Altcoin Gainers of the Week: HYPE, MOVE, BGB

At one point, the third week of December 2024 seemed destined to close on a sour note for many cryptocurrencies, as market sentiment appeared overwhelmingly bearish. 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, BeInCrypto reveals the biggest altcoin gainers of the week, how the assets rose to the point, and what could be next for them. They include Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB),

Hyperliquid (HYPE)

Since December began, Hyperliquid has held its ground as one of the altcoin gainers of the week, as it was on the list during the first two weeks. This time, it is not different, as the native token of the decentralized exchange climbed by 55%.

The rise in price could be linked to low selling pressure around the altcoin. Besides that, the token has gotten exchange listings on KuCoin and Gate.io. This exchange listing suggests that a larger part of the market can now access the token, which means increased trading volume.

On the 4-hour chart, the Bull Bear Power (BBP), which measures the strength of buyers compared to sellers, is in the positive zone. This indicates that bulls are in control, and the altcoin’s price could trade higher.

Also, the Relative Strength Index (RSI) reading has continued to rise, implying that the momentum around the Hyperliquid token is bullish. Should this remain the same, HYPE’s price could rise to $42.24 in the short term.

However, if the altcoin gets extremely overbought, this trend might reverse. In that scenario, the token’s value might decline to $26.16. 

Movement (MOVE)

MOVE, the native token of Ethereum Virtual Machine (EVM) Layer-2 network Movement, is also part of this week’s altcoin gainers. Throughout the week, MOVE’s price gained 51.60%, with about 25% of this coming in the last 24 hours.

The increase in price could be linked to the bullish sentiment and rising buying pressure around the token. As of this writing, MOVE’s price has hit $1. The 4-hour chart shows that the Awesome Oscillator (AO) reading has continued to climb.

Comparing historical price movements with recent ones, the rise in the AO rating indicates a bullish sentiment around the token. Should this remain the case, MOVE’s price might climb to $1.44.

However, the altcoin will have to break through the resistance at $1.06 to achieve that. Failure to break through this hurdle could invalidate the prediction, and the price might decline to $0.76.

Bitget Token (BGB)

Third on the list of altcoin gainers this week is BGB, the native asset of the crypto exchange Bitget. This week, BGB’s price surged by 42.60%, pushing the token above the $4 psychological barrier.

Based on the daily chart, BGB trades in an ascending channel, suggesting that the altcoin might keep hitting higher lows and higher highs. With the volume showing rising buying pressure, BGB’s price is likely to be higher in the short term.

If that is the case, then a rally toward $6 could come to pass. However, if selling pressure increases with the altcoin holders booking profits, this might change. In that scenario, the token’s value might drop to $2.91.