Throughout most of October, Bitcoin (BTC) outperformed many altcoins within the top 100, dispelling speculation that an altcoin season would kick off this month. However, as the 11th month of the year approaches, BeInCrypto reveals three bullish altcoins predicted to outperform Bitcoin.
In this analysis, you will discover reasons why these cryptos might perform better. The top three include ApeCoin (APE), Dogecoin (DOGE), and Solana (SOL).
ApeCoin (APE)
Apecoin is one of the few altcoins that performed better than BTC this month. Over the last 30 days, APE’s price has increased by 27%, driven primarily by the launch of ApeChain, the new layer-3 blockchain launched earlier in October.
But that is not the sole reason ApeCoins is part of the bullish altcoins predicted to outperform Bitcoin. Specifically, APE might perform better than BTC because of the anticipated listing on Coinbase Futures on October 31.
In most cases, when Coinbase lists a cryptocurrency, it typically leads to increased trading volume, creating an environment conducive to price appreciation. This trend could very well apply to ApeCoin (APE) in November.
On the daily chart, APE’s price rallied to $1.58 a few days after ApeChain’s announcement. But it has since lost 33% of that value. Currently, the altcoin looks to be on the verge of a decline below $1.
While that might happen, there seems to be strong support at $0.87 near the 20-day Exponential Moving Average (EMA). Considering this position, it is likely for APE to bounce above the $1.19 resistance.
Read more: Who Owns the Most Bitcoin in 2024?
In a highly bullish scenario, the altcoin might climb as high as $1.39 or move toward $1.62. On the flip side, if bulls fail to defend the $0.87 support, the crypto could sink to $0.71.
Dogecoin (DOGE)
Dogecoin is another altcoin that could outperform BTC in November. This month, the coin’s price has increased by double digits—something that has not happened in many months.
This development could be linked to rising whale accumulation. Elon Musk’s promotion of the Department of Government Efficiency (D.O.G.E) also contributed to crypto’s performance.
In November, Dogecoin could emerge as one of the bullish altcoins poised to outperform Bitcoin, largely due to the highly anticipated Doge Day, scheduled to take place between October 31 and November 2.
This event commemorates the beloved Kabosu, the Shiba Inu that inspired the cryptocurrency’s iconic logo. As the community rallies to honor Kabosu’s legacy, enthusiasm around Doge Day may spark renewed interest and trading activity for DOGE.
Historically, such events have led to increased buying pressure, potentially driving prices higher. For instance, the first edition in 2023 saw Dogecoin’s price rise from $0.066 to $0.10 between October and December.
A look at the technical perspective shows that DOGE has formed a broken out of bullish flag. A bullish flag pattern is a technical analysis that suggests that the price is likely to resume its upward movement after the consolidation phase.
In the pattern, the price moves sharply upward, creating a strong flag pole, and then enters a period of consolidation, where it trades within a parallel downward-sloping channel. This consolidation often indicates that buyers are taking a breather, and once the price breaks out above the upper boundary of the flag, it can indicate a renewed push higher.
Based on the current outlook, DOGE’s price might climb toward $0.18 before November closes. However, invalidation might occur if the altcoin fails to rise above $0.15. If that happens, Dogecoin might drop below the flag’s lower level of $0.13.
Solana (SOL)
Solana is third on the list of altcoins predicted to outperform Bitcoin in November. Rising activity on the Solana blockchain is one reason SOL might continue to outperform BTC.
Furthermore, the SOL/BTC technical setup indicates that Solana is gaining significant momentum against Bitcoin. On the daily chart, Solana’s price has surged by 16% since October 18, showcasing its strength.
Also, the 20-day Exponential Moving Average (EMA), in blue, has crossed over the 50 EMA (yellow). This position, known as the golden cross, indicates that the trend is bullish. Currently, the SOL/BTC ratio is 0.0026. But in November, it could rise to $0.0028.
Read more: Which Are the Best Altcoins To Invest in October 2024?
As such, SOL could move much higher than BTC next month. On the contrary, Solana’s price might play second fiddle to BTC if the golden cross fails to hold.
Disclaimer
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