Unlike the first week of December, when crypto prices saw impressive surges, the last week has brought about a noticeable downturn across the market. This market-wide decline has resulted in no major pumps for two out of the top three trending altcoins in the past 24 hours.
The decline can likely be attributed to a combination of bearish market sentiment and a significant drop in liquidity. According to CoinGecko, the top three trending altcoins for today, December 23, are Hyperliquid (HYPE), Pudgy Penguins (PENGU), and Virtuals Protocol (VIRTUAL).
Hyperliquid (HYPE)
On several occasions, HYPE, the native token of the Hyperliquid decentralized exchange, has appeared on the trending altcoins list due to price surges. However, that is not the case today, as HYPE’s price has decreased by 14.70% in the last 24 hours.
The decline in the altcoin’s value is not just due to increased sell-off. Instead, reports emerged that North Korean hackers might have breached the Hyperliquid ecosystem. Following this development, on-chain data shows that investors have pulled about $60 million from the platform.
This value represents about 3% of the total value of assets on it. From a technical perspective, the Bull Bear Power (BBP) has fallen to the negative region. The BBP compares the strength of buyers (bulls) to sellers (bears).
When the reading is positive, it means bulls are dominant, and the price can increase. But in this case, it is the other way around. If this trend fails to change, HYPE’s price might drop to $22.39.
However, if buying pressure increases around the altcoin, that might not happen.Instead., the value might surge to $35.76.
Pudgy Penguins (PENGU)
As mentioned above, PENGU’s price did not also record a price increase despite being one of the trending altcoins today. However, unlike the Hyperliquid token, the Pudgy Penguins price has been hovering around $0.027 since yesterday.
According to the 1-hour chart, the Relative Strength Index (RSI) wobbles around the 50.00 neutral region. This indicates that the sentiment around the altcoin is neither bearish nor bullish.
As such, the altcoin’s value might keep hovering between $0.025 and $0.030. However, if bulls take charge, this might not be the case. Instead, the token could rise toward $0.050.
At the same time, a rise in selling pressure could invalidate the bias. In that situation, PENGU’s price might decline below $0.020.
Virtuals Protocol (VIRTUAL)
VIRTUAL is the only one out of the top three trending altcoins with a price increase. Over the last 24 hours, VIRTUAL price has increased by 6.90%.
On the 4-hour chart, the altcoin experienced this rebound after bulls defended the support at $2.25. Due to this, the cryptocurrency’s value has increased to $2.67. However, VIRTUAL might have the resistance at $2.83 to contend with.
If successfully breached, VIRTUAL might rise to $3.32. However, if the altcoin fails to rise above that resistance, this might not happen. On the flip side, the value could sink to $2.03.
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/why-these-altcoins-are-trending-today-december-23/
2024-12-23 15:30:00
