3 Altcoins to Watch in the Second Week of December 2024
The declining momentum has raised concerns within the crypto market, making the continuation of the altcoins’ uptrend more reliant on upcoming network developments and demand.
BeInCrypto has identified three altcoins to watch. These are poised for significant events this week, which could impact their price movement.
Render (RNDR)Render price is currently struggling around the $9.88 support level, which is crucial for maintaining recent gains. A successful close above this level will help the altcoin maintain momentum and target the next resistance at $11.32. Failure to hold support could lead to a potential pullback.
The Render Network recently completed the initial voting on three key proposals: RNP-016, RNP-017, and RNP-018. The final voting for these proposals is set to begin this Wednesday, drawing significant attention from investors. This process could maintain bullish sentiment around RNDR, potentially boosting its price in the short term.
RNDR Price Analysis. Source: TradingView
However, if broader market conditions turn bearish, Render Network is at risk of falling to $8.59. A drop below this support level would invalidate the current bullish outlook and could lead to further downside, especially if market sentiment worsens.
EigenLayer (EIGEN)Another one of the key altcoins to watch this week is EigenLayer’s native token. EIGEN price recently reached a new all-time high of $5.07, marking its first significant peak in over two months. Currently trading at $4.62, the altcoin is showing strong upward momentum.
The upcoming Rewards V2 upgrade for EigenLayer is expected to bring significant improvements. Designed to enhance flexibility, efficiency, and customization within the ecosystem, this protocol upgrade is generating buzz among investors. As the first EigenLayer Improvement Proposal (ELIP) using the EigenLayer Governance process, it marks a pivotal moment for the network.
EIGEN Price Analysis. Source: TradingView
Given the anticipation surrounding the Rewards V2 upgrade, EIGEN price could experience a substantial boost. However, if the altcoin fails to surpass its ATH of $5.07, it may consolidate within a range between $4.45 and the previous high. This scenario would suggest a temporary pause before a possible breakout or further retracement.
Floki (FLOKI)FLOKI price is currently testing the $0.0002568 support level, aiming to hold this price point to maintain its recent gains. Successfully securing this support could propel the meme coin to $0.0002776, where additional bullish momentum may follow.
Investor sentiment surrounding FLOKI remains strong, especially with the upcoming Wise Monkey (MONKY) airdrop. Facilitated by OKX, the distribution ratio is 0.35 MONKY for each 1 FLOKI held. This potential catalyst has generated significant interest, with many investors holding FLOKI in anticipation of the airdrop, which may drive the price upwards.
FLOKI Price Analysis. Source: TradingView
However, FLOKI’s price could face downward pressure if the $0.0002568 support fails. A break below this level could send the altcoin toward $0.0002108, erasing recent gains. Such a scenario would likely invalidate the bullish outlook, as the token could enter a prolonged consolidation phase or decline further.
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