If Bitcoin grows from the current level, it could boost the price of MATC, NEAR, ATOM, and HNT in the short term. Here is the weekly review of the coins for this week in Dec.
After staying above $50,000 ( at the time of writing) on Christmas day, Bitcoin (BTC) faced selling pressure on Dec. 26. Among the factors for the possible dip in Bitcoin’s price is the increase in inflows to the Binance exchange.
Moreover, Data analysis account Material Scientist said that Binance’s inflows could be due to “a new player.” Even though Bitcoin is almost certain to miss PlanB’s floor model price projection of $135,000 for December, the creator of the stock-to-flow price model remains bullish. Further, Bitcoin’s price at $51,000 remains within one standard deviation of the model, which keeps the prediction of $135,000 for this halving cycle in play.
In addition, several asset managers have added Bitcoin to their portfolio in 2021. However, UK’s ex-Chancellor Lord Hammond alerted retail investors to be “extremely careful” while investing in cryptocurrencies.
Here are the top 5 cryptocurrencies you should look out for in 2022:
1. BTC/USDT in Dec
Bitcoin Hashpower Stays to be High almost 163% in Five Months! Bitcoin broke above the 20-day exponential moving average ($49,832) on Dec. 23, but the recovery hit a roadblock at the 38.2% Fibonacci retracement level at $52,314. This indicates that bears have not yet given up and continue to sell on rallies.
2. MATIC/USDT in Dec
Polygon (MATIC) has been in a strong uptrend. Although bears posed a stiff challenge at $2.70, the bulls did not give up much ground and have pushed the price to a new all-time high today.
NEAR Protocol’s NEAR token picked up momentum after breaking above the falling wedge pattern on Dec. 23. This carried the price above the strong resistance at $13.23, signaling the resumption of the uptrend.
Cosmos (ATOM) broke out and closed above the descending channel’s resistance line on Dec. 25, indicating that the downtrend may be over.
Helium’s HNT token bounced off the strong support at $25 and broke above the 20-day EMA ($35.38) on Dec. 16. The bears attempted to pull the price back below the 20-day EMA, but the bulls purchased the dip and extended the recovery to $43.40 on Dec. 23.