Why These Altcoins Are Trending Today — December 3

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As a seasoned researcher with years of experience observing the cryptocurrency market, I must admit that today’s price surge in several altcoins has piqued my interest. The trending altcoins – Ripple (XRP), Sun token (SUN), and Ondo (ONDO) – are dominating discussions in the crypto community, reminding me of a wild, unpredictable roller coaster ride.

On December 3rd, various cryptocurrencies have witnessed significant price surges, causing a buzz among investors who think we might be in for an ‘altcoin season’. As reported by CoinGecko, all the popular altcoins are currently displaying uptrends in their prices.

Today’s crypto conversations revolve around altcoins that are either influenced by whale activity or a spike in trading volume. Standout altcoins in the discussion are Ripple (XRP), Sun token (SUN), and Ondo (ONDO).

Ripple (XRP)

The reason XRP is currently among the popular altcoins is due to its strong performance over the recent weeks. Over the last month, the value of XRP has soared by an impressive 431%, making it the third-largest cryptocurrency in terms of market capitalization.

The significant increase might be due to an increased hoarding of whales, growing demand for XRP Exchange-Traded Funds, and a surge in retail interest towards this altcoin. Currently, XRP’s price stands at $2.67, marking the highest it has been since 2018.

Technically speaking, the Relative Strength Index (RSI) of XRP stands at 91.47, suggesting a significant surge in its momentum. This RSI metric assists us in identifying if an asset is excessively purchased or not sufficiently owned.

If the Relative Strength Index (RSI) for an asset surpasses 70.00, it’s considered overbought and might need a pullback, potentially down to approximately $1.79 in the case of XRP. On the other hand, when the RSI falls below 30.00, it indicates the asset is oversold, suggesting a possible rebound.

Conversely, should the demand for XRP persist in its upward trend, there’s a chance it could reach $3 as the price surge may continue.

Sun Token (SUN)

The Sun Token, a meme coin originating on the Tron blockchain, is currently experiencing heightened popularity as it’s one of the hot altcoins due to its price movements. Over the past 24 hours, the value of Sun Token has risen by 14.50%, and its trading activity has spiked by a massive 50%. This strong uptick suggests that there is substantial demand for this digital token.

On the day-to-day graph, the Parabolic Stop-and-Reverse (SAR) indicator is found beneath Sun Token’s (SUN) value, implying robust support, meaning the price has a good foundation.

The SAR (Strengthening Average Rate) assists in pinpointing possible trend changes by drawing dashed lines that sit either beneath or above the current price. If these lines lie beneath the price, it suggests a solid level of support, whereas if they’re positioned above, it signifies a resistance point.

Based on the present positive indications from the SAR, it’s possible that Sun’s value may keep climbing. If this upward trend persists, the token might hit approximately $0.045 in the near future. But, if Sun can’t overcome the resistance at $0.030, there could be a downturn, causing it to dip down to around $0.016 instead.

Ondo (ONDO)

Similar to XRP and SOL, ONDO is currently gaining attention among altcoins due to its significant price surge. Over the past 24 hours, the value of ONDO has risen by an impressive 45.40%, setting a new record high for its all-time price.

This trek might be associated with the surge among tokens tied to Real World Asset (RWA) tokenization. Technically speaking, the upswing in this altcoin was triggered by a shift away from a head and shoulders chart formation, which had previously pushed the price down to $0.59.

Right now, Ondo’s price is at $1.72 and appears to be climbing steadily without any obstacles. If this trend continues, it’s possible that the value of Ondo could reach $2 within the upcoming week.

Conversely, should large cryptocurrency investors (crypto whales) choose to offload their tokens, a rise to the predicted price may not materialize. In contrast, the value of the altcoin might drop to around $1.35 instead.

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2024-12-03 21:45