In the third week of December 2024, when market sentiment appeared pessimistic, a late rally across the market reversed this sentiment, driving three altcoins to experience strong price increases this week with double-digit gains.
Join Bitcoin Magazine as we review the strongest performing altcoins this week and what might happen next with Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).
Hyperliquid (HYPE)
Since the beginning of December, Hyperliquid has maintained its position as one of the strongest performing altcoins, as it has been on the list for the first two weeks. This time, nothing is different, with the native token of the decentralized exchange rising by 55%.
The price increase may be related to relatively low selling pressure on the altcoin. Additionally, the token has been listed on KuCoin and Gate.io exchanges, attracting more users to engage with the token, meaning trading volume is increasing.
On the 4-hour chart, the Bull Bear Power (BBP) indicator, which measures the strength of buyers against sellers, is in the positive zone, indicating that buyers are in control and the price of this altcoin may trade higher.
HYPE price analysis – 4 hours | Source: TradingView
Moreover, the Relative Strength Index (RSI) continues to rise, implying that the momentum surrounding HYPE is bullish. If this remains unchanged, the price of HYPE could head towards $42.24 in the short term.
However, if the altcoin falls into an overbought state, the trend could reverse. In that case, the token value may likely decrease to $26.16.
Movement (MOVE)
MOVE, the native token of the Ethereum Virtual Machine (EVM) Layer-2 Movement network, is also one of the strongest performing altcoins this week. Throughout the week, the price of MOVE has climbed 51.6%, with about 25% in the last 24 hours.
The upward momentum may be related to positive sentiment and buying pressure surrounding the token. As of now, the price of MOVE has reached $1. The 4-hour chart shows the Awesome Oscillator (AO) index continues to rise.
Comparing past price movements to the present, the increase in AO rating indicates a bullish sentiment is unfolding. If the situation remains stable, the price of MOVE could reach $1.44.
MOVE price analysis – 4 hours | Source: TradingView
However, this altcoin will need to break through the resistance level of $1.06 to achieve that. If it fails to surpass this barrier, the predictions may become invalid, and the price could revert to $0.76.
Bitget Token (BGB)
BGB – the native token of the Bitget exchange is the third altcoin on the growth list. This week, the price of BGB surged by 42.60%, pushing this token above the psychological threshold of $4.
Based on the daily chart, BGB is trading in an ascending channel pattern, indicating that the token may continue to form higher lows and higher highs. With volume indicating increased buying pressure, the price of BGB is likely to continue rising in the short term.
BGB price analysis – 1 day | Source: TradingView
If this is the case, a price increase to $6 may occur. However, if selling pressure increases as BGB holders take profits, this could change the current sentiment. In that case, the token price could drop to $2.91.
https://tapchibitcoin.io/altcoin-tang-gia-manh-nhat-trong-tuan-thu-ba-cua-thang-12-nam-2024.html
