As a seasoned analyst with years of experience navigating the crypto market’s turbulent seas, I find myself intrigued by the potential gains these three altcoins – Stellar (XLM), Yield Guild Game (YGG), and Banana Gun (BANANA) – are poised to bring in the coming days.
As we enter the final month of 2024, I anticipate a notable level of volatility within the crypto market. My prediction is that Bitcoin will surpass its historic high, breaking through the $100,000 mark, which could potentially spark rallies across all major and minor altcoins.
Yet, before significant events unfold, certain alternative coins are poised for possible growth. BeInCrypto has scrutinized three of these altcoins that might be worth monitoring in the upcoming period.
Stellar (XLM)
Stellar (XLM) might not lead the pack in terms of performance, but it’s definitely worth keeping an eye on among the alternative coins, due to favorable market conditions. Its latest price fluctuations show investor trust as it capitalizes on the broader market’s optimistic signals. The consistent performance of Stellar underscores its increasing influence within the cryptocurrency realm.
This week, Stellar network validators will decide on implementing Version 22 of the protocol after it has been thoroughly tested on a practice network. These updates often cause fluctuations, but this one might generate a positive trend. If this upgrade is executed effectively, it could boost investor confidence and possibly initiate a rise in XLM’s price.
At present, XLM is maintaining its position above the crucial support of $0.41, suggesting it’s poised for further growth. This level has proven robust, stemming major price drops. But a fall below $0.41 could reverse this optimistic forecast, potentially leading to a slide towards $0.25.
Yield Guild Game (YGG)
Currently, YGG’s value is hovering below the significant hurdle at $0.70, finding it challenging to surpass this level. To propel the cryptocurrency towards $0.80, it requires a substantial boost.
At this point, this stage has proven crucial by halting any further advancements. If we surpass $0.70, it may provide an opportunity for a surge towards more ambitious objectives.
The potential catalyst for YGG’s upward movement could be The Purging Event, which is approaching its conclusion. If this event triggers consistent positive market reactions, it could provide the necessary momentum for the price to break through resistance. Such events often lead to bullish sentiment, influencing price direction.
Should YGG manage to transform the $0.70 barrier into a support level, it might open up opportunities for further price increases. But a fall beneath the supportive floor at $0.57 could potentially undermine the optimistic outlook.
Banana Gun (BANANA)
Over the past day, Banana’s price has plummeted by 9%, causing it to dip to $60. This descent mirrors the current market mood, yet it still surpasses significant support thresholds.
The Telegram bot coin is gearing up for its monthly release of 250,000 BANANA tokens, worth approximately $15 million. This influx could lead to market fluctuations, but if there are positive signs in the market, it might also spur a price rise. Ultimately, the impact will be significantly influenced by investor sentiment.
Should the market exhibit a bearish trend, it’s possible that BANANA’s value could fall to the subsequent support point at $55. If this support is breached, it might suggest additional downward movement and could challenge the existing bullish perspective.
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2024-12-02 13:01