Most cryptocurrencies are still consolidating with the general digital assets market, yet to make any decisive move in either direction. The consolidation comes as bearish sentiments prevail in the wake of the FTX crypto exchange collapse. At the same time, investors are looking for a bottom that would likely usher in a new rally.
With the value of most assets remaining depressed, several altcoins are standing out and attracting increased interest. Investors are mainly attracted to the altcoins due to their potential to rally and promising use cases despite having a varied market capitalization. Below are the key altcoins to watch for the week of December 5.
Quant (QNT)
Interoperability-based crypto project Quant (QNT) has been building momentum in recent weeks, appearing unfazed by the market downturn. However, the asset’s trajectory was cut short after the FTX explosion hit the market.
Notably, QNT’s recent gains were mainly inspired by a vibrant community with data from blockchain analysis firm Lunar Crash, indicating that as of October 14, QNT’s six-month social engagements had spiked over 130%.
In the long term, the QNT community is betting on the asset’s use cases as an interoperability network and its work with central bank digital currencies (CBDC) as potential drivers for a future rally.
By press time, Quant was trading at $127 with weekly gains of almost 4%. However, the daily chart shows QNT has corrected by nearly 3%. It is worth noting that the asset targets regaining the $150 position that would act as a critical support level. The level will likely allow QNT to regain the year’s high of $228, recorded on October 17.
Elsewhere, Quant technical analysis looks bullish, with a summary going for ‘neutral’ at 11 while moving averages are supporting a ‘buy’ at 9 on the TradingView daily gauges. Oscillators remain ‘neutral’ at six.
Dogecoin (DOGE)
The Dogecoin (DOGE) community has been buzzing as the token witnessed increased adoption-related news. Dogecoin’s recent bullish momentum was mainly triggered by Twitter’s acquisition by Tesla (NASDAQ: TSLA) CEO Elon Musk, with speculation that the coin might be integrated into the social media giant. At the same time, reports emerged that Musk and Ethereum (ETH) founder Vitalik Buterin would likely combine and develop the DOGE network further.
As things stand, Dogecoin is trading at $0.10 with daily gains of almost 4%, while the weekly chart shows DOGE has recorded minor corrections of less than 0.5%.
Notably, DOGE has attracted interest from investors, with a Finbold report indicating demand for the token among United States investors spiked over 600% within three months. The interest comes at a time over 60% of the holders remain in profit, according to a Finbold report on November 28. Interestingly technical analysis indicators project that DOGE will correct and trade at $0.065 on December 25.
However, daily technical analysis on TradingView is bullish, with the summary and moving averages going for a ‘strong buy’ at 16 and 14, respectively. Elsewhere, oscillators are for ‘buy’ at two.
Fantom (FTM)
Fantom (FTM) is a scalable blockchain platform for decentralized finance (DeFi) and enterprise applications. The platform’s potential in the crypto market has mainly triggered interest in FTM. For instance, the asset’s recent gains come after reports emerged that the Fantom Foundation behind the coin could make steady profits whether it sells FTM tokens or not.
Based on the foundation’s strong financial results, the market has reacted positively by helping FTM record weekly gains of almost 30%. By press time, the asset was trading at $0.24.
Fantom’s bullishness has extended to the technical analysis with a summary of the daily gauges aligning with ‘buy’ at 12, similar to moving averages at 10.
The Open Network (TON)
The Open Network (TON) is a decentralized Layer-1 blockchain by messaging app Telegram. The community-led project has exhibited strength over the previous weeks gaining key support levels. An array of positive news around the network has boosted the token’s rally.
For instance, in late October, TON was listed on KuCoin, one of the world’s leading cryptocurrency exchanges. At the same time, with Telegram planning to build a crypto wallet and exchange, TON will likely receive more utility. However, as things stand, Telegram is yet to clarify if the two products will be developed on TON.
By press time, TON was trading at $1.81 with daily gains of about 1% with a weekly rally of about 6%.
Elsewhere, TON technical analysis shows the summary leaning towards ‘buy’ at 15 while moving averages are going for a ‘strong buy’ on daily gauges at 10.
Chainlink
Chainlink (LINK), the blockchain oracle provider, has registered increased interest in recent weeks, mainly powered by lined-up network development activities. For instance, Chainlink is preparing to launch staking on the Ethereum network as the blockchain looks forward to establishing a long-term sustainable economic program.
Notably, the staking feature is set to enable LINK token holders and node operators to earn rewards for enhancing the crypto-economic security of oracle services. In this line, crypto trading expert, Michaël van de Poppe acknowledged that LINK is showing sustained strength, which has not happened in almost two years.
By the time of publishing, Chainlink was trading at $7.36 with weekly gains of about 6%. At the current price, Poppe noted that LINK is in the accumulation phase despite the FTX collapse and the resulting impact on the market. In general, he said that the token is looking for a breakout.
Furthermore, the asset’s technical analysis expresses bullishness, with the summary going for ‘buy’ at 13 while moving averages are for a ‘strong sell’ at 12.
In conclusion, the covered altcoins’ ability to sustain the upward momentum will rely on how the general market trades. At the same time, the input of the respective communities is vital to push for a rally considering a majority have a formidable use case. Additionally, some of the asset’s are in the radar of investors across the month of December.
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/cryptocurrencies-to-watch-for-the-week-of-december-5/