In the third week of December 2024, when the market sentiment seemed pessimistic, however, a late price surge across the entire market has reversed this sentiment, driving three altcoins to surge strongly in the week with double-digit gains
Let's review with Bitcoin Magazine the altcoins that have seen the strongest price increases this week and what is likely to happen next with Hyperliquid (HYPE), Movement (MOVE) and Bitget Token (BGB),
Since the beginning of December, Hyperliquid has maintained its position as one of the altcoins with the strongest price increases, having been on the list for the first two weeks. This time is no different, with the native token of the decentralized exchange having surged 55%.
The price surge may be related to relatively low altcoin selling pressure. In addition, the token has been listed on the KuCoin and Gate.io exchanges, attracting more users to the token, meaning trading volume has increased.
On the 4-hour chart, the Bull Bear Power (BBP) indicator, which measures the strength of buyers versus sellers, is in positive territory, indicating that the buying side is in control and the price of this altcoin could trade higher.
Additionally, the Relative Strength Index (RSI) continues to rise, implying that the momentum around HYPE is bullish. If this holds true, the HYPE price could target $42.24 in the short term.
However, if the altcoin enters an overbought state, the trend could reverse. In that case, the token's value could drop to $26.16.
MOVE, the native token of the Ethereum Virtual Machine (EVM) Layer-2 Movement network, is also one of the altcoins that saw a strong price increase this week. Throughout the week, the MOVE price has surged 51.6%, with around 25% of that in the past 24 hours.
The uptrend may be related to positive sentiment and buying pressure around the token. As of now, the MOVE price has reached the $1 mark. The 4-hour chart shows the Awesome Oscillator (AO) continuing to rise.
Comparing past price fluctuations to the present, the increase in the AO rating indicates that a bullish sentiment is underway. If the situation is maintained, the MOVE price could reach the $1.44 mark.
However, this altcoin will have to overcome the $1.06 resistance level to achieve that. If it fails to break through this resistance, the forecast may become invalid and the price could return to $0.76.
BGB - the native token of the Bitget exchange - is the third altcoin on the growth list. This week, the price of BGB surged 42.60%, pushing the token above the psychological $4 level.
Based on the daily chart, BGB is trading within an ascending channel pattern, suggesting the token could continue to form higher lows and higher highs. With volume indicating increased buying pressure, the BGB price is likely to continue rising in the short term.
If this is the case, a price surge to $6 could occur. However, if selling pressure increases as BGB holders take profits, this could change the current sentiment. In that case, the token price could drop to $2.91.
You can view the prices of HYPE, MOVE and BGB here.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making investment decisions. We are not responsible for your investment decisions.
Viet Cuong
According to BeInCrypto
