After the shock of the FTX collapse that has shaken the very foundations of the cryptocurrency market, things are finally starting to look up for many digital assets, with some tokens leading the charge in stoking a new wave of bullish optimism heading into December.
Taking into account the price movements and relevant factors that could make or break cryptocurrencies, there are several decentralized finance (DeFi) tokens to watch for during the concluding month of 2022.
As it happens, the most noteworthy crypto coin for December this year is Bitcoin (BTC), the flagship asset that has recently demonstrated a long-awaited move out of the bearish trading pattern and toward a bullish November close as it tries to break the crucial level at $17,000.
At press time, the maiden crypto is changing hands at the price of $16,844.60, up 2.45% over the previous 24 hours, as well as 2.37% during the week, minimizing its summed-up monthly losses of 17.27%.
That said, Bitcoin’s technical analysis (TA) on 1-day gauges is still undecided, with its summary in a ‘neutral’ zone at 10, based on moving averages (MA) supporting ‘sell’ at 9, but oscillators suggesting ‘buy’ at 2.
Upon detailed observation of Ethereum (ETH), it becomes clear that the second-largest crypto by market capitalization is showing signs of strength as well, already flipping the key $1,150 level and breaking out above $1,225, with the possibility of rushing toward $1,550 as the price rise meets a spike in user activity.
Currently, Ethereum is trading at the price of $1,266.08, recording a 4.44% gain on the day and 8.67% compared to the previous seven days, recovering from the 18.84% loss on its monthly chart.
Like Bitcoin’s, technical indicators for Ethereum can also be summarized as ‘neutral’ at 10, as its moving averages gauge also points to ‘neutral’ at 1 (with both ‘sell’ and ‘buy’ at 7), but oscillators are in the ‘buy’ zone at 2.
Meanwhile, Fantom (FTM) stands out as the leader in both 24-hour and 7-day gains among the top 100 cryptocurrencies, recording double-digit increases on both charts, thanks to the positive financial information relating to its network, as published by its developer André Cronje.
Indeed, Fantom is now changing hands at the price of $0.2361, demonstrating a growth of 10.08% over the previous day and as much as 31.89% during the week, while its monthly losses are minimal and stand at 2.33%.
At the same time, technical indicators for Fantom are positive, with the 1-day summary firmly in the ‘buy’ area at 13, thanks to moving averages indicating a ‘strong buy’ at 11 and oscillators being in ‘neutral’ at 8.
As it awaits the summary judgement in the legal battle between its issuer, Ripple, and the United States Securities and Exchange Commission (SEC), which many in the community will be in favour of the blockchain company, XRP is also enjoying optimism and a price increase.
Despite the announcement that crypto exchange Coinbase is ending the wallet support for it, XRP is recording an increase of 2.42% on the day and 6.97% across the previous week, currently trading at $0.4009, which alleviates its monthly decline of 11.16%.
Similarly as with Bitcoin and Ethereum, the summary of XRP’s technical analysis is also indecisive as it stands in ‘neutral’ at 10 due to oscillators indicating ‘buy’ at 2, but moving averages demonstrating ‘neutral’ at 1, while its ‘sell’ and ‘buy’ indicators both stand at 7.
Finally, meme cryptocurrency Dogecoin (DOGE) is also riding the green wave, inspired by the upcoming launch of the DOGE-1 lunar satellite, the rumor that Ethereum co-founder Vitalik Buterin and Tesla (NASDAQ: TSLA) CEO Elon Musk are planning to upgrade DOGE together, as well as the fact that over 60% of its holders remain in profit.
At the time of publication, the price of Dogecoin stood at $0.1042, indicating an increase of 2.71% over the previous day and a solid 29.38% push over the week, as it recoils from the 14.78% hit it suffered during the last 30 days.
In the meantime, DOGE’s technical analysis is the most optimistic among all the listed cryptos, its 1-day summary gauge displaying the ‘buy’ signal at 15, based on oscillators pointing at ‘buy’ at 2, while moving averages are decidedly in the ‘strong buy’ zone at 13.
In general, the cryptocurrencies that have stood out in their price action recently are the main drivers of the current crypto market that has long been under the pressure of unfavourable macroeconomic factors and are certainly worth keeping an eye on as 2022 draws to a close.
To know more about currently solid coins, be sure to read our ‘Best Crypto to Buy Now‘ guide.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.