Trending Altcoins Today, December 23: HYPE, PENGU, VIRTUAL
Unlike the huge spike in cryptocurrency prices in the first week of December, last week saw a clear downturn across the market. This market-wide decline resulted in two of the top three trending altcoins not seeing significant gains over the past 24 hours.
The decline was likely due to a combination of bearish market sentiment and a significant drop in liquidity. According to CoinGecko, the three most popular altcoins today (December 23) are Hyperliquid (HYPE), Pudgy Penguins (PENGU), and Virtuals Protocol (VIRTUAL).
Hyperliquid (HYPE)
HYPE, the native token of the Hyperliquid decentralized exchange, has appeared on the list of popular altcoins several times due to price surges. However, this is not the case today because HYPE prices have dropped It rose 14.70% in the past 24 hours.
The decline in altcoin values is not just due to increased selling. Instead, there are reports that North Korean hackers may have compromised the Hyperliquid ecosystem. Following this development, on-chain data shows: Investors have withdrawn their capital About $60 million from the platform.
This value represents approximately 3% of the total value of its assets. From a technical perspective, Bull Bear Power (BBP) has dropped into negative territory. BBP compares the strength of buyers (longs) and sellers (shorts).
When the reading is positive, it means bulls are in control and the price can rise. But in this case, the opposite is true. If this trend does not change The price of HYPE could fall to $22.39.
However, if Buying pressure increases around altcoinsthis may not happen. Instead, its value could surge to $35.76.
Chunky Penguin(PENGU)
As mentioned above, The price of PENGU is also not recorded Despite being one of the popular altcoins today, the price has increased. However, unlike the Hyperliquid token, the price of Pudgy Penguins has been hovering around $0.027 since yesterday.
According to the 1-hour chart, the Relative Strength Index (relative strength index) fluctuates around the 50.00 neutral zone. This shows the surrounding emotions Altcoins Neither bearish nor bullish.
Therefore, the value of the altcoin is likely to continue to hover between $0.025 and $0.030. However, this may not be the case if the bulls are in charge. Instead, the coin may rise towards $0.050.
At the same time, a Selling pressure rises Prejudice can be invalidated. In this case, the price of PENGU may drop below $0.020.
Virtual protocol (VIRTUAL)
Virtual is the only one Top three trending altcoins with rising prices. In the past 24 hours, virtual prices increased by 6.90%.
On the 4-hour chart, the altcoin experienced this rally after bulls defended support at $2.25. As a result, the cryptocurrency’s value has risen to $2.67. However, VIRTUAL may need to contend with resistance at $2.83.
If there is a successful breakout, VIRTUAL could rise to $3.32. However, this may not happen if the altcoin fails to break above this resistance level. on the other hand, Value may decline to $2.03.
Disclaimer
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