The third week of December 2024 started on a mixed note for many altcoins, with some registering notable hikes while others keep consolidating. As a result, none of the top trending altcoins today have seen their prices increase by a significant figure.
Instead, two of the three listed have seen their prices tumble, while another keeps moving sideways. According to CoinGecko, the top three trending altcoins today are Vana (VANA), Virtuals Protocol (VIRTUAL), and Sui (SUI).
Vana (VANA)
Vana is an Ethereum Virtual Machine (EVM) Layer-1 blockchain that employs AI to help users transform personal data into financial assets. Its native cryptocurrency, VANA, is one of the top trending altcoins today for two main reasons.
First, the project launched its mainnet yesterday, December 16, and some tokens were airdropped to eligible protocol users. However, on X (formerly Twitter), several airdrop recipients were dissatisfied with their allocation.
Secondly, while several crypto exchanges listed the token, Binance postponed it by a few hours, citing technical difficulties and regulatory issues. Following the development, VANA’s price has dropped by 15% in the last 24 hours.
Currently, the altcoin trades at $20.29 with a market cap of $610.55 million. Should Vana continue to face market-wide bearish sentiment, the price might continue to decline. However, if the perception changes, the altcoin’s value might erase these losses.
Virtuals Protocol (VIRTUAL)
VIRTUAL is again part of the top trending altcoins for the second time this week. However, unlike the past few weeks, the altcoin’s value did not see a notable increase in the last 24 hours. Instead, the token has decreased by 6.40% within the mentioned period.
On the 4-hour chart, the altcoin’s price is on the verge of dropping below the 20-period Exponential Moving Average (EMA). Typically, when the price rises above the EMA, the trend is bullish. But since it is on the brink of dropping below this support, the cryptocurrency’s value might decrease.
If validated, VIRTUAL’s price might decline to $1.91. However, should bulls prevent the token from falling below the 20 EMA, its price might jump to $3.34.
Sui (SUI)
SUI, the native token of the Layer-1 blockchain Sui, is another top-trending altcoin. However, unlike the other two, SUI’s price has been wobbling around the same region since it recently hit a new all-time high.
Since Sunday, SUI has been changing hands between $4.60 and $4.80, indicating indecision among buyers and sellers. This Relative Strength Index (RSI), a technical indicator that measures momentum, also validates this bias.
When the reading is positive, the momentum is bullish, and when the reading is negative, it is bearish. As of this writing, the RSI is hovering around the neutral 50.00 region, indicating that SUI’s price might continue consolidating around the $4 region.
However, if selling pressure comes into play, the value might sink to $3.53. But if bulls take control, the altcoin might climb toward the $6 mark.
Disclaimer
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