Crypto markets continue to attract attention as the price of Bitcoin (BTC) continues to rise. November has started off well, with the king of cryptocurrencies aiming for $38,000. However, it faced significant selling pressure in the resistance zone yesterday. Nevertheless, the price crossing above $37,000 keeps hopes alive. In this period, three lesser-known altcoins could potentially make parabolic rallies.
At the top of the list is PENDLE Coin, which has rapidly increased in price since August, reaching $1.23. The $1 resistance area, which has remained intact since September, has now been surpassed. Although PENDLE has previously moved above this level, it has never achieved a weekly close above it. If the critical area can be maintained, a larger period of upward movement may begin.
If the price continues to rise, the next resistance level is at $2.07, which is more than 80% above the current price. The target is given by the 1.61 external Fib retracement of the previous decline and forms the all-time high. In a reverse scenario, we could see a drop to $0.6 with closures below $1.
The $0.65 horizontal resistance area has been challenging for investors since May 2022. This week, the breached resistance brought the yearly high of $0.84. The weekly RSI supports the continuation of the uptrend. Popular crypto analyst HBJ Trades said that the current outlook is preparing for a parabolic rally and wrote that there could be a 250% increase if the breakout is maintained. If this becomes a reality, we could see the price reach $2.7.
In a bearish scenario, Bancor Coin could experience a pullback towards the strong support level at $0.5 with closures below $0.65.
The price, which dropped to $0.19 on September 11, had fallen below the trendline on April 15. This long downtrend period ended on October 25, and the altcoin that broke free from the trendline reached a peak of $0.3. Crypto analyst SherlockWhale expects the uptrend to continue up to $0.36. However, if the momentum is lost, we may see a drop to the support area at $0.22.