At one point, the third week of December 2024 seemed to end on a negative note for many cryptocurrencies, as market sentiment turned significantly pessimistic. However, a late market-wide rally turned the tide, allowing the top three altcoins this week to surge with double-digit gains.
In this analysis, TinTucBitcoin reveals the week’s biggest altcoin gainers, how these assets got there, and what might happen next for them. Including Hyperliquid (HYPE), Movement (MOVE) and Bitget Token (BGB).
Hyperliquid (HYPE)
Since the beginning of December, Hyperliquid has maintained its position as one of the altcoin gainers of the week, as it was on the list for the first two weeks. This time is no different, as the decentralized exchange’s native token has increased by 55%.
The reason for the price increase may be related to low selling pressure surrounding this altcoin. Additionally, the Token has been listed on exchanges such as KuCoin and Gate.io. This listing shows that a larger portion of the market can now access the Token, meaning increased trading volumes.
On the 4-hour chart, the Bull Bear Power Index (BBP), which measures the strength of buyers relative to sellers, is in positive territory. This indicates that buyers are in control and the price of the altcoin may trade higher.
Additionally, the relative strength index (RSI) continues to rise, implying that the momentum around the Hyperliquid Token is in an uptrend. If this situation continues, HYPE price could rise to $42.24 in the short term.
However, if altcoins become overbought, this trend could reverse. In that situation, the value of the Token could drop to 26.16 USD.
Movement (MOVE)
MOVE, the native token of the Ethereum Virtual Machine (EVM) Layer-2 Movement network, is also on this week’s list of altcoin gains. Over the course of the week, MOVE price increased 51.60%, with about 25% coming from the past 24 hours.
The price increase may be related to positive sentiment and increased buying pressure around the Token. At the time of writing, MOVE price has reached 1 USD. The 4-hour chart shows that the Awesome Oscillator (AO) continues to move higher.
Comparing historical price movements with recent fluctuations, the increase in the AO index shows the optimistic sentiment surrounding the Token. If this holds, MOVE price could climb to $1.44.
However, the altcoin will need to break resistance at $1.06 to get there. Failure to overcome this hurdle could invalidate the prediction, and the price could drop to $0.76.
Bitget Token (BGB)
Number 3 on this week’s growing altcoin list is BGB, the native asset of cryptocurrency exchange Bitget. This week, BGB price increased by 42.60%, pushing the Token past the psychological threshold of 4 USD.
Based on the daily chart, BGB is trading within a rising channel, which suggests that the altcoin could continue to hit higher lows and higher highs. With volume suggesting increased buying pressure, BGB prices are likely to be higher in the short term.
If that is the case, then a rally towards $6 is possible. However, if selling pressure increases as altcoin holders take profits, this could change. In that scenario, the value of the Token could drop to $2.91.
