Chiliz (CHZ), Filecoin (FIL), and Merit Circle (MC) have also broken out from descending resistance lines, possibly indicating that their correction is complete. Meanwhile, Quant (QNT) is nearing the end of its correction and is in the midst of a fourth-wave pullback.
Ethereum Price Prediction November 2022: ETH Completes Correction
- Price: $1,553.91
- Market cap: $190 Bn
- Rank: #2
On Sep. 21 and Oct. 13, ETH price bounced at the $1,270 horizontal support area (green icons). The second bounce created a very long lower wick, which is considered a sign of buying pressure.
Ethereum price has been increasing since and accelerated its rate of increase on Oct. 23. Two days later, the altcoin broke out from a descending parallel channel that had previously been in place since Aug. 14. A breakout from such a long-term structure usually leads to a sustained upward movement for ETH price.
Furthermore, technical analysis indicators support the breakout. The daily RSI has also broken out from its descending resistance line (green) and moved above 50. Both of these are signs associated with bullish trends.
Now, the main resistance area for the ETH price is $1,713. This is the 0.618 Fib retracement resistance level and a horizontal resistance area.
If Ethereum price is successful in moving above it, the rate of increase could greatly accelerate, taking ETH well above $2,000.
On the other hand, a daily close below the $1,270 support area would invalidate the bullish ETH price prediction. If that occurs, it could mean that this altcoin will fall to a new yearly low.
Filecoin Price Prediction November 2022: FIL Initiates Upward Movement
- Price: $5.36
- Market cap: $1.64 Bn
- Rank: #35
FIL is another top 5 altcoins to watch in November 2022. Filecoin price had been decreasing below a descending resistance line since Aug. 1. The downward movement led to a low of $4.73 on Oct. 13.
Since the beginning of September, the daily RSI has been generating a bullish divergence (green line). The divergence led to an upward movement, and the Filecoin price broke out from the line on Oct. 22. It has been increasing since.
If the upward movement continues, the main resistance area would be at $6.50 for FIL price.
The Lotus summit, which will answer questions about the Filecoin roadmap, the Lotus project, and the team behind it, will be held on Nov. 2. The increased attention surrounding the event could have a positive effect on the Filecoin price and assist the potential breakout above $6.50.
There is a distinct lack of resistance above the $6.50 area. As a result, if the Filecoin price manages to break out, it could increase all the way to $11.20.
Since the breakout began after a low of $4.73, a decrease below that level would disprove the legitimacy of the breakout and take the altcoin towards new all-time lows.
Chiliz Price Prediction November 2022: CHZ Breaks Out After Bounce
- Price: $0.20
- Market cap: $1.21 Bn
- Rank: #44
Chiliz is another top 5 altcoins to watch in November 2022. CHZ price has been moving upwards since creating a long lower wick on Oct. 13, validating the $0.16 support area in the process. This is both the 0.618 Fib retracement support level and a horizontal support area.
Shortly afterward, the Chiliz price broke out from the descending resistance line and has reached a high of $0.21 so far.
However, the bullish reversal is not yet confirmed. The reason for this is that the daily RSI has not broken out from its bearish divergence trendline (green) and is below 50. Additionally, the CHZ price has decreased in the past 24 hours.
If the daily RSI breaks out from its bearish divergence trendline and finds support above 50, it will confirm that the correction is complete.
Since it is still possible that the decrease was only part one of the correction, a fall below the June lows of $0.081 is required in order to invalidate the bullish hypothesis for this altcoin.
Quant Price Prediction November 2022: QNT Completes Fourth Wave Pullback
- Price: $173.82
- Market cap: $2.09 Bn
- Rank: #32
On Oct. 15, the QNT price broke out from an ascending parallel channel and proceeded to reach a high of $228 two days later.
Quant price has been decreasing since in what seems to be a fourth-wave pullback.
The most likely level for the correction to be complete is near $160 (red circle), coinciding with the middle of the ascending channel. After the correction is complete, another upward movement that takes the QNT price above $230 would be likely. The potential high would be less than $200 below the all-time high Quant price
A decrease below the wave one high (red line) of $133.30 would invalidate the bullish Quant price prediction and suggest that new lows are in store. In that case, the altcoin could revisit the $90 level, from where the current increase accelerated.
Merit Circle Price Prediction November 2022: MC Breaks Out Above Resistance
- Price: $0.76
- Market cap: $32.71 Mn
- Rank: #453
Merit Circle is the last top 5 altcoins to watch in November 2022. MC price had been decreasing underneath a descending resistance line since June 6. After the daily RSI generated a bullish divergence, the MC price finally managed to break out on Oct. 23. Afterwards, it initiated a very rapid upward movement but failed to sustain it, leaving a long upper wick in place.
The daily RSI is now considerably above 50, supporting the continuation of the upward movement for Merit Circle price.
The closest resistance area is $1.18. If the MC Price is successful in moving above it, it could rapidly increase all the way to $1.95 due to the lack of overhead resistance.
Version two of staking will launch on Nov. 7. It will offer two core pools: A single-sided staking pool for MC and an MC/ETH pool. The latter will receive 80% of the liquidity mining rewards due to the higher risk of impermanent loss.
However, if MC falls below the pre-breakout levels of $0.57, the breakout would be invalidated. In that case, the altcoin would fall toward a new all-time low.
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Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
