The third week of December 2024 started on a sour note for many cryptocurrencies, with overwhelming bearish market sentiment. However, a late rally across the market reversed fortunes, allowing the top three altcoin gainers of the week to surge with double-digit gains. In this analysis by BeInCrypto, the biggest altcoin gainers of the week are identified as Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).
Hyperliquid has consistently been one of the altcoin gainers of the week in December, and this week was no different as the native token of the decentralized exchange rose by 55%. Factors contributing to the rise in price include low selling pressure and new exchange listings on KuCoin and Gate.io, expanding the token’s market access and increasing trading volume. The Bull Bear Power (BBP) and Relative Strength Index (RSI) indicators suggest bullish momentum, with potential for further price increases in the short term.
Movement (MOVE), the native token of the Ethereum Virtual Machine (EVM) Layer-2 network Movement, also saw significant gains this week, with a 51.6% increase in price. The bullish sentiment and rising buying pressure around the token have contributed to its price reaching $1. The Awesome Oscillator (AO) reading on the 4-hour chart indicates a bullish sentiment, with a potential price target of $1.44 if the altcoin can break through resistance at $1.06.
The third altcoin gainer of the week, Bitget Token (BGB), saw its price surge by 42.6%, breaking the $4 psychological barrier. Trading in an ascending channel on the daily chart, BGB is expected to continue hitting higher lows and higher highs with increasing buying pressure. A potential rally towards $6 is forecasted, but increased selling pressure could lead to a price drop to $2.91 as altcoin holders book profits.
Overall, the late rally in the cryptocurrency market during the third week of December 2024 led to significant gains for several altcoins, including Hyperliquid, Movement, and Bitget Token. Factors such as decreasing selling pressure, new exchange listings, bullish sentiment, and rising buying pressure have contributed to the price increases of these altcoins. While short-term price targets have been identified based on technical analysis, the market remains dynamic, and price movements may change based on various factors affecting the cryptocurrency market.
