Top Crypto Gainers on November 20 – SNX, NEAR, And FET

The crypto market continues to trade in a steady range after Bitcoin's resurgence in the last few weeks.The total market cap value has spiked from $1.3 trillion to $1.47 trillion in a few weeks due to the Bitcoin ETF speculation.

BTC's influence on the crypto market cannot be overstated, as the altcoin rally is evidence of the uptrend.Due to the optimistic investor's sentiments, some altcoins have gained more than others today.

Based on data from crypto trackers, the top gainers for November 20 include SNX, NEAR, and FET.

These gains are possibly driven by community effort and the general market uptrend. Find out more interesting facts on these top gainers and their possible price moves in the coming days.

Synthetix (SNX) - The Crypto Minting Platform

SNX's price today at 9:38 a.m. EST is $3.47, with a 16% increase in the last 24 hours. Also, SNX is up by 29.7% in the past week as investors continue to accumulate the tokens possibly linked with the network-related developments.

Exciting news! Perps V3 is on the horizon, set to build upon the remarkable success of V2. Get ready for its upcoming launch on @BuildOnBase via the Andromeda Release.

V2 brought a paradigm shift to onchain perps, focusing on risk management and introducing now-standard features... pic.twitter.com/z2a7U9N4nv

- Synthetix (@synthetix_io) November 19, 2023

According to the Snythetix developers, Perps Version 3 is close to launching after the success of Version 2.The V2 introduced a new phase to on-chain perps with its focus on risk management.

Also, it introduced standard features such as dynamic funding rates and price impact.

These innovations, combined with deep liquidity and low fees, boosted the platform to record $30 billion in volume.Also, it generated millions of dollars in liquidity fees for liquidity providers.

According to the developers, Version 3 will support multiple collaterals such as sUSD, sETH, and sBTC.

Additionally, it utilizes the account margin on various positions, improving the trading experience.Furthermore, version 3 will provide greater control and flexibility using delegated permissions.

Meanwhile, there are liquidation upgrades for large positions with configurable delays for partial liquidations.

Also, the Synthetix ambassadors encouraged OP holders to delegate their tokens for the improvement of the ecosystem.These upgrades and updates are likely aiding SNX's price gains in the past week. On the daily chart, SNX shows impressive gains as the buyers uphold its gains.

SNX Faces Resistance At $3.53. Will this Crypto Decline to $3.05?

SNX is trading in an uptrend after forming a Marbozu candlestick on November 19. It flipped the $3.05 resistance to support and rallied to the $3.52 price level. However, an attempt by short-term traders to make a profit has limited SNX to $3.52.

Nevertheless, SNX still trades above the Parabolic SAR indicator, expressing a strong bullish signal.Also, the Relative Strength Index (RSI) indicator is in the overbought region above 70 with a value of 76.13.

If the buyers continue the buying spree, the SNX will break above the $3.52 resistance level in the coming days.

Near (NEAR) - The Layer -1 Blockchain for Validators

NEAR's price at 9:50 a.m. is $2.12, with a 15.4% increase in the last 24 hours. Also, NEAR is up by 25.2% in the last seven days as buyers dominate the market.

The concluded NEARCON23, dubbed one of the most iconic crypto events in 2023, is likely aiding NEAR's price gains.

Also, the partnership between the NEAR Foundation and Polygon Labs for data availability is a major statement.The NEAR ecosystem came alive during the NEARCON'23 conference.

Notable partnerships were announced, new bonds created, and new visions for AI and the open web unraveled to the NEAR community.

Take a look back at the most iconic event of the Web3 calendar year - NEARCON23!

Forgot what's cooking?

From a NEAR Foundation x @0xPolygonLabs partnership to Data Availability, to fast finality with @eigenlayer, it's all there.https://t.co/2nIqnSU71i pic.twitter.com/XpAQH2hA7Q

- NEAR Protocol (@NEARProtocol) November 17, 2023

According to the NEAR co-founder and CEO, Illia Polosukhin, the vision is beyond NEAR and extends to the crypto community. Notably, the developers introduced the NCON token, the native NEARCON token.

