October Bullish Month for Cryptocurrency Market, but These 3 Cryptos Face Negative Outlook in November
While October was a bullish month for the cryptocurrency market, there are three cryptocurrencies that may face a negative outlook in November. Despite Bitcoin (BTC) and several altcoins reaching new yearly highs, these three cryptos are expected to experience downward movements.
Maker (MKR) Breaks Down From Long-Term Pattern
The price of MKR has been increasing within an ascending wedge pattern since June. It reached a new yearly high of $1,651 on October 24 but has since fallen. The ascending wedge pattern is typically bearish and often leads to breakdowns. On October 30, MKR broke down from the pattern, which was preceded by a bearish divergence in the daily Relative Strength Index (RSI).
If the downward movement continues, the MKR price could fall by 25% to reach the $1,000 support area.
TomoChain (TOMO) Price Falls After Rejection
TOMO’s price has been declining since reaching its yearly high of $2.55 in May. It recently attempted to break out from the $1.75 resistance area but failed, confirming a bearish divergence in the weekly RSI. Additionally, TOMO formed a bearish engulfing candlestick pattern, indicating further potential downside.
If the decrease continues, TOMO could fall by another 30% to reach the closest support area at $0.95.
Apecoin (APE) Concludes Bearish Cryptos in November
APE’s price has been rising rapidly since breaking out from a long-term descending resistance trendline on October 13. However, based on Elliott Wave theory, it is likely in the fifth and final wave of this increase. If this is the case, APE may reach a local top near $1.55 before experiencing a 13% drop to the closest support at $1.30.
Despite the bearish outlook, if APE surpasses the $1.55 resistance, it could trigger a 25% increase to the next resistance at $1.85.
Hot Take: Bearish Outlook for These Cryptos
In November, Maker (MKR), TomoChain (TOMO), and Apecoin (APE) are expected to face a negative outlook. MKR broke down from its long-term pattern and may experience a 25% decline. TOMO’s price fell after rejection and could see another 30% decrease. APE is nearing its local top and might drop by 13%. However, if these cryptocurrencies manage to overcome their respective resistance levels, they could see significant increases in value.
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