At one level, the third week of December 2024 appeared destined to shut on a bitter word for a lot of cryptocurrencies, as market sentiment appeared overwhelmingly bearish. Nevertheless, a late rally throughout the market reversed fortunes, permitting the highest three altcoin gainers of the week to surge with double-digit good points
On this evaluation, BeInCrypto reveals the most important altcoin gainers of the week, how the property rose to the purpose, and what may very well be subsequent for them. They embrace Hyperliquid (HYPE), Motion (MOVE), and Bitget Token (BGB),
Hyperliquid (HYPE)
Since December started, Hyperliquid has held its floor as one of many altcoin gainers of the week, because it was on the checklist through the first two weeks. This time, it isn’t totally different, because the native token of the decentralized alternate climbed by 55%.
The rise in value may very well be linked to low promoting stress across the altcoin. Apart from that, the token has gotten alternate listings on KuCoin and Gate.io. This alternate itemizing suggests {that a} bigger a part of the market can now entry the token, which suggests elevated buying and selling quantity.
On the 4-hour chart, the Bull Bear Energy (BBP), which measures the energy of consumers in comparison with sellers, is within the optimistic zone. This means that bulls are in management, and the altcoin’s value might commerce greater.
Additionally, the Relative Energy Index (RSI) studying has continued to rise, implying that the momentum across the Hyperliquid token is bullish. Ought to this stay the identical, HYPE’s value might rise to $42.24 within the brief time period.
Nevertheless, if the altcoin will get extraordinarily overbought, this development would possibly reverse. In that situation, the token’s worth would possibly decline to $26.16.
Motion (MOVE)
MOVE, the native token of Ethereum Digital Machine (EVM) Layer-2 community Motion, can be a part of this week’s altcoin gainers. All through the week, MOVE’s value gained 51.60%, with about 25% of this coming within the final 24 hours.
The rise in value may very well be linked to the bullish sentiment and rising shopping for stress across the token. As of this writing, MOVE’s value has hit $1. The 4-hour chart exhibits that the Superior Oscillator (AO) studying has continued to climb.
Evaluating historic value actions with current ones, the rise within the AO ranking signifies a bullish sentiment across the token. Ought to this stay the case, MOVE’s value would possibly climb to $1.44.
Nevertheless, the altcoin should break via the resistance at $1.06 to realize that. Failure to interrupt via this hurdle might invalidate the prediction, and the value would possibly decline to $0.76.
Bitget Token (BGB)
Third on the checklist of altcoin gainers this week is BGB, the native asset of the crypto alternate Bitget. This week, BGB’s value surged by 42.60%, pushing the token above the $4 psychological barrier.
Based mostly on the every day chart, BGB trades in an ascending channel, suggesting that the altcoin would possibly hold hitting greater lows and better highs. With the amount exhibiting rising shopping for stress, BGB’s value is more likely to be greater within the brief time period.
If that’s the case, then a rally towards $6 might come to move. Nevertheless, if promoting stress will increase with the altcoin holders reserving income, this would possibly change. In that situation, the token’s worth would possibly drop to $2.91.
Disclaimer
In keeping with the Belief Undertaking pointers, this value evaluation article is for informational functions solely and shouldn’t be thought-about monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to alter with out discover. At all times conduct your personal analysis and seek the advice of with an expert earlier than making any monetary choices. Please word that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.