The third week of December 2024 initially ended with pessimistic sentiment, with the market generally showing a bearish trend, causing many to worry about the future market. However, the subsequent rebound reversed this situation, and the three altcoins with the largest increases this week recorded double-digit gains.
In this analysis, we will provide a detailed interpretation of the altcoins with the highest percentage increase this week, exploring how they achieved this breakthrough surge and their potential development directions moving forward. This includes Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).
HYPE
Since December, Hyperliquid has remained one of the altcoins with the largest percentage increase this week, continuing its performance from the previous two weeks. This time is no exception, as the native token of the decentralized exchange, HYPE, increased by 55%.
This price increase may be related to the low selling pressure of the altcoin, while also benefiting from the token's listing on KuCoin and Gate.io. The support from new trading platforms allows more market participants to access the token, thus driving an increase in trading volume.
On the 4-hour chart, the Bull-Bear Power (BBP) indicator, which measures buying and selling strength, is in the positive zone, indicating that bulls currently dominate, suggesting that the price of this altcoin may continue to rise.
HYPE 4-Hour Analysis.
Additionally, the continued rise of the Relative Strength Index (RSI) indicates that the upward momentum of the Hyperliquid token remains strong. If this trend continues, HYPE's price may break through $42.24 in the short term.
However, if the altcoin enters a seriously overbought range, this trend could reverse. In this case, the token's value may fall back to $26.16.
MOVE
MOVE is the native token of the Ethereum Virtual Machine (EVM) second-layer network Movement, and has become one of the standout altcoins this week. This week, MOVE's price increased by 51.60%, with about 25% of that increase occurring in the past 24 hours.
This increase may be driven by bullish market sentiment and rising buying pressure for the token. As of the time of writing, MOVE's price has reached $1. The 4-hour chart shows that the Awesome Oscillator (AO) indicator continues to rise, indicating optimistic market sentiment.
By comparing historical price trends with recent movements, the rise of the AO indicator further suggests that investors hold a positive attitude towards this token. If this trend continues, MOVE's price could continue to rise, breaking through $1.44.
MOVE 4-Hour Trend Analysis.
However, MOVE must break through the resistance level of $1.06 to achieve this goal. If it fails to break through this resistance, predictions may fail, and the price could fall back to $0.76.
BGB
The altcoin with the third highest percentage increase this week is BGB. This week, BGB's price increased by 42.60%, successfully breaking through the psychological barrier of $4.
From the daily chart, BGB is currently within an upward channel, suggesting that this altcoin may continue to create higher lows and higher highs. With increasing trading volume and rising buying pressure, BGB's price is expected to continue climbing in the short term.
BGB Daily Analysis.
If this trend continues, BGB's price is expected to rebound to $6. However, if altcoin holders start to take profits, leading to increased selling pressure, the situation may reverse. In this case, the token's price could fall back to $2.91.
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