Ethereum Express (ETE), BONK, Stacks (STX)
Ethereum Express (ETE), Stacks (STX), and BONK emerge as top altcoins to buy in December for speculation in early 2024.
Published 51 mins ago
Investors are sifting through the noise to identify gems that are likely to significantly breakout ahead of Christmas and New Year celebrations. Bitcoin (BTC) and Ethereum (ETH) stand out as the most stable investments in a crypto portfolio, select best-performing top altcoins could be the game changer, considering the gains posted by Ethereum Express (ETH), Bonk (BONK) and Stacks (STX).
Although the crypto market widely reversed gains accrued last week from Friday through to Monday, the anticipation of Bitcoin spot exchange-traded funds (ETFs) approval in January has helped to steady the prices and may explain the 3% increase in market cap to $1.66 trillion, live data by CoinMarketCap shows.
Ethereum Express Tops Top Altcoins To Buy For 2024
Ethereum Express (ETE) is slowly catching investor interest, as one of the most viable tokens that could potentially break out this week. Up 8% in the last 24 hours, the crypto powering the network known for faster, safer, and cheaper layer 1 transactions, is trading at $0.0413.
Like other cryptos, Ethereum Express encountered strong headwinds last week, forcing bulls to temporarily abandon the push for the uptrend at $0.043. A correction followed swiftly, as traders closed positions to protect their capital and accrued gains.
The first tentative support at $0.03 failed to relieve the selling pressure but ETE respected the next crucial level slightly above $0.021. This support area encouraged traders to enter new long positions, boosting Ethereum Express recovery.
A cup and handle pattern drawn on the four-hour chart reveals a potential 71% breakout to $0.07. However, ETE must rise above the neckline resistance at $0.0413 to validate the breakout.
Based on the Moving Average Convergence Divergence (MACD) indicator a stronger momentum backs the uptrend in ETE. Therefore, traders considering more exposure, could long Ethereum Express as soon as it breaks or successfully retests the neckline resistance.
Bonk Pauses Price Discovery, Here’s What Next
Investors who bought Bonk to speculate on exchange listings on Coinbase and Binance last week have been selling to lock in the profits made. This has continued to weigh down on the meme coin built on the Solana blockchain, with losses extending from a recent all-time high of $0.000035 to $0.000019, down 1.4% in 24 hours.
Despite the meltdown, Bonk upholds a 160% increase in a fortnight and 445% in a month.
The outlook from the MACD reinforces the bearish theory. Meanwhile, all eyes are on the confluence support created by the 50 Exponential Moving Average (EMA) (in red) and the purple horizontal ray at $0.00001891 to trigger another buying spree and boost Bonk’s recovery back to the ATH.
If the downtrend carries on below the highlighted immediate support, traders may want to consider entering short positions in BONK and targeting lower support areas at $0.000016, $0.000013, and the 200 EMA (in purple) at $0.0000109.
On the other side of the fence, Bonk may resume the uptrend quickly if the confluence support holds and a breakout follows above the descending channel. While Bonk is still one of the best crypto performers in December, finding a good entry position is the tricky part.
Stacks Price Prediction: Will STX Validate Cup and Handle Breakout?
Stacks price extended the up leg on Tuesday with another 1.5% increase in 24 hours in addition to a 22% growth in seven days and an 87% rise in a month. The token native to one of Bitcoin’s most reliable smart contracts layer, allowing developers to build apps is trading at $1.19 after running into resistance at $1.26.
With a short-term cup and handle likely to lead to another breakout, the headache investors have is finding a suitable entry position. However, if STX breaks above the neckline resistance at $1.19, the next breakout could rise 30% to $1.82.
For now, the path with the least resistance based on the Relative Strength Index (RSI) is downwards. Bears have the upper hand, especially with Stacks trading below a broken support — now resistance at $1.2.
If declines continue in the handle section of the pattern, traders may want to spot other tentative support areas, starting with the 20 EMA at $1.12, the buyer congestion at $1.1, and the 200 EMA at $0.895.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
