The cryptocurrency market witnessed a dynamic change last week as Bitcoin faced selling pressure around $44,000. While Bitcoin is in the process of regaining momentum, a new wave of altcoins have come to the fore with impressive gains, including Bonk, Injective, XRP, ADA, SHIB, and Celestia. The Altcoin Season Index also reached a 14-month high, reflecting the significant shift in investor sentiment towards alternative cryptocurrencies.
BONK analysis: What’s next?
Altcoin Season Index, an important indicator in the cryptocurrency market, showed a significant increase after 14 months. This index provides valuable information for investors and analysts, allowing them to evaluate the performance of various altcoins compared to Bitcoin. Currently trading at 59, the recent rise of the index on December 7 can be attributed to the decline of Bitcoin and has led investors to shift their focus and investments to altcoins, especially newer altcoins that have exhibited significant gains.
According to analyst Shayan Chowdhury, although Bonk faced resistance at $0.000035, it showed resilience as investors defended the EMA20 level during the price decline. Buying intent is evident among investors during lower price trends, and a rebound from the 20-day EMA could set the stage for a potential break above $0.000035 and create a new high for Bonk next week.
INJ is also on the analysts’ list
Injective recently broke its all-time high, surpassing $30, but it is facing resistance near the EMA20. Despite a 6.8% drop from yesterday’s rate, maintaining upward momentum above EMA20 could push INJ price to $41-42. Positive trends in the moving averages indicate a positive position for buyers, even amid increasing short positions near the resistance level.
Celestia analysis attracted attention
Celestia has rebounded from its 20-day EMA at $13.2, but the bulls are struggling to push the price above $15. While the bears are trying to push the price below the EMA20, positive indicators such as upward moving averages and positive RSI show that buyers have the upper hand. Breaking above the channel formation could lead to a new high for Celestia next week.
Apart from BONK, TIA, other altcoins to watch
Apart from BONK and TIA, Watcher Guru also announced the altcoins to watch. Ripple (XRP) gained 1% in the last 24 hours and traded at $0.06236. The prospect of increased use for cross-border payments may present an attractive investment opportunity for new entrants. Additionally, SHIB witnessed an increase of 7.4% compared to the previous week, indicating positive momentum. WatcherGuru predicts that this uptrend could continue until December 2023, positioning SHIB as a notable cryptocurrency option below $1.
Finally, Cardano, which was traded at $ 0.406 with an increase of 3.63% in the last 24 hours, is among the most solid crypto options under $ 1. According to analysts, with positive market movement, ADA is likely to increase in the coming days. This could make it an attractive option for investors looking for growth potential in low-priced assets.
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