Market
Trending Altcoins Today — December 3: XRP, SUN, ONDO
Today, December 3, several cryptocurrencies have experienced notable price increases, leading many to speculate that the altcoin season may have arrived. According to CoinGecko, all of the trending altcoins have seen upward price movement.
Whether driven by whale activity or a surge in trading volume, these altcoins are dominating today’s crypto discussions. The top three trending altcoins include Ripple (XRP), Sun token (SUN), and Ondo (ONDO).
Ripple (XRP)
XRP’s inclusion as part of the trending altcoins today is because of its performance over the past few weeks. Within the last 30 days, XRP’s price has increased by 431% and has become the third-most-valuable cryptocurrency in terms of market capitalization.
This notable rise could be attributed to rising whale accumulation, several applications for XRP ETFs, and retail interest in the altcoin. As of this writing, XRP’s price trades at $2.67, which is the highest level it has reached since 2018.
From a technical standpoint, the Relative Strength Index (RSI) for XRP has reached 91.47, indicating strong momentum. The RSI helps determine whether an asset is overbought or oversold.
When the RSI reading exceeds 70.00, the asset is considered overbought. Conversely, an RSI below 30.00 suggests it is oversold. Given that XRP’s RSI is above 70, the token is in the overbought territory, suggesting a potential retracement to around $1.79.
On the flip side, if buying pressure continues to climb for XRP, the uptrend might continue, and a rally to $3 could be possible.
Sun Token (SUN)
Sun token, the first meme coin developed on the Tron blockchain, is currently one of the trending altcoins due to its price action. In the last 24 hours, SUN’s price has increased by 14.50% while its trading volume has surged by 50%, indicating significant interest in the token.
On the daily chart, the Parabolic Stop-and-Reverse (SAR) indicator is positioned below Sun Token’s (SUN) price, suggesting strong support.
The SAR helps identify potential trend reversals by placing dotted lines either above or below the price. When the lines are below the price, they indicate strong support, and when they are above, they indicate resistance.
Given the current support shown by the SAR, SUN’s price might continue to rise. If this trend holds, the token could reach $0.045 in the short term. However, if SUN fails to break the $0.030 resistance level, it could face a decline, potentially dropping to $0.016 instead.
Ondo (ONDO)
Like XRP and SUN, ONDO is one of the trending altcoins today because of its price increase. Within the last 24 hours, ONDO’s price has increased by 45.40% and reached a new all-time high.
This hike could be linked to the rally among tokens linked to Real World Asset (RWA) tokenization. From a technical perspective, the altcoin’s rally resulted from a reversal from a head and shoulders pattern, which initially drove the price down to $0.59.
Currently, Ondo’s price has risen to $1.72 with no resistance in sight. Should this remain the case, ONDO’s value might climb to $2 within the week.
However, if crypto whales holding the token decide to sell, this might not happen. Instead, the altcoin could decline to $1.35.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
BNB has taken the spotlight with a powerful surge, breaking past the critical $724 resistance level and signaling the potential for more growth. This breakout has ignited bullish momentum, sparking speculation that the token could be gearing up for uncharted territory. With strong market sentiment and increasing trading activity, BNB appears poised to extend its rally, leaving many wondering how high it can climb in the days ahead.
This article aims to explore BNB’s recent breakout above the $724 level, delving into the key drivers behind its bullish strength. it seeks to assess whether the asset can sustain its upward trajectory and set new all-time highs by analyzing technical indicators, market sentiment, and potential resistance zones
BNB Breaks $724: A Key Milestone For The Bulls
On the 4-hour chart, BNB is positioned above the 100-day Simple Moving Average (SMA), a key indicator of its current bullish trajectory. Significantly, this alignment highlights the token’s underlying strength and suggests that positive sentiment is driving its momentum. The steady upward movement reflects growing optimism among traders, with BNB now aiming to create new highs.
An examination of the 4-hour Relative Strength Index (RSI) reveals a notable climb, with the indicator reaching the 78% threshold after rebounding from a recent low of 46%. The sharp increase underscores a strong surge in bullish momentum, as intensified buying pressure has driven the RSI into overbought territory, thereby signaling a significant change in market sentiment.
Also, the daily chart further emphasizes BNB’s strong upward momentum, marked by the formation of bullish candlesticks as the price climbs above $724, indicating the possibility of continued gains and an extension of the rally. Its position above the SMA reinforces the positive trend, demonstrating sustained strength and market confidence, setting the stage for a continued rally.
Lastly, the daily chart’s RSI recently reached 76%, indicating that BNB has entered overbought territory. This suggests a strong optimistic sentiment as substantial buying pressure drives prices higher. While this level points to the potential for more upside, it also signals that the asset may be overheating.
Can The Bulls Sustain The Momentum Beyond $724?
