Market
3 Altcoins to Watch in the First Week of December 2024
With the last month of 2024 underway, the crypto market is expected to note some significant volatility. Bitcoin is expected to reach the $100,000 historic mark before the end of the year, and this could trigger rallies in all major and minor altcoins.
However, before that happens, some altcoins are still looking at potential gains, and BeInCrypto has analyzed three such altcoins to watch in the coming days.
Stellar (XLM)
Stellar (XLM) may not be the top-performing token, but it is among the altcoins to watch, thanks to bullish market trends. Its recent price movement reflects investor confidence as it rides the broader market’s positive cues. Stellar’s stable performance highlights its growing presence in the crypto space.
This week, Stellar validators will vote on the mainnet upgrade of Protocol 22 following successful testing on the testnet. Such upgrades typically bring volatility, but this one could spark positive momentum. Successful implementation of this upgrade would reinforce market confidence and potentially trigger upward price movement for XLM.
Currently holding above the key support level of $0.41, XLM appears well-positioned to continue its upward trend. This level has acted as a strong floor, preventing significant price declines. However, a drop below $0.41 would invalidate the bullish outlook, possibly sending the altcoin down to $0.25.
Yield Guild Game (YGG)
YGG’s price remains under the resistance of $0.70, and it is struggling to break through this key barrier. For the altcoin to advance to $0.80, it needs a strong push.
This level has been pivotal, preventing further gains. A break above $0.70 could open the door for a rally toward higher targets.
The potential catalyst for YGG’s upward movement could be The Purging Event, which is approaching its conclusion. If this event triggers consistent positive market reactions, it could provide the necessary momentum for the price to break through resistance. Such events often lead to bullish sentiment, influencing price direction.
If YGG successfully flips the $0.70 resistance into support, it could pave the way for continued price growth. However, any drop below the support level of $0.57 would likely invalidate the bullish thesis.
Banana Gun (BANANA)
BANANA price has dropped 9% in the last 24 hours, bringing the altcoin down to $60. This decline reflects market sentiment, but the price remains above crucial support levels.
The Telegram bot coin is preparing for its monthly token unlock of 250,000 BANANA, which will increase the circulating supply by $15 million. This surge in supply could create volatility, but with strong market cues, it may also provide a boost to the price. The outcome depends largely on market sentiment.
If the market turns bearish, BANANA may drop to the next support level at $55. A loss of this support could signal further declines and potentially invalidate the current bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.