Yesterday, December 5, the trending altcoins included cryptocurrencies that have previously gained attention. These assets are among the most discussed and researched due to various factors.
According to CoinGecko, the trending altcoins today are Hyperliquid (HYPE), RENDER, and SUI. Here’s why they made the list.
Hyperliquid (HYPE)
Hyperliquid, the native token of the decentralized exchange Hyperliquid, is trending mainly due to its price action. In the last 24 hours, HYPE is up 11.60% and is trading at $13.45.
According to CoinGecko, the altcoin’s market cap has surpassed $4 billion thanks to this price surge. The trading volume in the last 24 hours has also surged to over $275 million, indicating growing interest in the token.
If the trading volume continues to rise, the price of HYPE may continue to rise. However, if the volume decreases, this may not be the case, as the value of the altcoin may decrease.
RENDER
Like Hyperliquid, RENDER is also trending due to its performance. In the last 24 hours, the price of RENDER has increased by 15% and is now above $10. This makes the AI-themed token one of the best performing altcoins today.
On the daily chart, the Accumulation/Distribution (A/D) line has risen. The A/D shows if there is higher buying or selling pressure. When the indicator reading rises, buying pressure is dominant.
But if the opposite is true, then the sellers are in control. So, with the current trend, the bulls (buyers) have the upper hand. Hence, the price of RENDER may continue to rise.
If this is the case, the altcoin could rise to $11.83, the highest point of the last wick. On the other hand, if sellers take control, this prediction could be invalidated, and RENDER could drop to $7.36.
SUI
On several occasions, SUI has appeared on the list of trending altcoins today. Each time it was for different reasons. Today, the layer-1 blockchain token is part of the trending cryptocurrencies because its price has increased by 15% and managed to break the $4 barrier.
Daily chart evaluations show that the token reached $4.18 due to the formation of a bull flag. This flag, which indicates the continuation of the uptrend after the consolidation, suggests that the price of SUI may continue to rise.
If this trend continues, the price of SUI may rise to $4.80. However, if the bears push the price below the lower trend line of the bull flag, this may not happen. Instead, SUI may drop to $2.82.
