The crypto scene has calmed down a bit after its rally since mid-October, with Bitcoin’s price just managing to stay over $41,000 as of Monday. The downturn began early last week, but there was a brief resurgence on Wednesday when the Federal Reserve hinted at three rate cuts in 2024. However, this recovery was short-lived, and the market dipped again, except for a few standout altcoins worth considering on December 18, such as Bonk (BONK), Celestia (TIA), and Internet Computer (ICP).
Bonk Emerges as a Top Choice for December
Bonk, a meme coin on the Solana blockchain, saw a dramatic surge last week. Its value jumped by 640% in a month, 240% in two weeks, and 70% in a week. Investors flocked to the coin, pushing its price to $0.000035. This uptick is part of a longer upward trend that started in October.
Bonk gained even more attention when two major crypto exchanges, Coinbase and Binance, added it to their platforms. Despite the general downturn in the crypto market, Bonk’s price remains high, close to its all-time peak.
Investors are now eyeing support areas for Bonk, especially around the 20-day Exponential Moving Average (EMA) at $0.00001343. If the price dips, the 50-day EMA at $0.00000829 could offer a buying opportunity, with hopes for another price surge to new highs.
Celestia: A New Crypto with Upward Potential
Celestia, a new blockchain project, has managed to maintain an upward trend for nearly two months despite a recent 12% drop. It’s currently trading at $12, having rebounded from $11.45. For the upward trend to continue, it must overcome the immediate resistance at the 50 EMA of $12.20.
There’s a cautious outlook for Celestia, as the Moving Average Convergence Divergence (MACD) indicator signals a potential short. However, if Celestia can break through the $14 resistance, it could aim for $20. On the flip side, a fall below $11.45 might lead to a decline to $10 or even $8.
Internet Computer (ICP): Gearing Up for the Next Surge
Internet Computer has been one of December’s standout altcoins, gaining 118% since the start of the month. Its price has been surprisingly stable, buoyed by strong market interest.
After hitting a snag at $11 last week, ICP’s price dropped but found support around the 20-EMA. Currently trading at $9.85, it’s crucial for ICP to maintain this support level to avoid a sell-off.
The MACD indicates a bearish trend, suggesting the recovery might be slow and potentially leading to another price dip. However, this could also signal a buying opportunity for investors, potentially reigniting the uptrend with resistance at $11.
