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In previous bull markets, the final month of the year has often brought significant explosions in Cryptocurrency prices. Therefore, altcoins rising in price in the first week of December 2024 may not come as a surprise to seasoned Cryptocurrency investors who have witnessed similar price increases on other occasions each other.
These increases could be related to heavy buying pressure, capital movements from large-cap coins, and many other reasons. Regardless, the biggest altcoin gainers include Hyperliquid (HYPE), Hedera (HBAR) and JasmyCoin (JASMY).
Hyperliquid (HYPE)
Hyperliquid’s HYPE leads this week’s list of altcoin bulls. Over the past seven days, its price has increased 122% due to significant buying pressure.
On November 29, Hyperliquid distributed 310 million HYPE Tokens to its community. Since then, the altcoin’s price has increased from $3.90 to $14.78.
The surge was fueled this week by news that cryptocurrency exchanges Bybit and OKX have listed HYPE on the expected market, hinting that a full listing is not far away. If these platforms list altcoins, trading volumes could increase, which could lead to higher prices for HYPE.
If that happens next week, this altcoin could become one of the biggest gainers again. Therefore, investors may need to closely monitor developments related to this Token.
Hedera (HBAR)
HBAR is another Cryptocurrency that cannot be missing from the list of altcoin bulls for December 2024. Like HYPE, the value of this altcoin increased by more than 100% this week. During the week, TinTucBitcoin reported on HBAR, noting that Open Interest (OI) around the coin has reached a peak not seen in years.
This increase in OI creates a lot of speculative activity around this Cryptocurrency, combined with buying pressure in the derivatives market. Technically, the 4-hour chart shows the formation of a bullish flag pattern.
The bull flag pattern, an important technical analysis chart, often signals the continuation of an uptrend. Characterized by a sharp rally (flag) followed by a short period of consolidation similar to a flag, this pattern implies a temporary pause before upward momentum resumes.
With this pattern, HBAR’s price could rise to $0.50 once it overcomes the $0.39 resistance. However, if the bears resist the breakout, this may not happen, and the price could drop to $0.29.
JasmyCoin (JASMY)
Decentralized Physical Infrastructure Network (DePIN) project JasmyCoin ranks 3rd on the altcoin price gain list for December 2024. This week, JASMY is up 91% and is currently trading at $0.051.
As a result, market capitalization has exceeded $2.5 billion. Considering the positive moving average convergence (MACD), it seems that JASMY price could be higher in the short term.
This is because the positive MACD translates into bullish momentum. Therefore, if this holds, the value of the altcoin could climb to $0.059 or higher soon.
Conversely, if selling takes place, this may not happen and the coin could fall to $0.043.
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