The cryptocurrency market entered a strong recovery phase in mid-October, with investors eagerly awaiting the approval of the first Bitcoin ETF by the US Securities and Exchange Commission (SEC). This recovery continued in November, with significant growth seen in many important altcoins. As the SEC’s ETF approval decision approaches, it is expected that the crypto market will remain under significant buying pressure. This anticipation could trigger a race in altcoins and provide the best opportunity for those looking to invest in altcoins.
A metric that shows the profitability of Bitcoin (BTC) wallet addresses reveals an important trend among BTC investors. According to the data, 81.67% of the 41.05 million Bitcoin wallet addresses, representing the majority of investors, are currently in profit, meaning they have unrealized gains. In contrast, only 15.41% of the wallet addresses representing 7.75 million investors are in loss, meaning they have unrealized losses.
Polygon (MATIC) has been moving within a symmetrical triangle formation for almost two years, and at the beginning of November, it experienced a strong breakout above the upper trendline with investor interest. If MATIC’s price remains above the broken upper trendline, it can strengthen buyer support and increase expectations for a recovery.
XRP underwent a significant correction of 22.5% during the recent market downturn, leading to the formation of a flag pattern on the daily chart, which is a bullish indicator. Currently trading at $0.62, XRP’s price could target the resistance trendline and potentially experience a 35% increase, which could open the way for a more significant uptrend in XRP.
Enjin Coin (ENJ) is moving within a descending wedge formation, and according to this formation, an important price increase can be targeted if ENJ breaks above the upper trendline of the descending wedge formation. This could lead to a rise to $0.567 and then $0.747 for ENJ.
The Graph (GRT) has been following a head and shoulders formation for the past seven months and is currently shaping the right shoulder of the formation, trading around $0.15. If GRT breaks above the neckline resistance, a rally of 63.5% from the current price and a target of $2.05 are expected. Additionally, Apecoin (APE) has been moving sideways between $1.56 and $1.28 for about a month, forming the handle of a cup and handle formation commonly seen in market bottoms. If APE breaks the neckline resistance at $1.56, a 36% increase to $2.10 is expected.
