Analyst: 5 coins to watch in December 2024
2024 is coming to an end and we have entered the final month! According to CoinGlass data, since 2013, Bitcoin’s average performance in December every year is an increase of 4.95%, with 5 closings rising and 6 closings falling.
Source: CoinGlass Bitcoin price performance in December
Since Trump was elected as the new US president, Solana ($SOL), Ripple ($XRP), Dogecoin ($DOGE) and Cardano ($ADA) have become the focus of the market. In the last month of 2024, What can investors pay attention to?
(BeInCrypto) on-chain analyst Victor Olanrewaju recently stated that he is watching 5 potential altcoins, predicting that they may bring exciting market performance in December: Hyperliquid ($HYPE), Sui ($SUI), Fantom ($FTM), Aptos ($APT), and Bonk ($BONK).
Olanrewaju states that these altcoins are particularly noteworthy mainly because they will face significant events, technical upgrades, or important market catalysts that could have a huge impact on their prices. He also shares short-term support and resistance level analyses, for reference only and not as investment advice.
Hyperliquid ($HYPE) price trend analysis
Hyperliquid is a blockchain that has just launched about a week ago, and its token $HYPE has quickly become a market focal point. Since its listing, $HYPE has accumulated over 200% in gains and has not yet been listed on major centralized exchanges (CEX). As of today (12/3) when this article was written, $HYPE is priced at $8.92, having reached a high of $9.4 in the past 24 hours.
Olanrewaju points out that currently, the daily trading volume of $HYPE is quite considerable, reaching $250 million, indicating that investors have high expectations for this emerging project.
Considering its rapid growth momentum, Olanrewaju predicts that $HYPE may continue to maintain its upward trend in December and may even break through the $10 barrier, bringing substantial returns to early investors.
Source: BeInCryptoHyperliquid ($HYPE) price trend analysis
Sui ($SUI) price trend analysis
Over the past month, Sui ($SUI) has shown impressive performance, with its price having accumulated a 75% increase, demonstrating strong market momentum.
Olanrewaju points out that in December of this year, Sui ($SUI) will face a token unlock of up to $210 million. Although unlocks usually increase market supply and may lead to price volatility, Sui has shown a certain resilience in past unlocking events.
From a technical perspective, Sui is currently priced at $3.5, having risen above the 20-day and 50-day Exponential Moving Averages (EMA), which is typically seen as a bullish signal.
Under favorable market conditions, Sui is expected to rise to $4.40 in December. However, if it faces significant selling pressure or unexpected market events, it may undergo a correction, with a noteworthy support level at $2.38.
Source: BeInCryptoSui ($SUI) price trend analysis
Fantom ($FTM) price trend analysis
Fantom ($FTM) may attract significant attention in December, mainly due to the major Sonic upgrade going live on the mainnet, which is expected to enhance transaction speed and efficiency, bringing significant breakthroughs to the Fantom ecosystem. At that time, the original $FTM will also be exchanged 1:1 for $S tokens.
Further reading:
Airdropping 200 million S tokens! Sonic free airdrop tutorial, how to earn points by playing games all at once.
Olanrewaju points out that driven by this positive news, $FTM has risen 60% in the past month, successfully breaking through the $1 barrier, and is currently priced at $1.25.
From a technical perspective, $FTM has formed a bullish head and shoulders pattern, which is a typical technical pattern indicating a transition from a bearish trend to a bullish trend.
In addition, combined with the performance of the Buying and Selling Power Indicator (BBP), $SUI bulls currently still dominate.
Olanrewaju optimistically predicts that $FTM may reach $1.14 in the short term, and with the official launch of the Sonic mainnet, it may even aim for the $2 integer level. However, investors still need to closely monitor potential selling pressure.
Source: BeInCryptoFantom ($FTM) price trend analysis
Aptos ($APT) price trend analysis
Aptos ($APT) has performed well over the past month, and like Sui, it will face approximately $135 million in token unlock in December; both have previously brought positive returns after unlocks.
Olanrewaju points out that from a technical perspective, $APT has formed a classic bullish ascending triangle pattern. As long as market demand and trading volume continue to rise, it may keep climbing and is expected to target $20 in December.
However, if it encounters a significant supply shock or unexpected market events, $APT may quickly retrace to $10.97.
Source: BeInCryptoAptos ($APT) price trend analysis
Bonk ($BONK) price trend analysis
As one of the most representative meme coins in the Solana ecosystem, Bonk ($BONK) may present a unique narrative in December.
The official plan is to burn 1 trillion tokens before Christmas to reduce circulating supply, which theoretically will enhance the token's scarcity and potential value.
Olanrewaju points out that from the daily trend, $BONK has found support around $0.0000043. If it can maintain that level, it may rebound and potentially surge to $0.000059.
However, the high volatility and risk of meme coins are well known. If a large number of holders choose to take profits in December, this prediction may quickly evaporate, and the coin price may drop back to $0.000035. The cryptocurrency market is highly volatile, and investment decisions should be made cautiously. While chasing high returns, it is also crucial to implement risk management and market research.
Source: BeInCryptoBonk ($BONK) price trend analysis
[Disclaimer] The market carries risks; investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Invest accordingly at your own risk.
'What to buy in December? Analyst: Quickly pay attention to 'these five coins' and wait for the altcoin bull to arrive.' This article was first published in 'Crypto City.'
