The third week of December 2024 looked set to end negatively for many cryptocurrencies, as market sentiment was predominantly bearish. However, a recovery reversed the trend, allowing some altcoins to post double-digit gains
In this analysis, BeInCrypto reveals the biggest altcoins of the week, how the assets got to this point, and what could come next for them. These include Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).
Hyperliquid (HYPE)
Since the beginning of December, Hyperliquid has held its own as one of the altcoins of the week, being on the list for the first two weeks. This time, it's no different, as the decentralized exchange's native token is up 55%.
The price rally could be linked to low selling pressure surrounding the altcoin. Furthermore, the token has been listed on exchanges such as KuCoin and Gate.io. This listing suggests that a larger portion of the market can now access the token, which means increased trading volume.
On the 4-hour chart, the Bull Bear Power (BBP), which measures the strength of buyers versus sellers, is in the positive zone. This indicates that buyers are in control, and the altcoin price may rise further.
Hyperliquid 4-hour analysis. Source: TradingView
Furthermore, the Relative Strength Index (RSI) reading continued to rise, implying that the momentum around the Hyperliquid token is positive. If this remains, the price of HYPE could rise to $42.24 in the near term.
However, if the altcoin becomes extremely overbought, this trend could reverse. In such a scenario, the token’s value could drop to $26.16.
Movement (MOVE)
MOVE, the native token of the Layer-2 Ethereum Virtual Machine (EVM) Movement network, is also among the altcoins of the week. Over the course of the week, MOVE’s price has surged by 51.60%, with around 25% of that increase occurring in the last 24 hours.
The increase in price could be linked to the positive sentiment and growing buying pressure surrounding the token. At the time of writing, MOVE price has reached $1. The 4-hour chart shows that the Awesome Oscillator (AO) reading has continued to rise.
Comparing historical price movements to recent ones, the increase in AO’s rating indicates positive sentiment around the token. If this continues, MOVE’s price could rise to $1.44.
Movement 4-hour analysis. Source: TradingView
However, the altcoin will have to break the resistance at $1.06 to achieve this. Failure to overcome this hurdle could invalidate the forecast, and the price could drop to $0.76.
Token Bitget (BGB)
Third on the list of altcoins of the week is BGB, the native asset of crypto exchange Bitget. This week, the price of BGB rose 42.60%, breaking through the psychological barrier of $4.
Based on the daily chart, BGB is trading in an ascending channel, suggesting that the altcoin may continue to make higher lows and higher highs. With the volume showing increasing buying pressure, BGB price is likely to head higher in the near term.
Bitget Daily Analysis. Source: TradingView
If this is the case, then a rally towards $6 could happen. However, if selling pressure increases as altcoin holders take profits, this could change. In such a scenario, the token’s value could drop to $2.91.
The article The cryptocurrencies that rose the most this week was first seen on BeInCrypto Brasil.
