Cryptocurrencies experienced strong rallies in October and November is off to a good start. However, there may be surprises in the coming days. Bearish setups are becoming apparent for 3 popular cryptocurrencies traded on the Binance exchange. Investors may need to be cautious against potential sales triggered by a possible support test movement in BTC. So, what do the current targets indicate in terms of dollars?
Will Maker (MKR) Fall?
The altcoin reached its annual peak at $1,651 on October 24 and was trading within a rising wedge. The price has dropped since the peak. A rising wedge is a bearish formation and usually leads to breakouts that encourage sellers. A leading signal came from the RSI before the drop, and a potential loss of 25% is expected if it occurs.
If the downward movement gains momentum in November, the $1000 horizontal support area can be tested. If the MKR Coin price can close above $1,550, the next resistance at $2,250 will be targeted with a 70% increase, and the bearish scenario will be suspended.
TomoChain (TOMO) Chart Analysis
Since its peak of $2.55 in May, the price of TOMO Coin has been falling. Sellers pushed the price below the $1.75 horizontal resistance area. The altcoin made an unsuccessful attempt to break the resistance last week, creating a bearish divergence in the RSI.
The bearish candle that erased last week’s gains indicates that losses may deepen. If sellers continue to gain strength, we may see the price drop by 30% to $0.95. To invalidate the bearish prediction, the resistance zone must be surpassed with closing prices above it. In this case, the target price will be the annual peak mentioned at the beginning.
Apecoin (APE) Price Prediction
The price broke free from the long-term descending resistance trend line on October 13 and formed a strong upward wave with other GameFi tokens. Bulls reached a new peak at $1.49, but Elliott wave count suggests that the upward movement may have ended.
If the count is correct, the last surge represents the fifth wave. In this case, there is a possibility for the price to continue its rise up to $1.55. However, we will see a retracement to the $1.3 support level afterwards. Closing prices below this level may result in a deeper correction. To invalidate the downward movement, the price must reach $1.55 with closing prices above it, targeting $1.85.
