Over the weekend, Bitcoin’s (BTC) new all-time high reignited optimism for a broader market rally, though most altcoins did not follow suit. However, today’s top-trending altcoins have seen notable price increases in the past 24 hours.
According to CoinGecko, Hyperliquid (HYPE), Ondo (ONDO), and Virtuals Protocol (VIRTUAL). This analysis reveals the factors behind the hike and what the crypto market should expect from these altcoins in the short term.
Hyperliquid (HYPE)
HYPE’s position among the notable trending altcoins might come as no surprise. Since the token’s launch, it has appeared on this list on several occasions. Today, it is trending again because it continues to beat bearish expectations by rising in value.
Over the last 24 hours, HYPE’s price has increased by 13.70%. This hike has brought its total performance since its introduction into the market to 735%. As a result of this performance, Hyperliquid’s market cap is close to hitting the $10 billion mark
With respect to this development, some crypto analysts have predicted that the altcoin’s price and market cap might rise. One of those with such sentiment is Ansem. On Sunday, December 15, the analyst posted on X, saying that the crypto could be a top-five coin by market cap next year.
“Top 5 coin by 2025 — Hyperliquid (actually very good article tho if you haven’t researched why everyone is talking about HYPE this explains why very clearly & succinctly),” Ansem opined.
Despite HYPE’s performance and the analyst’s prediction, it is important to note that the price can undergo a correction.
As seen above, the price trades at $26.60. If selling pressure increases, it could drop below $20. On the other hand, if it continues to rise, it might near the $50 mark in the mid to long term.
Ondo (ONDO)
Ondo is another altcoin that has increased by double digits in the last 24 hours. Within that period, the altcoin’s value increased by 12% and is trending because of this performance.
ONDO’s price increase could be linked to last week’s notable whale accumulation. As a result, the token has surpassed the $2 mark. From a technical point of view, the ONDO/USD chart shows that the Ichimoku Cloud is below the price.
The Ichimoku Cloud is a technical indicator that spots resistance and support. When the cloud is above the price, it represents a notable resistance. But since it is the other way around, it indicates strong support for the token.
If this remains the same, ONDO’s value could rise to $2.50. However, if crypto whales reduce their exposure to the altcoin, this might change. In that scenario, the token could slide to $1.62.
Virtuals Protocol (VIRTUAL)
Interestingly, VIRTUAL, like ONDO, was one of the altcoins that saw significant whale purchases last week. This surge in interest has driven its price up by 22% in the last 24 hours, making it one of the top trending altcoins.
On the daily chart, the altcoin’s price has climbed above the 20- and 50-period Exponential Moving Average (EMA), which is bullish. If it remains above these indicators, the token could rise to $3.30.
However, should the price slip below the EMA, this might be invalidated. In that scenario, the altcoin might drop to $2.15.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Victor Olanrewaju
https://beincrypto.com/trending-altcoins-december-16/
2024-12-16 14:30:00
