Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB) Emerge as This Week's Altcoin Gainers

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.

The third week of December 2024 brought a pleasant surprise to the cryptocurrency market, which had been largely pessimistic. In a surprising turn of events, a late rally across the market lifted the spirits of many altcoins.

In this analysis, BeInCrypto reveals the biggest altcoin gainers of the week, exploring the factors that contributed to their impressive gains and speculating on what the future might hold for these assets.

The top three altcoin gainers of the week are Hyperliquid (HYPE), Movement (MOVE), and Bitget Token (BGB).

Hyperliquid (HYPE)

Interestingly, Hyperliquid has consistently featured among the altcoin gainers of the week for the past three weeks. This time, the native token of the decentralized exchange enjoyed a surge of 55%.

Several aspects may have contributed to this price increase. For one, there has been minimal selling pressure around the altcoin. Additionally, the token has secured listings on major exchanges like KuCoin and Gate.io.

These exchange listings suggest that a broader segment of the market can now easily access the token, which typically translates to higher trading volume.

On the 4-hour chart, the Bull Bear Power (BBP), an indicator that measures the strength of buyers relative to sellers, is positioned in the positive territory. This reading indicates that buyers are largely in control, suggesting the potential for the altcoin’s price to continue moving higher.

Furthermore, the Relative Strength Index (RSI) reading is continuously rising, indicating bullish momentum around the Hyperliquid token. If this trend persists, HYPE’s price could rally to $42.24 in the short term.

However, if the altcoin experiences extreme overbought conditions, this trend could reverse, potentially leading to a price decline to $26.16.

Movement (MOVE)

Part of this week’s altcoin gainers, MOVE, the native token of Ethereum Virtual Machine (EVM) Layer-2 network Movement, enjoyed a price increase of 51.60% throughout the week, with about 25% of this gain occurring in the last 24 hours.

This price surge could be attributed to the bullish sentiment and increasing buying pressure surrounding the token. At the time of writing, MOVE’s price had hit $1.

On the 4-hour chart, the Awesome Oscillator (AO) reading is continuously rising. Comparing recent price movements with historical ones, this rise in the AO reading suggests a bullish sentiment around the token.

If this trend continues, MOVE’s price could rally to $1.44. However, to achieve this, the altcoin will need to break through the resistance at $1.06. Failure to overcome this hurdle could invalidate the prediction, potentially leading to a price decline to $0.76.

Bitget Token (BGB)

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

Based on the daily chart, BGB trades within an ascending channel, suggesting the possibility of the altcoin continuing to hit higher lows and higher highs.

With the volume indicating rising buying pressure, BGB’s price is likely to be set for higher levels in the short term. If that’s the case, a rally toward $6 could come to pass.

However, this trend could change if selling pressure increases, perhaps due to altcoin holders booking profits. In that scenario, the token’s price might decline to $2.91.