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Historically, December is a strong month for the crypto market, and December 2024 could follow that trend, especially for altcoins. Redirx has identified the key altcoins to watch as the end of the year approaches.
This list focuses on cryptocurrencies that had major events in December that could impact their prices. While some altcoins lack such drivers, the following standout picks are ones to watch this month.
Hyper Liquid (HYPE)
Top altcoin list One thing to watch in December 2024 is Hyper liquid (HYPE), a token of the Layer-1 blockchain that launched about a week ago. Since its launch, HYPE’s price has increased by more than 200% despite distribution rewards air droplets for some of its early users.
At press time, HYPE price has gone up to $9.51 even though it is not listed on a Centralized Exchange (CEX). In most cases, when an altcoin like this is launched without a CEX, the demand is higher, and therefore, the price can rise.
Therefore, considering the millions of volumes HYPE does every day, its price will likely rise in December, making it one of the top 5 altcoins to watch before the close of the year.
Sui (SUI)
Market watchers might not be surprised to see that SUI ranked as one of the altcoins to watch in December 2024. Over the past few months, the token has consistently ranked among the best-performing cryptocurrencies, surging by 75% in the last 30 days.
The excitement surrounding SUI stems largely from the $210 million token unlock scheduled for today. Even though incidents like that often become triggers cheerfulness and increase supply, SUI has historically shown bullishness price action in the weeks following unlocking.
Therefore, if history is any guide, SUI could put in another strong performance this month. From a technical perspective, SUI price is trading above the 20-day and 50-day Exponential Moving Average (EMA).
Usually, when the price is above this point, the trend is bullish. Assuming the price is below it, this indicates a bearish trend.
With SUI trading at $3.40, it is possible that SUI could rise above $4.40 by December 2024. However, if the token experiences high selling pressure, this may not happen. In that scenario, the price could fall to $2.38.
Fantom (FTM)
Without Phantom the list of altcoins to watch in December 2024 will be incomplete. This is because the highly anticipated Sonic upgrade, which will enable increased throughput, is set to launch on Main net this month.
Before development, FTM price has reached the $1 mark thanks to a 60% increase in the last 30 days. On the daily chart, the altcoin has formed an inverse head-and-shoulders pattern, which is a bearish to bullish reversal.
At press time, FTM traded at $1.03. However, with increasing Bull Bear Power (BBP), indicating that bulls are in control, the price may reach $1.14 in the short term.
Besides that, Sonic Home Network Launch in December 2024 could send the crypto towards $2 but could become invalidated if selling pressure increases.
Aptos (APT)
Aptos is another thing Layer-1 token worth monitoring in December. Similar to SUI, Aptos is scheduled to unlock around $135 million worth of tokens this month.
Interestingly, Aptos and SUI have the same pattern: both often experience price increases after their tokens are unlocked. If history is any indication, APPROPRIATE can close December with positive returns.
From a technical point of view, APT has formed an ascending triangle which is bullish. This technical pattern suggests that the value of altcoins may continue to rise as long as volume increases and demand surges.
If that happens, APT may rise towards $20 next month. However, traders must be vigilant. If the supply shock is extreme, this may not happen, and APT could go down to $10.97.
Bonk (BONK)
Last on the list of altcoins to watch in December 2024 is Bonk, the most valuable meme coin in Solana blockchain. BONK is on this list because it was planned token burning aiming to reduce supply and, in turn, increase value.
Previously, Redirx reported this BONK wants to burn 1 trillion tokens before Christmas. If this goal is achieved, altcoin prices may experience a significant increase.
Although BONK price recently fell from its local high, the daily chart shows strong support at $0.0000043. Considering this prospect, the price will probably bounce from this point and possibly rise to $0.000059 or higher.
On the other hand, if BONK holders post profits in December, this prediction may not be valid, and the value of the meme coin may be $0.000035.
Disclaimer
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