Cryptocurrency analysts have identified tokens at risk of collapse in November

October was a bullish month for the cryptocurrency market, but not all tokens managed to show positive results. Analysts have identified digital assets that may continue to fall and update their lows in November.

Maker (MKR)
Since June, MKR has been growing inside an ascending wedge. This allowed the token to reach a new yearly high of $ 1,651 on October 24. Since then, the price has declined.

An ascending wedge is considered a bearish pattern, meaning that it most often leads to a drop. This is what happened with the MKR price, which broke out of the pattern on October 30. If the decline in MKR continues, the price of the cryptocurrency could fall by 25% and reach the horizontal support area of $ 1,000.

TomoChain (TOMO)
The price of TOMO has been declining since reaching an annual high of $ 2.55 in May. The subsequent drop led to the formation of a very long upper wick and sent TOMO below the horizontal resistance area of $ 1.75.

Last week, TOMO made an unsuccessful attempt to break through the resistance area. However, this only once again confirmed the bearish divergence on the weekly RSI index. The digital asset has formed a bearish engulfing candle, which completely neutralizes all the growth of the previous candle. If the decline continues, TOMO could fall another 30% to the nearest horizontal support at $ 0.95.

Apecoin (APE)
APE’s price has been rising rapidly since breaking through a long-term downward resistance line on October 13. The upward movement has led to a new yearly high of $ 1.49 today. Despite the growth, the token’s price may be close to a local top, according to the most likely analysis based on Elliot’s wave theory.

The most likely scenario assumes that APE is in the fifth and final wave of the current growth. If this is true, the price could reach a local top around $ 1.55. After that, a 13% drop to the nearest support at $ 1.30 is possible.