The third week of December 2024 initially ended on a pessimistic note, with the market generally showing a bearish trend, raising concerns for many about future market conditions. However, the subsequent rebound reversed this situation, with the three altcoins recording the largest price increases this week all achieving double-digit gains.
In this analysis, we will detail the altcoins with the highest price increases this week, exploring how they achieved this breakthrough rise and their possible future developments. This includes Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).
HYPE
Since December, Hyperliquid has consistently remained one of the altcoins with the largest price increases this week, continuing the performance of the previous two weeks. This time is no exception, as the native token of the decentralized exchange, HYPE, has risen 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 has enabled 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 positive territory, indicating that bulls currently dominate, suggesting that the price of this altcoin may continue to rise.
HYPE 4-Hour Analysis.
Additionally, the continuous 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 could potentially break through $42.24 in the short term.
However, if the altcoin enters a severely overbought range, this trend could potentially reverse. In this case, the value of the token may fall back to $26.16.
MOVE
MOVE is the native token of the second-layer network Movement on the Ethereum Virtual Machine (EVM) and has become one of the standout altcoins this week. This week, MOVE's price has increased by 51.60%, with approximately 25% of the increase occurring in the past 24 hours.
This rise may be driven by market bullish sentiment and increasing 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 indicates that investors hold a positive attitude towards the token. If this trend continues, MOVE's price may 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 this resistance, the prediction may fail, and the price could potentially fall back to $0.76.
BGB
The third-ranked altcoin by price increase this week is BGB. This week, BGB's price has 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 rising in the short term.
BGB Daily Analysis.
If this trend continues, BGB's price is expected to rebound to $6. However, if altcoin holders begin to take profits, leading to increased selling pressure, the situation may reverse. In this case, the token's price may fall back to $2.91.
Club Target Review
