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With the final month of 2024 underway, the Cryptocurrency market is expected to record some significant volatility. Bitcoin is expected to reach the historic $100,000 mark before the year ends, and this could trigger price increases across all major and minor altcoins.
Before that happens, however, several altcoins are still looking for upside potential, and TinTucBitcoin has analyzed three altcoins to watch in the coming days.
Stellar (XLM)
Stellar (XLM) may not be the best performing token, but it is one of the altcoins to watch, thanks to positive market trends. Its recent price movement reflects investor confidence as it benefits from positive signs from the broader market. Stellar’s steady performance underscores its growing presence in the Cryptocurrency space.
This week, Stellar validators will vote on the Protocol 22 mainnet upgrade following successful testing on the testnet. Such upgrades usually bring volatility, but this one could stimulate a positive move. Successful implementation of this upgrade will strengthen market confidence and could trigger upward price movement for XLM.
Currently, holding above the critical support level at $0.41, XLM looks well positioned to continue the uptrend. This level has acted as a strong floor, preventing significant price declines. However, a drop below $0.41 would invalidate the bullish outlook, possibly pushing the altcoin down to $0.25.
Yield Guild Game (YGG)
YGG price is suffering resistance at $0.70 and is struggling to overcome this important barrier. For the altcoin to reach $0.80, it needs a strong push.
This level has been the pivotal point, blocking further profits. A break above $0.70 could open the door for a rally towards higher targets.
A potential driver of YGG’s rise could be The Purging Event, which is nearing completion. If this event stimulates continued positive market reactions, it could provide the necessary momentum for prices to break through resistance. Such events often lead to optimism, influencing the direction of prices.
If YGG flips the $0.70 resistance into support, it could pave the way for continued price growth. However, any decline below the $0.57 support could invalidate the bullish thesis.
Banana Gun (BANANA)
BANANA price has dropped 9% in the past 24 hours, taking the altcoin down to $60. This decline reflects market sentiment, but the price is still above important support levels.
Telegram bot’s Cryptocurrency is preparing for monthly Token unlocking with plans to release an additional 250K BANANA, increasing circulating supply by 15 million USD. This increase in supply could create volatility, but with strong market signals, it could also provide a boost to prices. The results depend heavily on market psychology.
If the market turns bearish, BANANA could drop to the next support at $55. Loss of this support level could signal continued weakness and could invalidate the current bullish outlook.
General Bitcoin News
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