This week, Hyperliquid, Bitget tokens, and Movement increased in value by 25% to 50%. Three tokens expanded their gains in the past hour.
These tokens have maintained their recent gains amid Bitcoin (BTC)'s collapse below $100,000 and a market-wide correction in altcoins. Analysis of technical indicators shows that Hyper Liquid (HYPE), BitGet Token (BGB), and Movement (MOVE) are likely to extend their upside.
Bitcoin's fall does not overshadow altcoin's rise
Bitcoin fell to a low of $92,232 on Friday after a significant correction from the milestone of $100,000. Bitcoin's decline led to a market-wide correction in altcoins across categories on Thursday and Friday.
Despite the catastrophe in the crypto market, HyperLiquid, BitGet Token, and Movement maintained gains over the past seven days.
Bitcoin’s decline is likely to be short-lived, and on-chain indicators paint a bullish picture for BTC.
BTC is likely entering the late stages of a bull market. Some on-chain indicators indicate cooling or slight overheating, and most point to a major upswing in 2025. The $100,000 milestone has emerged as a key resistance level for Bitcoin, with the top of the cycle likely to emerge between $150,000 and $200,000.
HYPE, BGB, MOVE record double-digit increases
HYPE is hovering around $30 at the time of writing this article. The decentralized layer-1 blockchain is specialized in transactions and has total locked assets of $2.191 billion, according to data from DeFiLlama.
HYPE is currently 45% below its all-time high of $42.252. As the Layer 1 token enters price discovery, it moves towards $60.491, which is a 161.8% Fibonacci retracement of the rally from the December 10 low to the December 12 peak, as seen on the 4-hour price chart. likely to rise.
The relative strength index is 62 and is trending upward. Convergence-divergence of the moving average, an important momentum indicator, causes a flashing red histogram bar below the neutral line. However, traders should keep an eye on the MACD line as it is about to break above the signal line. This move could signal a change in underlying momentum from negative to positive.
HYPE/USDT 4-hour chart |Source: Crypto.news
HYPE could find support in the fair value gap between $20.250 and $20.600.
The Bitget token (BGB) competes with exchange tokens such as OKX’s OKB and Binance’s BNB. The token soared to an all-time high of $4.90 on Thursday, marking an increase of more than 520% in the past 12 months.
In December, BGB rose from $1.50 to its current high, representing a monthly increase of over 100%.
BGB technical indicators remain bullish, but traders should exercise caution before adding to BGB positions as the RSI is above 70, indicating that the token is overvalued.
BGB/USDT Daily Price Chart |Source: Crypto.news
If there is a correction, BGB could find support in the FVG zone between $3.1370 and $3.4125 on the daily chart.
Movement (MOVE) is a layer 2 network native token built on top of Ethereum to improve scalability and introduce advanced features to users. According to CoinGecko data, MOVE has risen nearly 25% in the past seven days.
Binance's MOVE/USDT 4-hour price chart shows two major zones for MOVE: a resistance zone from $0.8891 to $0.9038 and a support zone from $0.6509 to $0.6836. Technical indicators on MOVE’s price chart support the theory of further upside for the layer 2 token.
MOVE hit an all-time high of $1.4100 on December 10th after being listed on Binance. MOVE has since been fixed and started recovering on Wednesday.
MOVE/USDT 4-hour price chart |Source: Crypto.news
Derivatives traders start using altcoins
According to data from Coinglass, HYPE’s open interest has increased by nearly 75% in the past 24 hours. The token has increased in value and relevance among market participants over the past week. HyperLiquid's open interest is over $42 million.
Interestingly, BGB token seems to have lost its relevance among traders, with OI falling by 33.38% to $46.85 million. The long/short ratio is 0.8258, which is less than 1. This means there are more short positions than long positions and traders are likely to be bearish on the token.
Derivatives traders are bullish on MOVE, with excessive long positions on Binance and OKX with long/short ratios above 1. OI rose 18% to more than $101 million, according to Coinglass data.
MOVE futures open interest |Source: Coinglass
Strategic considerations
Bitcoin could face further correction by the end of 2024 if institutional flows into Bitcoin ETFs slow. A decline in BTC usually has a negative impact on all categories of altcoins and tokens.
Traders should be careful about increasing their long positions. As noted on Wednesday and Thursday of this week, the recent gains in tokens like HYPE, MOVE, and BGB could disappear in the event of a flash crash or market-wide catastrophe.
Bitcoin was above $97,000 on Friday, and a pullback above $100,000 could support an extended period of altcoin price growth.
Disclosure: This article does not represent investment advice. The content and materials published on this page are for educational purposes only.
