Why These Altcoins Are Trending Today — December 12

2 weeks ago 20

Today, the altcoin season appears to be back on track after seeming to have taken a brief break. This is because the top trending altcoins have all seen their prices increase by double-digits in the last 24 hours.

Notably, these altcoins are on this list due to rising investor confidence and less selling pressure. With data obtained from CoinGecko, the top three trending altcoins are Hyperliquid (HYPE), Fartcoin (FART) and Chainlink (LINK).

Hyperliquid (HYPE)

Hyperliquid’s position as a trending altcoin might not surprise active market participants. Since launching some weeks ago, HYPE’s price has outperformed many cryptos despite not having any exchange listings.

Specifically, HYPE’s value has increased by 464.50% since that period, with 30% of that coming in the last 24 hours. The trading volume within that period has also climbed above $230 million, indicating that on-chain interaction remains at a highly impressive height.

Should this trend remain the same, then HYPE could climb higher than $18 in the short term. However, if the altcoin holders decide to liquidate some of their assets, this trend might change, and the token’s value might plummet.

Fartcoin (FARTCOIN)

Fartcoin, the quirky Solana-based meme coin, is making headlines today with a remarkable 15% surge in the last 24 hours. The token, known for its playful “gas fee” system that produces a digital fart sound with every transaction, has caught the attention of the market.

But it’s not just the only factor driving its rise. Specifically, Fartcoin has now reached a new all-time high and surpassed the $500 million market cap, solidifying its place among trending altcoins.

Previously, FARTCOIN experienced a 52% decline between November 30 and December 5. Due to intense selling pressure, the altcoin’s value dropped from $0.36 to $0.17.

As of this writing, the Bull Bear Power (BBP) shows that buyers have reversed the trend, with FARTCOIN now at $0.52. Should the BBP continue to climb, then FARTCOIN’s value might hit $0.60 in the short term.

If buying pressure intensifies, the token might rally toward $0.90. However, if the meme coin experiences high selling pressure as it did some weeks back, this could change, and the value could decline to $0.29.

Chainlink (LINK)

Like the other two mentioned above, LINK’s price has increased. Specifically, the altcoin’s value has reached its highest level in about 37 months. But that is not the only reason Chainlink is part of the trending altcoins.

According to BeInCrypto’s findings, Donald Trump’s World Liberty Finance purchased LINK, valued at $1 million, on December 11. However, the Trump team is not the only one accumulating the altcoin in numbers.

Furthermore, Santiment’s data revealed that wallets holding about 100,000 LINK have added 5.67 million in the last two months, contributing to the price hike. Should this whale accumulation continue, Chainlink’s price could go higher.

However, the on-chain analytic provider opined that LINK’s ability to trade higher might depend on Bitcoin’s (BTC) price action.

“Throughout the history of crypto, large wallets scooping up coins from impatient or panicked retail traders are typically a recipe for market cap rises. Of course, the success of large-cap altcoins like Chainlink will still be dependent on Bitcoin’s ability to stay propped up. If it does, there are strong signs that patient hodlers will be rewarded in the long term,” Santiment noted on X (formerly Twitter).

From a technical point of view, LINK’s price has turned the previous resistance at $22.34 into support. This suggests that the altcoin might evade any pending correction.

If validated, LINK’s value might surpass the highest point of the wick at $29.46 and climb to $34. If that is the case, the altcoin could climb to $34. On the flip side, if the token breaks down below the support, it might decline to $17.99.

The post Why These Altcoins Are Trending Today — December 12 appeared first on BeInCrypto.

Read Entire Article