As the cryptocurrency sector continues to struggle with the aftermath of the FTX implosion, with most digital assets trading sideways or making modest gains at best, some altcoins are worth keeping an eye on as the year draws to its end.
With this in mind, Finbold has singled out and analyzed the recent performance and important developments surrounding five cryptocurrencies that crypto traders and investors should consider adding to their watchlists.
Polygon (MATIC)
Things are looking good for MATIC, the native token of the Polygon blockchain, which has integrated major names like Starbucks (NASDAQ: SBUX), Meta (NASDAQ: META), and Reddit in its non-fungible token (NFT) platform, leading to the Polygon NFT sales soaring 191% in October, outperforming the likes of Ethereum (ETH), Solana (SOL), and Avalanche (AVAX).
The positive developments had a massive impact on the price of MATIC, which, despite being down 0.09% on the day (trading at $0.9173), has marked down a double-digit growth (10.22%) across the week and 6.95% on the monthly chart, on which most other assets are still recording losses.
Polygon’s technical analysis (TA) indicators on 1-day gauges are looking good as well, with the summary suggesting ‘buy’ at 12. This is the result of oscillators standing in ‘neutral’ at 9 but moving averages (MA) indicating a ‘strong buy’ at 11.
BNB (BNB)
Despite the short-lived excitement over Binance fleshing out its Secure Asset Fund for Users (SAFU) with $1 billion, the positive sentiment around BNB from an investor’s perspective holds, especially after OpenSea added support for BNB Chain’s NFTs.
At press time, Binance’s native token was changing hands at the price of $289.90, which represents a decline of 2.93% on the day and 2.10% across the week, adding up to its cumulative monthly losses of 9.98%, as the charts demonstrate.
In terms of technical indicators, their summary at press time is pointing at ‘sell’ at 12, the result of oscillators leaning toward ‘sell’ at 3, and moving averages suggesting ‘sell’ at 9 (as opposed to ‘buy’ at 5 and ‘neutral’ at 1), as the 1-day gauges are yet to react to the recent positive developments.
Chainlink (LINK)
After scheduling the limited beta release of its staking feature for December 6, Chainlink (LINK) has arisen as a fierce competitor to Ethereum, which offers a similar program on its platform, giving investors more options to choose from for their staking needs.
As a result, the price of its native token has risen to $7.61, demonstrating an advance of 1.20% on the day, which adds up to its weekly gains of 12.58% as it moves to recover from the monthly losses that at press time amounted to 2.08%
Chainlink’s technical summary on 1-day gauges is currently positive, suggesting ‘buy’ at 13, due to the moving averages pointing at a ‘strong buy’ at 12, as opposed to more indecisive oscillators that are in the ‘sell’ zone at 4 (as opposed to ‘neutral’ at 6 and ‘buy’ at 1).
GMX (GMX)
Despite being the smallest of these five altcoins by market capitalization ($430.20 million), GMX has caught the investors’ attention after raising $1.15 million in daily trading fees on November 29, overtaking Uniswap (UNI) for the first time ever.
The news has given wings to GMX, which has been recording advances on all of its charts, especially the weekly (up 22.62%) and monthly (30.50%), while its daily growth amounted to 5.45%, trading at $53.87.
The technical indicators for GMX are the most positive among the observed tokens, with their summary suggesting a ‘strong buy’ at 12. Upon further inspection, moving averages are in the ‘strong buy’ area as well, at 10, whereas the oscillators are in the ‘buy’ zone at 2.
Toncoin (TON)
Toncoin (TON) is a decentralized Layer-1 blockchain designed by the popular messaging app Telegram, which boasts a user base of 700 million people. On top of that, Toncoin features a platform for trading Telegram usernames using TON.
Compared to the crypto giants, Toncoin’s market cap is not much to write home about either ($2.20 billion), but it has also recorded noticeable gains on its daily (0.95%), weekly (5.18%), and monthly (12.95%) charts, currently trading at the price of $1.80.
Toncoin’s technical analysis 1-day gauges are relatively positive as well, summarized in the ‘buy’ area at 14, the result of oscillators pointing to ‘sell’ at 2 and moving averages suggesting a ‘strong buy’ at 14 (as opposed to 0 for ‘sell’ and 1 ‘neutral’).
In conclusion, if these altcoins continue to perform positively, improve their platforms, and attract more investors, they could become a powerful driver of the industry’s recovery that has been wrecked by the collapse of once one of the largest crypto exchanges in the world.
To find out more about currently solid coins, make sure to read our ‘Best Crypto to Buy Now‘ guide.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/top-5-altcoins-to-watch-in-december-2022/