The cryptocurrency market has seen a sharp correction, with the global market cap dropping to $3.42 trillion, marking a 10% decline in just two weeks. Despite the bearish sentiment, several cryptocurrencies have demonstrated remarkable resilience and bullish potential. This week, XRP, ApeCoin (APE), and Algorand (ALGO) stand out as key altcoins to monitor.
XRP Eyes Key Resistance Levels
XRP, known for its strong market performance during rebounds, continues to capture attention. After experiencing a 12% dip between November 24 and 26, XRP surged by 33% to close the week as one of the top gainers.
The altcoin retested its .28 support on November 26 before breaking past its .63 resistance. This bullish momentum propelled it to .9586, testing its April 2021 high of .96. Veteran trader Peter Brandt predicts a significant rally if XRP breaches this resistance.
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For December, XRP’s immediate goals include reclaiming the mark for the first time since the 2018 bull run. Key Fibonacci levels to watch are $2.35 (Fib. 1.272) and $2.56 (Fib. 1.414). If XRP sustains its uptrend, it could solidify its position among the top five assets by market cap, surpassing Binance Coin (BNB).
Ready to RIP $XRPUSD
— Peter Brandt (@PeterLBrandt) November 18, 2024
Massive coil
2023 high now cleared
If 2021 high is cleared, then 🎑🚀🚀🚀🚀🚀 pic.twitter.com/bNKgJMC302
APE Breaks Symmetrical Triangle Pattern
ApeCoin (APE), the utility token of the Bored Ape Yacht Club ecosystem, recorded a 13.6% gain last week. After consolidating within a five-week symmetrical triangle, APE broke out on November 29, signaling renewed bullish momentum.
The token briefly retraced to retest the triangle’s descending trendline at .38 before closing the week at .5. Despite a slight dip, its RSI remains near overbought territory at 69, indicating continued demand.
Looking forward, APE must defend its $1.3 support to maintain bullish momentum. Investors should also keep an eye on December 17, when 15.6 million tokens are set to unlock, potentially increasing market volatility.
ALGO’s Explosive Rally
Algorand (ALGO) stole the spotlight with a staggering 51% weekly gain, marking its most significant performance this year. The rally began with the formation of a golden cross on November 25, as the 50-day moving average surpassed the 200-day moving average.
On November 29, ALGO surged by 36.92%, recovering to $0.48—the first time it has reached this level since the Terra ecosystem collapse in May 2022. Analysts anticipate further gains, with projections targeting $1.5 if ALGO clears its next resistance at $0.4893.
However, if the token drops below $0.40, its bullish momentum could weaken, making this a critical level to monitor.
The Bigger Picture
As December unfolds, the cryptocurrency market remains poised for volatility. Bitcoin continues to dominate, fluctuating near $97,200 after a brief test of the $90,000 support. Meanwhile, altcoins like XRP, APE, and ALGO showcase strong recovery potential, making them assets to watch closely as the market gears up for the anticipated 2024 bull run.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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FAQ
What makes XRP a top cryptocurrency to watch in December 2024?
XRP’s recent 33% rally and its potential to breach the $1.96 resistance make it a standout. If it surpasses this level, analysts predict a move toward .35 and .56, marking significant bullish progress.
Why is APE’s token unlock on December 17 significant?
The unlocking of 15.6 million ApeCoins could lead to increased market supply, impacting its price dynamics. Investors should monitor APE’s $1.3 support to gauge bullish momentum.
How does ALGO’s golden cross affect its future price movement?
The golden cross, where the 50-day moving average crosses above the 200-day moving average, signals a bullish trend. If ALGO sustains its momentum and clears $0.4893, it could rally further toward $1.5.
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