Cryptocurrencies to watch during the week of December 5th

Most cryptocurrencies are still merging with the general digital asset market, but they haven’t made a decisive move in either direction. The consolidation comes as bearishness prevails in the wake of the collapse of the FTX cryptocurrency exchange. Meanwhile, investors are looking for a bottom that could potentially start another rally.

With most assets still depreciating in value, several altcoins are emerging and attracting increased interest. Investors are primarily attracted to cryptocurrencies due to their potential for upside and promising use cases despite having a diversified market capitalization. Here are the major currencies to watch for the week of December 5th.

Quantum (QNT)

The interoperable crypto project Quantum (QNT) has been building momentum in recent weeks and seems unfazed by the market downturn. But the origin path 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 the blockchain analytics firm Lunar Crash, which indicates that as of October 14, QNT’s social engagement has increased by more than 130% over the past six months.

In the long term, the QNT community is counting on the asset’s use case as an interoperable network and its work on Central Bank Digital Currencies (CBDCs) as potential drivers for a future rally.

At press time, Quant is trading at $127 with a weekly gain of nearly 4%. However, the daily chart shows that QNT corrected nearly 3%. It is worth noting that the asset is aiming to reclaim the $150 area which will act as an important support level. The level is likely to allow QNT to regain the year high of $228, which was set on October 17.

Seven day QNT price chart. Source: Coinphony

Elsewhere, quantitative technical analysis looks bullish, with summary going ‘neutral’ at 11 while moving averages support ‘buy’ at 9-day. TradingView Daily counters. The oscillators remain “neutral” at six.

Quantitative technical analysis. Source: TradingView

Dogecoin (DOGE)

The Dogecoin (DOGE) community has been abuzz as the token has seen an increase in news regarding adoption. The recent bullish impetus in Dogecoin was primarily fueled by Twitter’s acquisition of Tesla (NASDAQ:TSLA) CEO Elon Musk, with speculation that the coin could be integrated into the social media giant. Meanwhile, reports have emerged that Musk and Ethereum (ETH) founder Vitalik Buterin is likely to integrate the DOGE network and develop it further.

As it stands, Dogecoin is trading at $0.10 with a daily gain of nearly 4%, while the weekly chart shows that DOGE posted minor corrections of less than 0.5%.

Dogecoin seven day price chart. Source: Coinphony

Notably, DOGE has been gaining investor interest, with a Coinphony report showing that demand for the token among US investors has increased by more than 600% in three months. The interest rate comes at a time when more than 60% of equity holders remain in the profit, according to a Coinphony report released on November 28. Interesting technical analysis indicators predict that DOGE will correct and trade at $0.065 on December 25th.

But daily technical analysis on TradingView Bullish, with the Summary and Moving Averages for “strong buy” at 16 and 14 respectively. Elsewhere, the two oscillators are for “buy” at two.

Dogecoin technical analysis. Source: TradingView

Phantom (FTM)

Fantom (FTM) is a scalable blockchain platform for decentralized finance (DeFi) and enterprise applications. The platform’s potential in the cryptocurrency market sparked fundamental interest in FTM. For example, the asset’s recent gains come after reports emerged that the Fantom Foundation behind the coin could generate consistent profits regardless of whether or not it sells FTM tokens.

Building on the organization’s strong financial performance, the market responded positively by helping the FTM post a weekly gain of nearly 30%. At the time of writing, the asset is trading at $0.24.

7-day phantom price chart. Source: Coinphony

The Phantom rally spilled over into technical analysis with a summary of daily metrics in line with “Buy” at 12, similar to the moving averages at 10.

Great technical analysis. Source: TradingView

The Open Network (TON)

The Open Network (TON) is a decentralized layer 1 blockchain for the messaging application Telegram. The community-led project has shown strength in recent weeks and has received significant levels of support. A series of positive news around the network fueled the token’s rally.

For example, at the end of October, TON was listed on KuCoin, one of the world’s leading cryptocurrency exchanges. Meanwhile, with Telegram planning to build a crypto wallet and exchange, TON is likely to gain even more interest. However, as it stands, Telegram has yet to say whether the two products will be developed on TON.

At press time, TON is trading at $1.81 with a daily gain of around 1% with a weekly gain of around 6%.

Open the 7-day price chart on the grid. Source: Coinphony

Elsewhere, TON technical analysis shows that the summary is leaning towards the “buy” at 15 while the moving averages favor the “strong buy” over the daily metrics at 10.

Tons of technical analysis. Source: TradingView

Chainlink (LINK), the oracle blockchain provider, has registered a surge of interest in recent weeks, primarily driven by the underlying network development activities. For example, Chainlink is preparing to launch stakes on the Ethereum network as the blockchain looks to create a long-term sustainable economic programme.

In particular, the staking feature is set to enable LINK token holders and contract operators to earn rewards for improving the crypto-economic security of Oracle services. In this context, cryptocurrency trading expert Michael van de Poppe acknowledged that LINK is showing sustained strength, which has not been the case for nearly two years.

At the time of publication, Chainlink was trading at $7.36 with a weekly gain of about 6%. At the current price, Poppe indicated that LINK is in the accumulation phase despite the collapse of FTX and the resulting impact on the market. In general, he said, the token is looking for a hack.

Chainlink 7-day price chart. Source: Coinphony

In addition, the technical analysis of the asset is expressing an uptrend, with the summary calling for a “buy” at 13 while the moving averages suggest a “strong sell” at 12.

Chainlink technical analysis. Source: TradingView

In short, the ability of the hedged altcoins to sustain bullish momentum will depend on how the general market trades. At the same time, the efforts of the concerned communities are crucial to drive a march considering that the majority have enormous scope of use. Additionally, some assets are on investors’ radar during the month of December.

warning: The content of this website should not be considered as investment advice. Speculative investments. When you invest, your capital is at risk.

Cryptocurrencies to Watch After the Week of December 5th first appeared on Coinphony.

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