Why These Altcoins Are Trending Today — December 16

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve seen my fair share of altcoins that have promised the moon but delivered nothing more than a handful of digital dust. However, upon reading about Hyperliquid (HYPE), Ondo (ONDO), and Virtuals Protocol (VIRTUAL) today, I find myself intrigued by their recent performances.

Over the weekend, Bitcoin’s (BTC) new all-time high reignited optimism for a broader market rally, though most altcoins did not follow suit. However, today’s top-trending altcoins have seen notable price increases in the past 24 hours.

Based on information from CoinGecko, we find that Hyperliquid (HYPE), Ondo (ONDO), and Virtuals Protocol (VIRTUAL) are currently under focus. This analysis sheds light on the reasons for their surge and offers insights into what the cryptocurrency market might anticipate from these altcoins in the near future.

Hyperliquid (HYPE)

It’s not unexpected that HYPE is making waves among popular altcoins. In fact, it has graced this list multiple times since its debut. Currently, it’s back in the spotlight due to its consistent performance, outperforming pessimistic forecasts by increasing in worth.

Over the past day, I’ve observed an impressive surge in HYPE’s value, amounting to approximately 13.70%. This recent spike has significantly boosted its overall growth since its market debut, now standing at a staggering 735%. Such exceptional performance is propelling Hyperliquid towards a remarkable milestone – approaching a market capitalization of $10 billion.

Regarding this growth trend, certain cryptocurrency experts believe that the value and market capitalization of this altcoin may increase. Among them is Ansem, who expressed such optimism on platform X last Sunday, December 15th. He suggested that this crypto could potentially rank among the top five by market cap in the coming year.

According to Ansem, the Top 5 coins expected by 2025 may include Hyperliquid, a coin he finds promising. He suggests reading an article that offers a clear and concise explanation as to why there’s so much buzz surrounding HYPE.

Even though HYPE’s current performance lines up with the analyst’s forecast, it’s crucial to remember that there might be a drop in its price.

According to what we’ve observed so far, the price is currently at $26.60. If there’s an increase in selling, it could potentially fall below $20. Conversely, if the uptrend continues, it may approach the $50 level in the intermediate to long term.

Ondo (ONDO)

In the past 24 hours, the value of the cryptocurrency known as Ondo has surged significantly, with a 12% increase. This impressive growth has been attracting attention within the crypto community due to its strong performance.

The rise in ONDO’s price might be due to significant buying from large investors (whales) last week, which has driven the token above the $2 threshold. Technically, the ONDO/USD graph indicates that the Ichimoku Cloud currently sits below the current price level.

In simpler terms, the Ichimoku Cloud is a technical tool used to identify levels of resistance (a price level where an asset struggles to rise) and support (a price level where an asset is well-supported and less likely to fall). When the cloud floats above the price, it signals significant resistance. Conversely, when the cloud lies below the price, it suggests robust support for the token.

Should conditions stay consistent, the value of ONDO may climb up to $2.50. But, if large crypto investors (crypto whales) decrease their involvement with the altcoin, this situation could shift. In such a case, the token’s price might dip down to $1.62.

Virtuals Protocol (VIRTUAL)

Remarkably, similar to ONDO, VIRTUAL experienced a notable increase in large-scale acquisitions from whales last week. This spike in demand has led its price to soar by approximately 22% over the past day, positioning it among the most popular rising altcoins.

Looking at the daily graph, the value of this altcoin has surpassed both its 20-day and 50-day Exponential Moving Averages (EMA), suggesting a bullish trend. If it maintains this position, there’s potential for the token to reach around $3.30.

If the price falls beneath the Exponential Moving Average (EMA), this indication could be called into question. Under such circumstances, the altcoin may potentially decrease to $2.15.

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2024-12-16 17:51