The cryptocurrency market is again under selling pressure after the relief from positive inflation and CPI data from the US. The latest correction shelved bulls’ expectations for a pre-New Year recovery. The new week starting December 19 offers independent price movements for several projects from the altcoin market.
Altcoin projects to watch for the week of December 19
Toncoin (TON) has completed a brief rally after the TON/USDT pair was listed on Gate.io and its partnership with crypto wallet SafePal was revealed. Blockchain, powered by Telegram, is rallying positive news of network development and adoption. Recently, news emerged that Telegram users could purchase Blockchain-based identities via Toncoin. This feature allows users to text without using a SIM card.
In another development, Telegram announced its plan to launch a trading platform shortly after the FTX crisis. If the plan materializes, TON will cater to more use cases on this platform. On the technical side, the TON price is starting to drop around 5% for the week of Dec. Shortly before that, he had completed the rally over 35%. The reason why Toncoin is on the list is the bull runs that have emerged with sudden news recently.
XDC Network (XDC)
On-chain data shows that XDC Network has reached more users in recent weeks. News about adoption and network improvements were the main causes of interest. For example, XDC recently announced that it supports STATIS’ EURS stablecoin. At the same time, he participated in a 12-week liquidity mining campaign on Gate.io and KuCoin. This news raises the expectations of investors from XDC Network.
On the technical side, XDC price has risen over 5% in the last 24 hours. However, technical indicators show that this trend is temporary and bearish. A summary of the indicators is neutral at 9, similar to moving averages at 1.
OKB coin (OCD)
OKB, one of the list’s exchange tokens, seems to be taking advantage of the developments around OKX. The exchange recently announced that it has listed Floki (FLOKI). Also, Elon Musk recently started following OKX’s official Twitter account. We have conveyed the details of the development in this article of Kriptokoin.com.
On the technical side, the OCD bullish moment extends to technical analysis. The ‘strong buy’ sentiment holds at 17, similar to the moving averages at 14 on the daily indicators.
Ripple’s token has managed to stay on trend despite the ongoing litigation with the SEC. In particular, it has had the opportunity to recover significantly from the lowest levels of the year recently. Some of these earnings are based on positive news from the litigation process. At this time, both parties made their final presentations. The case is expected to be decided next year.
Currently, the outcome of the lawsuit is one of the most important catalysts to support the altcoin price. Legal experts do not yet have a consensus on which case will win. In particular, Cardano founder Charles Hoskinson stated that he will no longer talk about the XRP case.
On the technical side, XRP price has been affected by the overall market correction after failing to hold onto its recent gains. The bulls were specifically aiming to reclaim the $0.50 support level. Analysts predict that if the bulls reach $0.40, the XRP price will make a sharp move to $0.50. However, the sustained loss of $0.39 continues to keep the bears in the field.
Finally, BTC briefly rallied last week with positive inflation data. With this momentum, it reached the highest level of the last five weeks. However, the bears continue to dominate the bulls at the moment. Crypto analyst Michaël van de Poppe points out that Bitcoin can be misleading with stage rallies following macroeconomic developments. Prior to that, BTC recovered somewhat after the Fed raised rates by 50 basis points. However, after the events around FTX and later Binance, it started to decline again.
On the technical side, Bitcoin price continues to be suppressed below $17,000. Elsewhere, technical analysis continues bearish, with a summary of daily indicators on TradingView with ‘sell’ sentiment at 15, while moving averages for ‘strong sell’ at 13. Oscillators stay ‘neutral’ at 9.
In summary, the week that started with December 19 seems to pass with increasing uncertainty and speculation. Due to the weakness of macroeconomic data, investors are watching other developments such as Binance news. Currently, Binance is facing a US lawsuit regarding its reserves.