The third week of December 2024 has started off on a mixed note for many altcoins, with some seeing gains while others continue to consolidate. As a result, none of the major altcoins highlighted today saw their prices increase significantly.
Instead, two of the three listed have seen price drops, while another continues to move sideways. According to CoinGecko, the top three altcoins in the spotlight today are Vana (VANA), Virtuals Protocol (VIRTUAL), and Sui (SUI).
Children (CHILDREN)
Vana is a Layer-1 blockchain on the Ethereum Virtual Machine (EVM) that employs AI to help users turn personal data into financial assets. Its native cryptocurrency, VANA, is one of the hottest altcoins today for two main reasons.
First, the project launched its mainnet yesterday, December 16, and some tokens were distributed to eligible protocol users. However, on X (formerly Twitter), several airdrop recipients were unhappy with their allocation.
Secondly, while several exchanges listed the token, Binance delayed it for a few hours, citing technical difficulties and regulatory issues. Following the development, the price of VANA dropped by 15% in the last 24 hours.
Vana 1-Hour Price Chart. Source: TradingView
Currently, the altcoin is trading at $20.29 with a market cap of $610.55 million. If Vana continues to face bearish sentiment in the market, the price may continue to decline. However, if sentiment changes, the altcoin’s value may reverse these losses.
Virtual Protocol (VIRTUAL)
VIRTUAL is once again among the altcoins in the spotlight for the second time this week. However, unlike in previous weeks, the altcoin’s value did not see a major increase in the last 24 hours. Instead, the token decreased by 6.40% in the mentioned period.
On the 4-hour chart, the altcoin’s price is about to fall below the 20-period Exponential Moving Average (EMA). Typically, when the price rises above the EMA, the trend is bullish. But since it is about to fall below this support, the cryptocurrency’s value may decline.
Virtuals Protocol 4-Hour Analysis. Source: TradingView
If validated, VIRTUAL’s price could drop to $1.91. However, if buyers prevent the token from falling below the 20 EMA, its price could rise to $3.34.
On (ON)
SUI, the native token of the Layer-1 Sui blockchain, is another altcoin in the spotlight. However, unlike the other two, SUI’s price has been fluctuating in the same region since it recently hit a new all-time high.
Since Sunday, SUI has been trading between $4.60 and $4.80, indicating indecision among buyers and sellers. The Relative Strength Index (RSI), a technical indicator that measures momentum, also validates this bias.
When the reading is positive, the momentum is bullish, and when the reading is negative, it is bearish. At the time of writing, the RSI is hovering around the neutral region of 50.00, indicating that the SUI price may continue consolidating around the $4 region.
Sui 4-Hour Analysis. Source: TradingView
However, if selling pressure kicks in, the price could drop to $3.53. But if buyers take control, the altcoin could rally towards the $6 mark.
The article Why are SUI and two other altcoins trending today, 12/17/24? was first seen on BeInCrypto Brasil.