BNB has surged past the crucial $724 level, fueling a strong bullish movement. The critical question is whether the bulls can maintain this upward trajectory and bolster its value. If the buying pressure remains strong, the asset could be on track to reach new highs, with $800 emerging as the next key target.
However, if the cryptocurrency fails to maintain its upbeat momentum, it could begin to decline toward the $724 level. A breach below this support may spark additional downside movement, possibly leading the price to test other support zones.
Toncoin (TON) price has surged 45.45% over the last 30 days. The RSI remains near overbought territory, and recent outflows from exchanges highlight reduced selling pressure, suggesting growing confidence among holders.
EMA lines further reinforce the bullish trend, with the price staying well above short-term averages. If TON maintains its upward trajectory, it could break the $7.198 resistance and aim for $8 in December, but a reversal might test support levels at $6.6 and $5.6.
TON RSI Is Still Close to 70
TON RSI recently almost touched the overbought threshold of 70 before retreating to its current level of 63. This pullback suggests that buying momentum has slightly weakened but remains relatively strong, as the RSI is still in bullish territory.
The current reading reflects a market where buyers maintain a slight edge, though it’s unclear if the momentum is enough to push prices significantly higher without further buying pressure.
The RSI (Relative Strength Index) measures the speed and magnitude of price movements, with values above 70 signaling overbought conditions and below 30 indicating oversold levels. TON’s RSI at 63 suggests it is still in a favorable position for potential upside.
If it rises back above 70, as it did at the end of November, TON price could regain momentum and test levels above $7.2, signaling another bullish breakout.
Toncoin Supply on Exchanges Dropped In The Last 3 Days
TON’s Supply on Exchanges has decreased to 1.68 million, down from 1.75 million on December 1. This decline indicates that holders have withdrawn approximately 800,000 TON from exchanges over the past three days.
Such a significant outflow suggests reduced selling pressure and a potential shift toward long-term holding or staking.
Supply on exchanges reflects the amount of a token readily available for trading. A high supply is often seen as bearish, as it implies users might be preparing to sell.
Conversely, a decline in exchange supply, like the current trend for TON, is typically bullish, as it signals accumulation and confidence in the coin’s future performance. If this trend continues, it could support upward price movement as selling liquidity diminishes.
TON Price Prediction: Can It Reach $8 In December?
TON EMA lines remain bullish, with short-term lines positioned above long-term ones and the price trading well above the short-term averages.
This alignment indicates strong upward momentum, reinforcing the current bullish trend. As long as the price stays above these lines, the trend is likely to persist.
If TON sustains its uptrend and breaks the $7.198 resistance, it could extend its rally and potentially test $8 in December, a level not seen since June 2024.
Conversely, if the uptrend reverses and a downtrend emerges, TON price may first test the $6.6 support, with a deeper correction possibly pushing it down to $5.6.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Solana (SOL) price is currently 12% below its all-time high, which was reached on November 22. Despite this recent pullback, SOL remains one of the year’s top performers, boasting an impressive 275.85% gain year-to-date.
Recent technical indicators, including the BBTrend, DMI, and EMA lines, suggest the market may be entering a consolidation phase. This could set the stage for SOL to test key support and resistance levels as it seeks its next major move.
SOL BBTrend Is Negative, But Far from Its Peak
SOL’s BBTrend is currently at -1.43, recovering from its peak negative level of -8.34 on November 28. Although it has remained negative since November 27, this less extreme reading suggests SOL may be entering a consolidation phase.
SOL price could now stabilize within a narrower range as the bearish pressure appears to be easing.
BBTrend measures price momentum relative to Bollinger Bands, with negative values indicating downward pressure and positive values signaling upward trends.
Solana current BBTrend level, while still negative, is far less bearish than its previous lows. This may reflect a transition phase, where the market is pausing to decide its next major move.
Solana Trend Isn’t Strong
SOL’s DMI chart indicates that its ADX has dropped to 20.6, down from nearly 30 just a day ago. This decline suggests weakening trend strength, potentially signaling reduced market momentum.
Meanwhile, the D+ is at 19.3 and the D- is slightly higher at 22.9, implying a slight bearish advantage as sellers maintain control over buyers.
The ADX (Average Directional Index) measures trend strength, regardless of direction. Values above 25 indicate a strong trend, while values below suggest a weak or consolidating market.
With D+ representing buying pressure and D- selling pressure, SOL current DMI readings highlight a market still leaning bearish but with less conviction, suggesting potential for consolidation or a shift in momentum.
SOL Price Prediction: A Consolidation Before Trying New All-Time High?
Solana EMA lines recently displayed a bearish signal as a short-term line crossed below a long-term line. However, the narrow gap between the lines suggests consolidation rather than a strong downtrend.
This could indicate a pause in market direction as traders await further cues.
If a downtrend develops, SOL price might test support at $221, with a further drop to $204 if this level fails. On the other hand, a recovery could push Solana toward a key resistance at $248.
Breaking this level could open the path to retesting its previous all-time high near $264.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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