3 Altcoins to Buy in November: ETH, MKR, XLM
Major altcoins have been battling to reverse course over the last few months with Bitcoin (BTC) trading in a range between $7,400 to $10,000. While some altcoins, especially those with ties to China, have rallied in recent weeks, most have failed to break out of long-term consolidation patterns.
That being said, November and December have historically been some of the best months for altcoins in the past. Here are three altcoins to buy in November, based on their recent price action:
Ethereum (ETH): The largest altcoin has a major potential catalyst in the coming months with the planned launch of Ethereum 2.0. On top of that, Ethereum-based decentralized finance continues to grow rapidly, with the total amount of ETH locked in DeFi dapps now at all-time highs.
From a technical perspective, we could be looking at a double bottom on the daily chart around ~$160 while the ETH/BTC trading pair could be putting in its first higher low on the weekly chart since the 2017 bull run.
Maker (MKR): Maker has been one of the more talked about altcoins over the last few weeks. The platform has seen a major influx of ETH into its lending products following a vote to decrease the Dai stability fee to 5.0% and raise the debt ceiling by 20 million to 120 million DAI.
MKR has been sitting in roughly the same dollar range over the course of the last year, making it one of the longest price channels in all of crypto. The latest surge looks like the start of a cup and handle pattern, so investors may want to wait for the handle to form before buying MKR.
Stellar Lumens (XLM): Stellar made one of the biggest announcements of the year last week when the Stellar Development Foundation (SDF) announced that it has burned half of the total XLM supply, around 50 billion XLM.
While the news should have had a positive impact on the price despite the centralized nature of the decision, XLM has crashed back below $0.08 after initially surging over 25%. Moving forward, the drastic supply reduction should be just what the doctor ordered to help XLM break out of its downtrend.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.