On the Radar – Coins to Watch – Christmas Edition

While some altcoins have been outperforming the market this week, such as Helium +55% (HNT), Sei +46% (SEI) and Stacks +43% (STX) the majority of the market has been range-bound and choppy. 

As we approach the holiday period, only few economic events are left on the calendar to drive volatility. 

As a reminder, we saw a sentiment shift from the US Federal Reserve that rate drops are planned for 2024. However, there is no current roadmap. This is a hallmark moment, as reducing interest rates will be very bullish for on-risk markets like crypto. 

On Thursday at 11:30 pm AEST, the final US GDP reading will be released, and on Friday at 11:30 pm AEST, we will see US Personal Consumption Expenditures (PCE) data land, a primary measure of inflation in the US economy. Volatility could be anticipated for both releases. 

Bitcoin – BTC

No major movies on Bitcoin since our last update, with price at the same point and sitting in the same range.

Ideally, for the Santa Claus rally to materialise for Altcoins, we want to see Bitcoin continue to climb or go sideways. Any major fall here can be catastrophic for Altcoins. We’ve seen recently how a -5% move on BTC can result in a -30% move on some low cap assets. 

Solana – SOL

Solana has continued to shine in recent weeks and is at a key technical level. If this week were to close around where it is currently, we would have successfully broken an ascending channel running from the bottom of the bear market. Breaks like this on a weekly timeframe often set up the next big move, which could be price discovery for SOL in 2024.  

Above price, we have a few key Fibonacci levels where profit-taking may occur, which may be overdue as Solana has seen only 4 red weeks since September. 

This could occur anywhere between $104 and $206 USD. Understandably, this is a big window, but we can find some confluence at $142 USD, the monthly high before the bear market took charge. This key monthly high could be a target for swing traders and investors. 

Bonk Inu – BONK

While there has been lots of hype around BONK and the notable exchange listings on Coinbase and Binance, BONK has also been consolidating. This is a speculative meme coin and that should be taken into account if you are looking to take a position. We’ve seen historically how hard these coins can ascend and descend. 

Currently, BONK is attempting to break again its current descending wedge. From here we want to see price stabilise to prepare for a swing back to the highs and beyond. The move from the current price back towards the highs is approximately a 60% move. 

However, there is a key daily support area further below. We can’t rule out the chance it may fail this breakout and track lower. Losing this daily support area in grey could spell big trouble for BONK as well.