|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Hyperliquid (HYPE), Pudgy Penguins (PENGU), and Virtuals Protocol (VIRTUAL) See No Major Pumps as Crypto Market Decline Persists
Dec 23, 2024 at 11:30 pm
Unlike the first week of December, when crypto prices saw impressive surges, the last week has brought about a noticeable downturn across the market.
The last week has brought about a downturn in the crypto market, with no major pumps for two out of the top three trending altcoins in the past 24 hours.
This decline is likely due to a combination of bearish market sentiment and a significant drop in liquidity.
According to CoinGecko, the top three trending altcoins for today, December 23, are Hyperliquid (HYPE), Pudgy Penguins (PENGU), and Virtuals Protocol (VIRTUAL).
1. Hyperliquid (HYPE)
HYPE, the native token of the Hyperliquid decentralized exchange, has appeared on the trending altcoins list due to price surges on several occasions. However, that is not the case today, as HYPE’s price has decreased by 14.70% in the last 24 hours.
The decline in the altcoin’s value is not just due to increased sell-off. Instead, reports emerged that North Korean hackers might have breached the Hyperliquid ecosystem.
Following this development, on-chain data shows that investors have pulled about $60 million from the platform. This value represents about 3% of the total value of assets on it.
From a technical perspective, the Bull Bear Power (BBP) has fallen to the negative region. The BBP compares the strength of buyers (bulls) to sellers (bears).
When the reading is positive, it means bulls are dominant, and the price can increase. But in this case, it is the other way around.
If this trend fails to change, HYPE’s price might drop to $22.39. However, if buying pressure increases around the altcoin, that might not happen. Instead, the value might surge to $35.76.
2. Pudgy Penguins (PENGU)
PENGU’s price did not also record a price increase despite being one of the trending altcoins today. However, unlike the Hyperliquid token, the Pudgy Penguins price has been hovering around $0.027 since yesterday.
According to the 1-hour chart, the Relative Strength Index (RSI) wobbles around the 50.00 neutral region. This indicates that the sentiment around the altcoin is neither bearish nor bullish.
As such, the altcoin’s value might keep hovering between $0.025 and $0.030. However, if bulls take charge, this might not be the case. Instead, the token could rise toward $0.050.
At the same time, a rise in selling pressure could invalidate the bias. In that situation, PENGU’s price might decline below $0.020.
3. Virtuals Protocol (VIRTUAL)
VIRTUAL is the only one out of the top three trending altcoins with a price increase. Over the last 24 hours, VIRTUAL price has increased by 6.90%.
On the 4-hour chart, the altcoin experienced this rebound after bulls defended the support at $2.25. Due to this, the cryptocurrency’s value has increased to $2.67. However, VIRTUAL might have the resistance at $2.83 to contend with.
If successfully breached, VIRTUAL might rise to $3.32. However, if the altcoin fails to rise above that resistance, this might not happen. On the flip side, the value could sink to $2.03.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Buyers Pour Millions into BlockDAG as its ‘6th Mystery Chest’ Goes Viral! More on Ethereum ETF News & LTC Holders’ Bullish Momentum
- Dec 24, 2024 at 07:30 am
- The latest Ethereum ETF news is shaking up the crypto world, signaling a pivotal moment in the industry. Institutional adoption of Ethereum is reaching
-
- XRP Became the Most Traded Altcoin on Binance in December, Signaling Growing Investor Interest
- Dec 24, 2024 at 07:25 am
- In the midst of a weekly downturn, Ripple Labs' XRP cemented itself as the most sought-after altcoin, excluding Ether, on one of the world's largest cryptocurrency exchanges in December.