Biggest Altcoin Gainers of the Third Week of December 2024

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As a seasoned crypto investor with over a decade of experience navigating the tumultuous seas of digital assets, I must admit that the third week of December 2024 has been quite the rollercoaster ride. Just when it seemed like all hope was lost, these altcoins—Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB)—came out swinging with double-digit gains. It’s moments like these that remind me why I love this wild ride called cryptocurrency!

Initially, it looked like the final week of December 2024 was going to end on a down note for numerous cryptocurrencies due to widespread pessimism. However, a last-minute market rally flipped things around, enabling the top three altcoins that had the most growth during the week to soar with gains in double digits.

This study by BeInCrypto highlights the top altcoins that experienced significant growth during the week, explains the factors contributing to their rise, and speculates on their potential future trajectories. The coins under consideration are Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).

Hyperliquid (HYPE)

Starting from early December, Hyperliquid has consistently been among the top altcoin gainers of the week. Once again, it finds itself on the list, having increased by a substantial 55% this time around. This performance is no exception to its impressive run in the first two weeks of the month.

The rise in price could be linked to low selling pressure around the altcoin. Besides that, the token has gotten exchange listings on KuCoin and Gate.io. This exchange listing suggests that a larger part of the market can now access the token, which means increased trading volume.

According to the 4-hour chart analysis, the Bull Bear Power (BBP) – a tool that gauges the strength of buyers versus sellers – currently shows a positive reading. This suggests that the upper hand is with the bulls, implying that the altcoin’s price might increase further.

Furthermore, as the Relative Strength Index (RSI) persistently increases, it suggests a strong upward momentum for the Hyperliquid token. If this trend continues, the HYPE’s price might climb up to around $42.24 within the near future.

But should the altcoin become excessively overbought, there’s a possibility that its trend could flip. If this happens, the token’s value could potentially drop down to $26.16.

Movement (MOVE)

This week, Move, the native token of the Layer-2 network on Ethereum known as Movement, is among the altcoins experiencing price increases. During the week, the value of Move increased by a substantial 51.60%. Approximately one fourth of this growth, approximately 25%, occurred within the past 24 hours.

The surge in price might be due to optimistic market feelings and growing demand for the token. Currently, MOVE’s value is at $1. Upon examination of the 4-hour chart, it appears that the Awesome Oscillator (AO) value has consistently risen.

By analyzing past and current price trends, an increase in the AO (Average Oscillator) score suggests a positive outlook or “bullish” attitude towards the token. If this bullish sentiment continues, it’s possible that MOVE’s price could reach approximately $1.44.

If it can’t surpass the barrier at $1.06, though, this forecast could be disproved, potentially leading the price to drop down to $0.76 instead.

Bitget Token (BGB)

In third place among this week’s top altcoin performers is BGB, the currency associated with the cryptocurrency trading platform Bitget. This week, BGB’s value skyrocketed by an impressive 42.60%, breaking through the significant $4 price level.

As a crypto investor, I’m observing that BGB appears to be trading within an ascending channel on its daily chart. This pattern suggests that the altcoin could continue to establish higher lows and potentially reach even greater highs in the near future. Furthermore, the volume indicates growing buying pressure, which increases my confidence that the price of BGB is likely to trend upward in the short term.

If things continue as they are, we might see the price reaching $6. But if more people decide to sell their altcoins and take profits, the situation could change, potentially causing the token’s value to fall to around $2.91.

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2024-12-21 12:15