Attendees could download the NEARCON app, which would allow them to gain NCON tokens through the completion of some tasks.

Also, these attendees redeemed the tokens for merchandise or food and could send NCON to other attendees using a native wallet.So, developers shared more than 110,000 NCON tokens with the event participants.

Also, the NEAR data availability layer was unveiled.

The NEAR DA will help developers minimize costs and boost the reliability of rollups while ensuring the security of Ethereum.Also, the NEAR Foundation announced a partnership with EigenLayer to speed up the rate of transactions and reduce costs on the Ethereum blockchain.

This collaboration will add what is described as a fast finality" layer to Ethereum rollups to make it more efficient and scalable. LayerZero also integrated with NEAR, adding over 40 blockchain networks to the open web.

Also, it will introduce cross-chain messaging to boost the versatility of the NEAR ecosystem.

Furthermore, Near Tasks, a global gig marketplace, has launched on the NEAR blockchain. It officially launched at the NEARCON 2023 and is a platform where users can list and complete AI requests.

NEAR Tasks hopes to integrate AI into Web3 technology and make them complement each other.

This will also manage data quality.Also, for business clients and AI builders, NEAR Tasks is an effective solution that streamlines costs for users.

The blockchain integration of NEAR will boost data handling, verified by human experts.So, the NEAR Tasks marketplace offers users a transparent path to monetize their skills and knowledge.

There are over one billion participants in the global gig economy, hence the need for more opportunities.Also, NEAR tasks introduce digital IDS for on-chain workers to ensure transparency and accountability.

Meanwhile, transactions conducted exclusively using $NEAR tokens can guarantee fast global payments with minimal fees.Therefore, it will solve the issue of underpaid AI workers since human intelligence is the base of all AI intelligence.

Notably, NEAR co-founder Illia Polosukhin stated that AI is one of the top focuses of the NEAR ecosystem in 2024.With over 48,000 applicants for NEAR tasks, it is already picking up reasonable traction with several social channels for users to reach out to them.

These activities are driving massive gains in the near ecosystem as AI integration and development remain one of the focal points of most developers.

Due to the buyers accumulation frenzy, NEAR has formed many green candles on its daily chart today. The new partnerships will likely translate to monumental price gains for the NEAR token.

NEAR Testing The $2.13 Resistance Level: Will It Break Above?

NEAR broke above the $1.88 resistance level on November 19, recovering from a brief retracement on November 18.Presently, the upper wick of today's candle has surged past the $2.13 resistance level. A break above this level will move closer to $2.15 in a few days.

Notably, NEAT is trading above the upper band of the Donchian Channel (DC), displaying a strong bullish sentiment.This implies that the $1.88 support level will likely become a pivot point for its next rally.

Also, the RSI indicator confirms the strong bullish sentiment, displaying a value of 76.13.

Remarkably, the RSI is still rising, suggesting that the buyers are not done with the ongoing accumulation phase.Therefore, NEAR will overcome the $2.13 resistance in the coming days if the buyers prevail.

A close look at the daily chart confirms that NEAR has formed three consecutive candlesticks between November 10-12 and 15-17. So, this pattern will likely repeat on November 21, based on its past price behavior.

Fetch.ai (FET) - The Decentralized Machine Learning Platform

FET's price at 9:52 a.m. Est is $0.55, with a 14.1% increase in the past 24 hours. Additionally, the buyers have forced an increase of 36.8% in the past seven days, confirming that accumulation is still ongoing.

One of the factors driving FET's gains is the developers' focus on AIAgents.

Let's Explore the Future with #AIAgents

Transforming Electric Vehicles, EV Chargers, Parking, Hotels, small business operations, and more!

Dive into a world where technology meets daily convenience. pic.twitter.com/Qze9fMFsLV

- Fetch.ai (@Fetch_ai) November 19, 2023

The developers hope to transform Electric vehicles, chargers, hotels, and parking spaces with their AI agents.The AI agents will manage effective energy distribution, optimize charging times, and auto-transact payments.

Also, it will bring a smart edge to Electric Vehicles, optimize routes, manage battery health, and schedule maintenance checks.Additionally, the AI agent will provide smart parking solutions for users and reserve parking spaces in advance.

