCD), and Ocean Protocol (OCEAN).
October was an extremely bullish month for the cryptocurrency market. Bitcoin and several other altcoins reached new yearly highs. BeInCrypto looks at the crypto predictions for November.
Bitcoin Will Move Above $45,000
The BTC price increased significantly in October, reaching a new yearly high of $35,198. The increase was crucial since it caused a breakout from the $30,000 horizontal area. The area had acted as support twice during the previous bull run.
In the two previous bullish cycles, the breakout from this horizontal area confirmed that the new bullish market cycle had begun.
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After breaking out, the price increased in the next monthly candlestick, reaching the first lower high (green trendline) of the market cycle.
In the current movement, the lower high is at $48,000, 40% above the current price.
Despite this bullish BTC price prediction, a close below $30,000 will invalidate the positive forecast. In that case, BTC can decrease by 40% to the closest support at $20,500.
Get Bitcoin Cash (BCH) Price Prediction insight here
Altcoins Will Lead the Way
The BTCD has increased since September 2022. In June 2023, it broke out from the 48% horizontal resistance area, which had been in place for 760 days. This led to a new yearly high of 54.35% in October.
Due to this increase, the monthly Relative Strength Index (RSI) reached a new all-time high of 61 (yellow icon). Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
The two previous times the indicator was close to 60 (red icons) led to downward movements of 20 and 45%, respectively.
In the current BTCD chart, a drop to the 48% support area will be a decrease of 10%. When combined with the previous bullish BTC price prediction, this would mean that a large percentage of altcoins will experience massive gains.
Despite this bearish BTCD prediction, a monthly close above the 0.5 Fib retracement resistance level at 56.50% will cause a 12% increase to the 0.618 Fib at 60.55%.
OCEAN Concludes November Crypto Predictions
OCEAN broke out from the $0.27 horizontal resistance area in January. While it reached a new yearly high of $0.58 the next month (red icon), it did not break out from a long-term descending resistance trendline. The trendline has been in place since the all-time high.
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After several unsuccessful breakout attempts, OCEAN finally broke out last week. At the time of the breakout, the trendline had been in place for 930 days.
If the increase continues, the next closest resistance will be at $1.05, 180% above the current price.
Despite this bullish OCEAN price prediction, failure to sustain the increase can cause a 25% drop to the $0.28 horizontal support area.
This would invalidate the breakout from the long-term trendline.
For BeInCrypto’s latest crypto market analysis, click here.