On December 5, the trending altcoins include cryptocurrencies that have previously gained attention. These assets rank among the most discussed and searched due to various factors.
According to CoinGecko, today’s trending altcoins are Hyperliquid (HYPE), Render (RENDER), and Sui (SUI). Here’s why they made the list.
Hyperliquid (HYPE)
HYPE, the native token of the decentralized exchange Hyperliquid, is trending basically because of its price action. In the last 24 hours, HYPE’s price has increased by 11.60% and trades at $13.45.
According to CoinGecko, the altcoin’s market capitalization has surpassed $4 billion thanks to this price increase. The trading volume, over the last 24 hours, has also risen above $275 million, indicating heightened interest in the token.
Should the volume continue to rise, then HYPE’s price might keep soaring. However, if the volume drops, this might not be the case, as the altcoin’s value might plummet.
Hyperliquid Price Chart. Source: CoinGecko Render (RENDER)
Like Hyperliquid, RENDER is also trending because of its performance. Over the last 24 hours, RENDER’s price has increased by 15% and is now above $10. This makes the AI-themed token one of the best-performing altcoins today.
On the daily chart, the Accumulation/Distribution (A/D) line has increased. The A/D shows if there is higher selling or buying pressure. When the indicator’s reading increases, buying pressure is dominant.
But if it is the other way around, sellers are in control. Therefore, with the current trend, bulls (buyers) have the upper hand. As such, RENDER’s price might continue to increase.
Render Daily Analysis. Source: TradingView
If this is the case, the altcoin’s value could rise to $11.83, which is the highest point of the latest wick. On the other hand, if sellers take over, this prediction might be invalidated, and RENDER could drop to $7.36.
Sui (SUI)
On several occasions, SUI has appeared on the altcoins trending today list. Every time it did, it was for a different reason. Today, the token of the layer-1 blockchain is part of the trending cryptos because its price has risen by 15% and has been able to break the $4 mark.
An assessment of the daily chart shows that the token reached $4.18 because of a bull flag formation. This flag, which indicates the continuation of an uptrend after consolidation, suggests that SUI’s price might continue to rise.
Sui Daily Analysis. Source: TradingView
If this trend continues, SUI’s price might climb to $4.80. However, if bears push the price below the lower trendline of the bull flag, this might not happen. Instead, SUI could decline to $2.82.
