Despite the recent downturn in the crypto market, some altcoins look well-positioned to buck the trend and post gains this month. Here’s a look at three such coins and the factors that could fuel their rise in the coming days.
After two weeks in the green, most cryptocurrencies are again seeing drops as bears continue to grip the market. At the time of writing, Bitcoin and Ethereum were down 3 and 4 percent, respectively, over the last 24 hours, and it’s a similar story for the rest of the top 10 coins by market capitalisation. However, despite the recent downturn, some altcoins look well-positioned to buck the trend and post gains this month. Here’s a look at three such coins and the factors that could fuel their rise in the coming days.
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First on our list of altcoins to watch out for in November 2022 is Chiliz. The fan token network has been doing exceptionally well in recent times. Its native cryptocurrency, CHZ, is up 82 percent over the last 90 days, gaining 15 percent this month alone. And while CHZ has lost 11 percent in the previous 24 hours — in line with the general market trend - it is definitely a token to keep an eye on.
The network is expected to launch its Chiliz 2.0 update in Q4 of 2022, having already launched Phase 4 of its Scoville Testnet in Oct. The upgrade is expected to improve transaction times and make gas fees 200 times less expensive than Ethereum. Another thing that could buoy prices in the coming days is the Football World Cup. The mega event is scheduled to commence on November 20, and two of the top teams, Argentina and Portugal, have fan tokens powered by the Chiliz network.
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At the time of writing, CHZ was trading at $0.251, down almost 10 percent over the last 24 hours but up nearly 16 percent for the week.
Polygon is another project that has been on the charge in recent weeks. The layer-2 blockchain has seen significant growth and adoption this year. For instance, earlier in October, Firozabad police partnered with Polygon to create a blockchain-based system for registering complaints. The network was also linked to the success of Reddit’s Avatar NFTs towards the end of October.
More recently, Meta announced that Instagram users would be able to mint, display and sell digital collections powered by NFTs on Polygon. And just a few days ago, JP Morgan, whose CEO recently called cryptos a decentralised Ponzi scheme, executed its first DeFi trade using the Polygon network. It’s one of the reasons why Wallstreet Wealth Management firm, Bernstein, labelled Polygon as the “web3 king” in one of its recent research reports.
As such, MATIC has been on the rise over the last few days. The token is up 23 percent for the week after registering gains of 38 and 31 percent in the previous 30 and 90 days, respectively. Despite a dip of nearly 7 percent (in line with the general market trend), MATIC remains strong, currently trading above the 50 and 200 Exponential Moving Averages (EMA). An article by NewsBTC predicts that MATIC will touch $1.5 before facing resistance in the coming days.
The last entry on our list is Chainlink, a decentralised blockchain oracle network built on Ethereum. Launched in June 2017, the project enables other blockchain platforms to interact with external data securely and has been on the rise recently. To begin with, it is one of the only top 100 coins to buck the downward trend and remain in the green over the last 24 hours.
Two weeks ago, Chainlink announced 12 new integrations across some of the top blockchain networks, including Arbitrum, the BNB Chain, Ethereum and Polygon. It is also a favourite amongst crypto analysts, including Michaël van de Poppe. According to Poppe, the LINK graph shows “a bounce” as the crypto “looks fine for continuation towards $10.” Another analyst, Kaleo, noted that LINK was significantly undervalued, and its current sub $10 price “feels criminal.”
The platform is also preparing to release its novel staking program, Chainlink Staking v0.1. The project devs announced a crowdsourced audit on code4rena that commenced on November 1 and will run till November 15. This will help tighten the security of the v0.1 codebase and ensure a smooth launch of the staking program in December.
While these three altcoins look poised for gains in the coming days, one must remember that the crypto market is highly volatile. Cryptocurrencies are known to fluctuate wildly, even after posting solid growth signals. Therefore, you should always do your own research and invest only as much as you are comfortable losing completely.