The king of cryptocurrencies has been trading below $100,000 for several days now. We have a hesitant BTC around the end of year holidays, but the price continues to evolve beyond the bullish moving averages 9 and 18 on a weekly basis. To return to the highs of the year, we will have to manage to stay above the support at $92,000, and break the 4H resistance at $99,000. While BTC hesitates, altcoins remain silent. The year 2024 is coming to an end, and few sectors have managed to really perform. We take stock of the altcoin situation!
Towards a rebound in altcoins towards resistance at $1.6 trillion?
Following the break of the bearish trendlinethe capitalization of altcoins has joined the last resistance before the ATH from 2021 to $1.71 trillion. Operators took profits around the resistance at $1.6 trillionand altcoins have strongly corrected. The price is now below the resistance at $1.4 trillionand at the level of institutional bias (EMA 9/EMA 18) bullish :
Chart of altcoin capitalization (3D) To find the resistance at $1.6 trillion and the ATH of 2021, it will be necessary bounce on moving averages and separate from the resistance at $1.4 trillion. Otherwise, the price could return to the height of the next support located at $1.2 trillion. The RSI is moving upwards for several months, the momentum is therefore to the advantage of buyers. In addition, a rebound could occur around the bullish trendline.
Memecoins stand out in 2024
With the return to the 2021 ATH and the crossing $100,000Bitcoin is undoubtedly the cryptocurrency of the year 2024. BTC took the sector to the topand few altcoins have managed to do better than the first capitalization of cryptocurrencies. However, it can also be noted that the memecoins have been particularly successful. The category without strong fundamentals recorded a increase of 320% over the last twelve months :
Performance of crypto sectors over one year. Source: The Block Les memecoins far exceed artificial intelligence (AI) which climbs almost 90 % over the same period. In third position, we find the top 30 des altcoins which have the largest capitalizations (including Bitcoin). In the sectors listed by The Block, only two are in the red over the last year. This is the top Gaming and Layers 2. If the vast majority of sectors are in the green, the performance is not really up to what one would expect in a bull run. Except for memecoins which clearly stand out from the crowd. Over the last 30 days, the two best performances were recorded by two new assets : the Pudgy Penguins (PENGU) and the Hyperliquid (HYPE). They climb several hundred percent within four weeks. Also, the Bitget Token (BGB) shows an impressive increase in 300 % :
Ranking of the best performing assets in the top 100 crypto over a month. Source: CoinMarketCap Other altcoins have stood out in recent weeks. This is particularly the case of Virtual Protocol (VIRTUAL)of Curve DAO Token (CRV) or even Hedera (HBAR). The sector of exchanges tokens is particularly represented in this ranking with the HYPEthe FTT (crypto from the old FTX exchange), and the GT.
Bitget Token (BGB) explodes by more than 600% since the beginning of November
Between April and November, the BGB price increased correctedlike the entire sector. But the support at $0.85 held, and the breakage of the bearish trendline generated a volatility very important. The price rose by more than 600 % since the beginning of November:
BGB price against the dollar (1W) Be careful not to FOMO an asset that shows such a significant increase in such a short time. Indeed, operators could take some profits after a crazy climb. In the event of a fall, the price could return to the level of institutional bias (EMA 9/EMA 18) bullish located around the 3 $. The course does not have strong support before $1.3. It is clearly bullish weeklybut one respiration could occur in the coming weeks. The RSI draws ascending lows and highs on the other side of the bearish trendline. These are the buyers who control the momentum until proven otherwise.
Curve DAO Token (CRV) to confirm with close above $1.35
CRV a found colors since the beginning of November. CRV has nothing to be ashamed of in the face of BGB's performance, since it has climbed 500 % approximately in just a few weeks. Despite everything, the course must confirm buyers have the upper hand with a close above $1.35 :
CRV price against the dollar (1W) A closing of this kind would make it possible to find clear ascending troughs and highs weekly. The price could rebound to the level of moving averages 9 and 18 bullishbut it will be necessary break resistances at $1 and $1.3 pour continue the dynamic recorded since November. In this case, the price could join resistance at $1.9a level that has not been touched since May 2022. The momentum indicator RSI has been climbing overall since the end of 2023. THE buyers have control of momentum weekly.
Hedera (HBAR) is back at the heights of 2021
HBAR draws a solid dynamic with rising lows and highs since the start of 2023. After a period of correction between March and Novemberbuyers managed to regain control and bring the price back to the level of peaks of the last bull run :
HBAR price against the dollar (1W) The price is currently stuck around the resistance at $0.35but buyers defend support at $0.25. In the event of a greater fall, the moving averages 9 and 18 bullish could allow a bounce. To continue on the bullish momentumit will be necessary to closing above $0.39. For its part, the RSI has moved to the other side of the bearish trendline. THE buyers have their hands on the momentum.
Key elements to remember
The year will clearly have been positive for cryptocurrencies in general, especially for Bitcoin. The memecoin sector has been the most impressive in 2024, far ahead of artificial intelligence (AI). Furthermore, over the last 30 days, we have noted a strong comeback in the token exchange sector with some assets performing well. Among the strongest altcoins, we find BGB, HBAR and CRV. These tokens have literally exploded since November, and they could continue on this path in the months to come. Be careful, because after such an increase, corrections are still possible.