As the market heats up, 4 altcoins you should buy

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Cryptocurrency markets, led by Bitcoin (BTC), are heating up again after the leading digital asset regained the $35,000 mark. As the short-term uptrend continues, there remains widespread uncertainty over whether the gains will be sustained, with some market participants predicting continuation and others predicting a downward correction.

Amid Bitcoin’s recovery, attention has also turned to altcoins and their ability to mimic the largest cryptocurrency by market capitalization. Notably, several altcoins have seen price increases, creating opportunities for investors to take advantage in the future.

Against this backdrop, crypto trader and analyst Michaël van de Poppe said in a YouTube video on November 5: confirm When the market heats up, you should consider buying altcoins.

Van de Poppe noted that Chainlink (LINK) needs to be purchased based on the token’s historical price action. He emphasized that LINK has a historical correlation with Bitcoin, meaning the assets tend to move together. Analysts note that LINK exhibits a pattern of higher lows and higher highs.

The analyst acknowledges that LINK has started to increase in value and identifies two important price levels to watch as ideal buying points. He believes investors should look for corrections near the $9.50 and $10 levels.

In his analysis, Poppe said that if current price action continues to be strong, LINK could outperform and reach price levels between $25 and $30.

At press time, Chainlink was trading at $12.19, up more than 7% in the past 24 hours. On the weekly chart, Chainlink is up more than 11%.

Link price chart. Source: TradingView

Aviv

Aave (AAVE) is a well-known project in the DeFi field and is currently at a critical moment when its valuation is rising in tandem with the overall market. Van de Poppe observed that AAVE has encountered stubborn resistance, which has lasted an impressive 542 days.

However, the trader noted that AAVE, which has been accumulating in recent days, is likely on the verge of a positive breakout. A successful break above this resistance could mark the end of a long-term accumulation period, potentially pushing the price to levels between $260 and $280, paving the way for further market gains.

As of press time, Aave was trading at $90.23, with a daily increase of approximately 1.9%. On the weekly chart, the coin is up 11%.

AAVE price chart. Source: TradingView

senix

The analyst noted that similar moves in Synthetix (SNX) reflected sentiment surrounding AAVE. DeFi protocols, which provide a platform for creating and trading synthetic assets, currently face significant resistance.

Poppe said market sentiment indicates growing interest in Synthetix, with heavy buildup and discussion on social media platforms. Despite widespread bearish sentiment, he believes this could mark a turning point for the asset.

The trader said in the analysis that Synthetix has lagged amid recent market volatility. However, he believes this could change significantly if there is a successful breakout of the resistance level. If a breakout occurs, SNX could surge to around $7.50 to $8.

This potential breakout occurred after a previous attempt was deemed a “false breakout” of resistance, emphasizing the importance of precise entry timing.

SNX has gained about 8% over the past seven days and is trading at $2.50, up 4% on the day.

SNX price chart. Source: TradingView

Compare

Compound (COMP) also showed signs of resurgence, closely matching AAVE’s trajectory. Like his peers, van de Poppe noted that COMP faces a key point of resistance.

Against this backdrop, analysts stressed the importance of monitoring social media channels where there is significant accumulation, even as some players maintain a bearish outlook. This divergence in sentiment means that a period of profit opportunities may be on the way.

As of press time, COMP is valued at $50, with a daily increase of nearly 4%. On the weekly chart, the coin is up 7%.

COMP price chart. Source: TradingView

From a broader perspective, Pope believes that if the current market momentum continues, emerging altcoins will achieve impressive performance.

You can check coin prices here.

Disclaimer: This article is for reference only and does not constitute investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Itadori

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