Also, it will handle payments between all involved parties.

Furthermore, these agents will find practical applications in hospitality, from finding the perfect room to the perfect location for users.Meanwhile, small businesses such as coffee shops can benefit from AI agents as customers can place their orders and even pay ahead.

This real-world utility is likely boosting FET's price gains on the daily chart, with a four-day rally noticed.

FET Forms Rising Wedge Pattern, What Next for The Token?

FET shows the formation of 4 consecutive green candles on its 24-hour chart today as the buyers continue to dominate the market. The asset price broke above the $0.45 price level on November 18, rallying to the $0.56 support level today, November 20.

Notably, the upper wick of the candle it formed today has broken above the $0.56 price due to the buyers' continuing dominance. Also, the RSI is rising in the overbought zone, representing 76.20.

This implies that the buyers are in an aggressive accumulation phase.

Further, the Moving Average Convergence/Divergence displays a strong buy signal rising above its signal line. This buy signal is confirmed by the green Histogram bars.

So, FET will likely break above the $0.56 price level in the coming days if the bulls sustain their charge.

Bitcoin ETF - Enriching Token for Short and Long-Term Investors

>>>Visit Bitcoin ETF Token Presale

The Bitcoin ETFtoken appears as a top gainer today thanks to the increase in its presale campaign so far.The token, BTCETF, boasts over $1.2 million today, November 20, 2023, and considering the high rate of investor purchases, the presale could sell out early.

$BTCETF deadline spans 3 days, and the target is $1,750,201. Once the target is hit, the presale ends. For almost a year now, everyone's been buzzing about ETFs and how they impact Bitcoin prices.

People think that when big names like Blackrock and Fidelity get the green light to invest directly in Bitcoin through ETFs, it'll attract big investors who haven't been keen on holding Bitcoin themselves.

Bloomberg projects $100B Worth for BTCETF - Here are The Driving Forces

On Monday, November 20, a Bloomberg report said the spot Bitcoin ETF market could become massive, worth up to $100 billion.They pointed to a Galaxy Digital meeting with 300 investment pros as proof that institutions are interested.

The imminent arrival of Bitcoin ETFs will kick open digital-currency investing to the institutional and retail masses https://t.co/QD191VUfX4

- Bloomberg (@business) November 20, 2023

Summit Wealth's Jeff Janson was quoted saying the SEC might finally approve this, making it more accessible to big investors. Janson believes that when Bitcoin is available in these ETF packages, institutions will really get interested in it.

Looking at what big fund managers are doing, it seems like Bitcoin ETFs coming to the US are very likely to happen.If the SEC gives the green light, how much money could flow into these ETFs? Bloomberg's latest guess is a huge $100 billion for the market.

If these ETFs attract $100 billion in investments, they'll become some of the biggest holders of Bitcoin out there. Currently, the Grayscale Bitcoin Trust is the second-largest holder of BTC globally, with over $16 billion worth of it.

Grayscale and other crypto investment firms have been doing well lately because more people are getting interested in crypto.

If big investment companies like Blackrock and Fidelity can start investing in Bitcoin through ETFs, it'll open the doors for other big players who haven't been into Bitcoin before.

This could mean a lot more money flowing into Bitcoin, potentially reaching a huge $100 billion. Already, companies like Grayscale hold a ton of Bitcoin, and they're benefitting from this growing interest in cryptocurrencies.

If these ETFs take off, they could become massive holders of Bitcoin, changing the game for how institutional investors approach cryptocurrencies and boosting the value of BTCETF.

Conclusion

While altcoins continue to record gains, the crypto market rally is sustained by positive sentiment from investors. Based on the bullish sentiment, investors are currently in an accumulation phase.

However, the market might have peaked as Bitcoin seems to have difficulty exceeding $38,000.

Nevertheless, even the bullish cycles could present investors with substantial volatility and sharp price corrections.Therefore, proper research and risk analysis remain vital tools for successful investors.

The post Top Crypto Gainers on November 20 - SNX, NEAR, And FET appeared first on The Tech Report.