Why These Altcoins Are Trending Today — December 5

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As a seasoned analyst with over two decades of experience in the financial markets, I must say that these trending altcoins – Hyperliquid (HYPE), Render (RENDER), and Sui (SUI) – have certainly piqued my interest. While past performance is not always indicative of future results, the strong price action and increased trading volume in these assets are hard to ignore.

On December 5th, some popular altcoins are digital currencies that have received notice before. These investment options are frequently the topic of conversation and search due to a variety of reasons.

As per CoinGecko’s latest report, the hot altcoins of the day are Hyperliquid (HYPE), Render (RENDER), and Sui (SUI). Let me explain why these coins have caught attention.

Hyperliquid (HYPE)

Currently, HYPE, the indigenous token for the decentralized exchange Hyperliquid, is seeing a surge in popularity primarily due to its price fluctuations. Over the past 24 hours, the value of HYPE has risen by approximately 11.60%, currently standing at $13.45.

Based on data from CoinGecko, the market value of the altcoin has now exceeded $4 billion due to its recent price surge. Additionally, trading activity for the token over the past 24 hours has significantly increased, reaching over $275 million, signaling growing interest in the asset.

If the volume persists in increasing, it’s likely that the price of HYPE could continue climbing. Conversely, if the volume decreases, it may not bode well for the altcoin, potentially leading to a fall in its value.

Render (RENDER)

Similar to Hyperliquid, RENDER is currently gaining popularity due to its impressive performance. In just the past 24 hours, the price of RENDER has risen by 15%, placing it above $10. This AI-focused token is among the top performers in the altcoin market today.

On a day-to-day basis, the Accumulation/Distribution (A/D) line is climbing up. This A/D line signifies whether there’s more selling or buying activity happening. As the indicator rises, it suggests that buying activity is stronger.

Conversely, when the situation is reversed, power lies with the sellers. Given this trajectory, it seems that buyers (bulls) hold the advantage. Thus, there’s a possibility that the price of RENDER could keep rising.

If things go as expected, the value of the altcoin may reach a high of $11.83, marking the peak of its latest candle. However, if buyers lose control, this forecast could change, causing the price of RENDER to potentially decrease to $7.36 instead.

Sui (SUI)

On various instances, SUI has made an appearance on the list of popular altcoins. Each time it appeared, it was due to a distinct cause. Today, the token from the layer-1 blockchain is included in the trending cryptocurrencies as its price has climbed by 15% and surpassed the $4 threshold.

A look at the day’s graph reveals that the value of the token increased to $4.18 due to a bull flag pattern. This pattern, signifying the resumption of an upward trend following a period of consolidation, hints that the price of SUI could potentially keep ascending further.

Should this pattern persist, it’s possible that the value of SUI could reach approximately $4.80. Yet, if bears manage to drive the price beneath the lower boundary of the bullish pennant, such an increase might not materialize. Instead, we could see a drop in SUI down to around $2.82.

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2024-12-05 20:46