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
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