Top 3 Altcoins to Monitor This Weekend: November 8 Analysis

This weekend is pivotal for the cryptocurrency market as concerns grow over Bitcoin's potential dip below $100,000. Altcoins are increasingly reliant on their own network developments rather than broader market trends.

Internet Computer (ICP)

Internet Computer (ICP) has been a standout performer this week, driven by the launch of Dfinity's AI tool, Caffeine. This innovation has doubled the project's subnet capacity to 2 TiB, boosting performance for decentralized applications and attracting investor interest in its AI ecosystem. ICP's price surged 166% over the week, currently trading at $7.80, surpassing the $7.61 resistance and reaching a 10-month high. If bullish momentum continues, ICP could target the $10.83 level. However, profit-taking could lead to a price decline to $6.05 or even $4.67, negating recent gains.

Movement (MOVE)

Movement is on the brink of a significant token unlock, with 50 million MOVE tokens worth over $2.90 million entering circulation. This influx could increase selling pressure, given the altcoin's month-long downtrend and its strong correlation with Bitcoin. A bearish trend could see MOVE fall below the $0.0525 support, potentially slipping under $0.0461. Conversely, renewed buying interest could break the downtrend, pushing MOVE past the $0.0669 and $0.0741 resistance levels.

Axie Infinity (AXS)

Axie Infinity (AXS) is also set for a token unlock, albeit on a smaller scale, valued at $854,780. This limited supply inflow is unlikely to exert significant selling pressure, maintaining short-term price stability. AXS has been in a downtrend, but a potential bullish MACD crossover could signal a reversal. Improved market sentiment may push AXS above the $1.39 resistance, potentially reaching $1.51. However, persistent bearish conditions could see AXS fall below the $1.18 support, risking a drop under $1.15.