Top 3 Altcoins to Monitor This Weekend: Nov 22-23

The recent decline in Bitcoin's price, dipping below $90,000, has put pressure on altcoins, and as the weekend nears, this trend may continue. However, a few crypto tokens have managed to decouple from Bitcoin's movements, leveraging different factors to potentially increase in price.

In this analysis by BeInCrypto, we spotlight three altcoins that might experience notable shifts this weekend, whether positively or negatively.

Starknet (STRK)

STRK has seen an impressive 66% increase in value over the past week, largely due to Anchorage Digital's recent decision to enable Bitcoin staking on Starknet. This development has sparked substantial interest among investors, driving demand for STRK and reflecting a growing confidence in the token.

Technical indicators, particularly the Exponential Moving Averages (EMAs), suggest that STRK is nearing a Golden Cross, an indicator traditionally associated with bullish trends. If this pattern is confirmed, it could ignite a new rally, helping the price to surpass the resistance level of $0.252. Sustained buying pressure could propel STRK towards the $0.300 mark.

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However, if investors start taking profits and the bullish momentum begins to wane, STRK may lose its upward trend. A potential decline could see the price drop to around $0.195 or even $0.136, which would invalidate the bullish outlook. A decrease in demand and a shift in sentiment could heighten the risk of a more significant correction.

Soon (SOON)

In contrast, SOON has experienced a sharp decline of 67% this week, now trading at $0.88 after breaching the critical $1.00 support level. The bearish sentiment is escalating as approximately 15.21 million SOON, valued at over $13.4 million, are set to unlock this weekend, increasing the circulating supply and negatively impacting market sentiment.

This influx of supply, coupled with the Parabolic SAR indicating a downtrend, could exacerbate selling pressure. Should the downward momentum continue, SOON might fall below $0.76 and potentially slide further to $0.47. Such a drop would deepen its losses and illustrate the fragile state of the altcoin market for this token.

However, if investors perceive the decline as an opportunity to buy, SOON might rebound from the $0.76 support level. A resurgence could drive the price back above $1.04 and extend towards $1.39 or higher, which would help reverse recent losses and negate the bearish outlook.

Wiki Cat (WKC)

WKC has emerged as one of the top performers in the altcoin market, showcasing remarkable resilience amid the broader downturn. With a strong community backing and innovative developments, WKC has captured investor attention and is worth keeping an eye on this weekend.

As the market continues to fluctuate, these altcoins present unique opportunities and risks. Whether you're looking to capitalize on potential rebounds or navigate through declines, staying informed will be key to making strategic decisions in the ever-evolving crypto landscape.