Crypto Market Review, November 2

With the end of the mild recovery of the cryptocurrency market, most cryptocurrencies, including Aptos, Cardano and XRP, are returning to the level we saw earlier. However, some of them may surprise us in the foreseeable future.

Aptos makes a big “return”

Unfortunately, the return we are talking about is not about a miraculous rise to previous highs, but a movement towards the share price. At the time of writing, Aptos is trading hands at $7, which was the price on listing day back in October.

Since it is difficult to conduct a technical analysis of assets that have been on the market for less than a month, the only way to determine the potential behavior of investors is to take a look at similar assets, strongly supported by VCs, and also assess market conditions.

Since Aptos has barely made a profit on the market since its IPO, it is too early for big investors to start taking profits and releasing their holdings. An increase in selling pressure will certainly lead to even worse price developments and lead to an additional outflow of funds.

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With the current state of the cryptocurrency market, Aptos will most likely follow such assets as Solana, Cardano or even Ethereum. Development and network activity are key figures for blockchains like Aptos, and without them it is too presumptuous to expect a sudden rise.

Cardano shows hidden signals

Despite the poor price performance of Cardano, the cryptocurrency can still surprise investors with strong movements in the market as the Relative Stenght Index shows that ADA has some room for recovery in the foreseeable future.

According to the indicator, it has just reached the middle zone of RSI’s range and is no longer overbought, which means that supply to it can resume in the event of a market rally. Since investors tend to avoid providing funds to assets with little room to grow, ADA’s neutrality could potentially act as a bullish factor.

Unfortunately, that will be the only bullish signal for Cardano investors, as the prolonged downtrend and the failed reversal are negative factors weakening the state of one of the least profitable digital assets on the market.

At press time, Cardano is trading at $0.39, losing about 2.3% of its value over the past 24 hours, consolidating at the short-term support level that will most likely be breached in the next few days or even hours, especially if the market remains in the same state.

With market momentum slowing, the majority of assets have returned to levels previously seen, and the lack of trading volume shows that the market is not ready for a full recovery as monetary policy in the world’s largest economies remains tight.