At one point, the third week of December 2024 seemed destined to end on a sour note for many cryptocurrencies, as market sentiment appeared to be overwhelmingly negative. However, a late market rally reversed fortunes, allowing the week’s top three altcoins to rally with double-digit gains.
In this analysis, BeInCrypto reveals the biggest altcoins of the week, how the assets have risen to this point, and what could be next. These include Hyperliquid (HYPE), Movement (MOVE), and BitGate Token (BGB),
Hyperliquid (HYPE)
Since the beginning of December, Hyperliquid has maintained its position as one of the altcoins that won the week, having been on the list for the first two weeks. This time, it’s no different, as the decentralized exchange’s native token surged 55%.
The price increase can be linked to the decrease in selling pressure around the altcoin. Additionally, the token has been listed on exchanges like KuCoin and Gate.io. This exchange listing indicates that a larger portion of the market now has access to the token, which means increased trading volume.
On the 4-hour chart, the Bull and Bear Power (BBP) indicator, which measures the strength of buyers compared to sellers, is in the positive territory. This indicates that bulls are in control, and the altcoin price could trade higher.
Also, the Relative Strength Index (RSI) reading continues to rise, which means that the momentum around the Hyperliquid token is bullish. If this continues, the price of HYPE could rise to $42.24 in the short term.
However, if the altcoin becomes overbought, this trend may reverse. In this scenario, the token’s value may drop to $26.16.
MOVE
MOVE, the native token of the Ethereum Virtual Machine (EVM) layer 2 network Movement, is also part of this week’s winning altcoins. Over the course of the week, MOVE’s price has risen by 51.60%, with about 25% of that rise occurring in the last 24 hours.
The price increase can be linked to the bullish sentiment and increasing buying pressure around the token. As of writing, MOV price is at $1. The 4-hour chart shows that the Oysum (AO) oscillator reading continues to rise.
However, the altcoin must break the resistance at $1.06 to achieve this. Failure to break this hurdle could invalidate the prediction, and the price could drop to $0.76.
Bitgate (BGB) code
Third on the list of altcoin gainers this week is BGB, the native token of cryptocurrency exchange BitGate. This week, BGB’s price has surged by 42%60, pushing the token above the psychological $4 mark.
Based on the daily chart, BGBP is trading in an ascending channel, suggesting that the altcoin could continue to make higher lows and higher highs. With the volume showing increasing buying pressure, BGBP price is likely to be higher in the short term.
If this is the case, a rally towards $6 could occur. However, if selling pressure increases with altcoin holders taking profits, this could change. In this scenario, the token’s value could drop to $2.91.