3 Altcoins to Watch in the Second Week of December 2024
The decline in momentum has caused concern in the cryptocurrency market, making the continuation of the altcoin upward trend even more dependent on upcoming network developments and demand.
BeInCrypto has identified three altcoins worth keeping an eye on. These assets have major events coming up this week that could impact their price movements.
Rendering(RNDR)
render price It is currently struggling near the $9.88 support level, which is crucial to sustain recent gains. A successful close above this level will help the altcoin maintain momentum and target the next resistance level at $11.32. Failure to hold support could lead to a potential pullback.
The rendering network recently completed preliminary vote Three key proposals: RNP-016, RNP-017 and RNP-018. Final voting on the proposals will begin on Wednesday, attracting intense investor attention. This process is likely to sustain bullish sentiment on RNDR, which could boost its price in the short term.
However, if broader market conditions turn bearish, rendering network There is a risk of a drop to $8.59. A break below this support would invalidate the current bullish outlook and could lead to further downside, especially if market sentiment deteriorates.
Intrinsic layer (EIGEN)
Another major altcoin to watch this week is EigenLayer’s native token. own price It recently hit an all-time high of $5.07, the first significant spike in more than two months. Currently, the altcoin is trading at $4.62, showing strong upward momentum.
The upcoming EigenLayer Rewards V2 upgrade is expected to bring significant improvements. This protocol upgrade aims to enhance flexibility, efficiency and customization within the ecosystem, which has aroused heated discussion among investors. As the first EigenLayer Improvement Proposal (ELIP) to use the EigenLayer governance process, it marks a critical moment for the network.
In anticipation of the Rewards V2 upgrade, EIGEN prices are likely to increase significantly. However, if the altcoin fails to break above the $5.07 ATH, it may consolidate in a range between $4.45 and the previous high. This scenario suggests a temporary pause ahead of a possible breakout or further pullback.
FLOKS
Flocks The price is currently testing the support at $0.0002568 and aims to hold this price point to sustain recent gains. Success in finding this support could push the Meme token to $0.0002776, where additional bullish momentum could follow.
Investor sentiment towards FLOKI remains strong, especially with the upcoming Wise Monkey (MONKY) airdrop. Promoted by OKX, the distribution ratio is 0.35 MONKY for every FLOKI held. This potential catalyst has generated significant interest, with many investors holding FLOKI in anticipation of an airdrop that could drive the price higher.
However, Floki’s price Downward pressure is likely if the $0.0002568 support fails. A break below this level could send the altcoin down to $0.0002108, erasing recent gains. This scenario could invalidate the bullish outlook as the coin could enter a prolonged consolidation phase or fall further.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
