As a seasoned crypto investor with battle-scarred fingers from past market cycles, I find myself intrigued by this year-end rally that seems to be unfolding before our eyes. The altcoin gainers of December 2024 – Hyperliquid (HYPE), Hedera (HBAR), and JasmyCoin (JASMY) – are not surprising in the least, given their past performance during similar market conditions.
Historically, during past bull market cycles, cryptocurrencies tend to experience significant price increases in the final month of the year. As a result, experienced crypto investors might anticipate strong performances from altcoins at the start of December 2024, given that they have observed similar patterns on multiple occasions.
It’s possible that these significant increases are due to intense buying activity, funds shifting from established cryptocurrencies, and a variety of other factors. Notably, the top altcoins experiencing substantial growth are Hyperliquid (HYPE), Hedera (HBAR), and JasmyCoin (JASMY).
Hyperliquid (HYPE)
This week, Hyperliquid’s HYPE token is leading the pack among altcoins, experiencing a 122% price increase over the last seven days as a result of strong demand from buyers.
Starting on November 29th, Hyperliquid dispersed a total of 310 million HYPE tokens among its community. Following this event, the value of the altcoin has risen significantly, with the price climbing from $3.90 to an impressive $14.78.
This week’s hike was hastened by the news that crypto exchanges Bybit and OKX have announced pre-market listings for HYPE. Such listings may indicate a full listing isn’t far off. If these platforms indeed list the altcoin, it could boost trading volume, potentially raising the price of HYPE.
If it occurs within the next week, there’s a possibility that the altcoin may become one of the top performers once more. Therefore, it would be prudent for investors to closely monitor any updates or news regarding the token.
Hedera (HBAR)
HBAR is another crypto that could not be left of December 2024 altcoin gainers. Like HYPE, the altcoin’s value has increased by over 100% this week. During the week, BeInCrypto reported about HBAR, noting that Open Interest (OI) around it has reached a peak not seen in years.
This trek in the “OI” region suggests significant anticipation and trading action related to cryptocurrencies, accompanied by robust demand in the futures market. On the technical front, the 4-hour graph illustrates the emergence of a ‘bull pennant’ pattern.
In simpler terms, the “bull flag” is a common chart pattern used in technical analysis that often signals the continuation of an uptrend. This pattern occurs after a strong price increase (the “flagpole”) followed by a period of relative calm, which looks like a flag hanging from the pole. This temporary pause suggests that the upward trend will likely continue once the market stabilizes again.
If the current pattern holds, there’s a possibility that HBAR’s price may surge toward $0.50 when it successfully breaks the $0.39 barrier. But if the bears manage to thwart this breakout, the price could dip down to $0.29 instead.
JasmyCoin (JASMY)
In simpler terms, as of December 2024, the project JasmyCoin (DePIN) ranks third among altcoins with the highest gains. This past week, the value of JASMY increased by a remarkable 91%, and it is now trading at approximately $0.051.
Due to recent developments, the market value of JASMY has now exceeded a staggering $2.5 billion. Given the optimistic trend indicated by the Moving Average Convergence Divergence (MACD), it seems that we might expect an increase in JASMY’s price over the near future.
In simpler terms, if the MACD (Moving Average Convergence Divergence) remains positive, it suggests a bullish trend for the altcoin. This means its value might increase towards $0.059 or even more in the near future.
Alternatively, should profit-making become a factor, it might prevent this scenario, instead causing the token to potentially fall to $0.043.
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2024-12-07 12:51