Fed Chairman Jerome Powell gave a dovish speech that the Fed will slow rate hikes in December. Powell’s speech was welcomed by the investor community. Crypto markets are now breathing a sigh of relief. So it is possible that December will be positive for the markets. Experts share 6 projects, including ApeCoin, which should be on the watch list during this period.
Experts’ choice: DOGE, ADA, ApeCoin, LINK, GMX, SOL and MATIC
Dogecoin (DOGE)
Dogecoin, Elon Musk’s favorite meme-coin, is up 11% in the last 7 trading days. cryptocoin.comAs you follow, speculation is widespread that the billionaire plans to integrate Doge into his social media app. As such, Musk’s takeover of Twitter has greatly contributed to the rise of Dogecoin. Musk will most likely dominate the news cycles in December. Therefore, it will pave the way for Dogecoin to stay on the agenda.
DOGE mostly performs well on indices when the spotlight falls on its presence. Mem-coin will most likely be the topic of this month. Rumors are circulating that Musk plans to include Doge as a payment service on Twitter. However, Musk has not yet confirmed this. However, it’s possible for the meme-coin to skyrocket if the billionaire entrepreneur includes Doge for payments.
Cardano (ADA)
Cardano will continue to be on the seesaw in Q4 2022 as it quickly recovers after a crash. ADA is hitting highs every week and retracing its previous points after a crash. Altcoin is in accumulation mode at $0.30. So the Fed’s dove stance is likely to launch it to new weekly highs. After Powell’s speech, ADA’s trading volume saw a sharp increase, up 13% in the last 24 hours. If the markets continue their positive trend, it is possible for ADA to reach the $0.35 levels and move further.
ApeCoin (APE)
Apecoin is one of the most trending tokens on the market. As a token launched by Bored Ape Yacht Club, one of the most popular NFT projects, it has a special place among investors. ApeCoin has gained over 31% in the last week. Therefore, investors think that the price of ApeCoin will rise even higher in 2023. This is because ApeCoin is accelerating to start the staking mechanism. As a result, APE plans to make some serious gains before this new feature becomes available. Meanwhile, the base prices of BAYC and Mutant Ape NFTs also increased by 34% last week.
Although ApecCoin was hit pretty hard by the FTX crash, it recovered from its all-time low of $2.63 on November 14. APE outperformed most of the cryptos in the market last week. Investors are currently aiming for more earnings for the coming days. Some experts even speculate that the token has the potential to reach the $11 resistance levels, based on the ApeCoin ecosystem and its price performance over the past few days.
Chainlink (LINK)
Blockchain is essentially closed from the outside world. While this is good for security and integrity, it limits the availability of real-world data. However, this can be a huge problem, as their blockchains depend on ‘off-chain’ forces that affect the functioning of the markets. This includes fiat currencies, credit cards, weather forecasts and even sports updates.
This is where Chainlink comes into play. A decentralized oracle network that feeds real-world data to smart contracts on the Blockchain. In simple terms, it acts as a bridge that helps Blockchain systems interpret external information. It provides smart contracts with the data they need to execute the contracts encoded in them.
In the last seven days, LINK has seen a significant rise. The growth spurt can be attributed to several positive updates from Chainlink’s Twitter account. Analyst Michaël van de Poppe expects LINK to rise above $9 in the coming days. Technical indicators also point to a price of $9.40 in the second week of December.
GMX (GMX)
The collapse of centralized companies such as FTX, Voyager Digital, Celsius and BlockFi has led to increased demand for decentralized projects. Most analysts believe that DEX will win against CEX due to its on-chain transparency and decentralization. GMX is one of the fastest growing companies in the decentralized industry. It allows people to buy and sell BTC, ETH and other top cryptocurrencies with 50x leverage. Avalanche and Arbitrum are on Blockchains and have over 173k users. According to his website, he has managed over $88 billion in cryptocurrencies in the past few years.
GMX, the governance token for the network. Unlike FTT, cryptocurrency holders receive 30% of all fees generated on its platform. GLP is the liquidity provider token that accrues 70% of all fees. It is possible that GMX will continue to rise in December as investors focus on the growth of the decentralized exchange industry.
Left (LEFT)
Solana price performed horribly in November due to exposure to FTX and Alameda Research. The two companies held millions of dollars worth of SOL. As a result, its price dropped drastically as investors abandoned the token. Solana price has also declined as investors exited the DeFi ecosystem. Total value (TVL) locked in Solana fell below $500 million. At its peak, it had a TVL of over $10 billion. Still, Solana is likely to recover in December. Because the NFT ecosystem has been doing well for the past few weeks.
Polygon (MATIC)
Polygon is a leading layer-2 network that helps developers solve some of the challenges on Ethereum. Some of the world’s largest blockchains like Aave, Uniswap, and Balancer are using it extensively. However, Polygon’s total locked value (TVL) fell from $12 billion to nearly $1.2 billion. MATIC is a good buy in December ahead of the resilience of its ecosystem and continued developments. It has also formed an inverted head and shoulders pattern that could see its price resume its uptrend.
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