As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of ups and downs, moonshots, and dips. Today, I find myself analyzing the trending altcoins on December 6, and it seems we are witnessing an interesting mix of bullish and bearish trends.
On December 6th, similar to the past several days, certain popular altcoins are experiencing significant price jumps. This rise might be attributed to an unexpected exchange listing that has caused trading activity to spike unusually high.
Among the current popular altcoins listed on CoinGecko, one experienced a significant drop of more than ten percent in the past 24 hours. The top three coins are Across Protocol (ACX), Bertram The Pomeranian (BERT), and Orca (ORCA).
Across Protocol (ACX)
The Across Protocol is a multi-chain initiative that enables communication between numerous blockchain platforms. Its native token, ACX, is currently garnering attention as one of the popular alternative cryptocurrencies due to its inclusion in Binance‘s exchange listings.
This afternoon, I learned that Binance has chosen to include ACX in its spot market, with trading set to start at 13:00 UTC. After the announcement, the price of ACX surged from $0.61 to $1.45 before pulling back to $1.21 as we speak.
As a crypto investor, I’ve noticed an interesting trend on the 4-hour chart: the moving average convergence divergence (MACD) has been triggered, indicating a rise in this technical indicator. Essentially, the MACD is a tool that gauges the speed of price movement, or momentum. When it’s positive, it suggests bullish momentum, meaning the market could potentially move upward.
If the indicator shows a negative value (bearish), it means that ACX’s price may keep increasing and potentially reach around $2 soon. Conversely, if the altcoin becomes excessively bought (overbought), its momentum might shift, causing some of the recent gains to be reversed.
Bertram The Pomeranian (BERT)
Over the past few days, BERT, a meme-based cryptocurrency running on the Solana blockchain, has been popping up on the popular altcoin lists. Today, it’s present but not gaining traction due to a surge in its price.
Indeed, over the past day, the altcoin’s worth has fallen by 16%. Despite this decline, there’s a significant level of interest in the token, which is why it’s still trending. A glance at the 4-hour chart reveals that the Bull Bear Power (BBP) has moved into the negative zone, suggesting that sellers are currently dominating the market.
Should the current trend persist, the price of BERT could fall to approximately 0.08 USD. If selling pressure becomes more pronounced, it may even dip down to 0.068 USD. Conversely, if the bulls manage to overpower the bears, this trend could reverse and BERT could surge toward 0.12 USD.
Orca (ORCA)
Similar to ACX, ORCA has gained popularity among alternative cryptocurrencies due to Binance’s announcement of its inclusion in their trading market. For the uninitiated, ORCA is the unique digital coin associated with Orca, a decentralized exchange operating on the Solana blockchain.
After Binance announced its listing, the price of ORCA skyrocketed by 90%, now standing at $7.16. This surge is typical when Binance lists a token, as it leads to substantial price fluctuations due to the heightened trading activity that comes with increased exposure.
On the daily graph, the Money Flow Index (MFI) value has risen. This index indicates whether a cryptocurrency is encountering more purchasing or selling activity. An increase in the MFI signifies growing buying interest. Conversely, when the value drops, there’s significant selling pressure.
Maintaining a high MFI level along with significant trading activity may propel ORCA’s price above $8.50. But, if buyers lose ground, the token could potentially fall back, exploring support levels beneath $7.
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2024-12-06 19:05