Why These Altcoins Are Trending Today — December 18

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As a seasoned researcher with over a decade of experience in the crypto market, I have learned to navigate its turbulent seas with a steady hand and a keen eye for opportunity. Today’s sideways dance by the market has left many altcoins adrift, but there are always exceptions to the rule.

On December 18th, the cryptocurrency market is moving horizontally since several altcoins are still uncertain about their direction. Consequently, the altcoins that are surging today share a similar fate.

Fortunately, not every one of these coins has experienced a drop in price. As per CoinGecko, some of the coins currently gaining attention are Pudgy Penguins (PENGU), Hyperliquid (HYPE), and Happy Cat (HAPPY).

Pudgy Penguins (PENGU)

Today, the digital token PENGU, stemming from the NFT collection Pudgy Penguins, is leading the list of popular altcoins. This surge is primarily due to its recent launch and the airdrop that followed yesterday. Earlier reports by BeInCrypto indicate that the airdrop of PENGU tokens resulted in a significant decrease in the value of other altcoins.

However, while some might hope that it recovers, it has not. As of this writing, the Pudgy Penguins token price is $0.35, representing a 50% decline in the last 24 hours. 

Even though it’s currently in a downturn, the one-hour chart indicates a potential recovery for the token. The volume seems to be on an upward trend, which, if sustained, could boost the altcoin’s price towards approximately $0.055.

However, should the selling pressure persist, there’s a possibility it may not reach the desired level. In such a case, the price of PENGU might even dip below $0.025.

Hyperliquid (HYPE)

Over the past few weeks, HYPE has maintained its spot among the popular altcoins. Unlike before, though, its worth didn’t see a substantial increase during the last day. Instead, there was a minor dip of approximately 3.40% in its value.

The reduction in value might stem from a decreased interest in the Hyperliquid native token. Previously, there was high demand for it, as speculation circulated about the altcoin potentially reaching $50 within a brief period.

Currently, the price stands at $27.15. If demand persists in decreasing, the cost could potentially drop to around $20. On the contrary, if there’s an uptick in buying interest and activity in the Hyperliquid market escalates, the trend may reverse, causing the price to potentially rise.

Happy Cat (HAPPY)

Today’s trending altcoins list concludes with Happy Cat, a meme coin established on Solana. The popularity of HAPPY arises from its unique status as one of the scarce feline-themed meme coins experiencing a surge in price over the past 24 hours.

In my analysis, I’ve noticed that Happy is finding it difficult to maintain its recent gains on a 4-hour chart. This struggle could potentially lead to a dip, with the price nearing a possible fall below both the 20 and 50-period Exponential Moving Averages (EMA). If this trend continues, the value of this altcoin might decrease to around $0.010.

If the demand for the meme coin surges once more, my current prediction may prove inaccurate. Under such circumstances, the price of HAPPY could potentially reach $0.018.

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2024-12-18 19:02