Analysis of Top Cryptocurrencies to Watch
The cryptocurrency market is expected to experience lower volumes during the holiday season. However, several trends are worth tracking, including the performance of Hyperliquid (HYPE), Horizen (ZEN), and Immutable X (IMX).
Hyperliquid (HYPE) Price Rally
Hyperliquid’s price has surged to a record high, reaching $35.18 on Sunday, up from the airdrop listing price of $11 on November 29. This represents a cumulative gain of almost 200%, with its market capitalization jumping to $9.2 billion and its fully diluted valuation to $33.7 billion. The strong market share in the decentralized perpetual trading industry is a significant factor contributing to Hyperliquid’s performance. According to DeFi Llama, Hyperliquid handled $52 billion in perpetual futures volume in the last seven days, outpacing Jupiter ($8.7 billion) and SynFutures ($6 billion).
The total value locked in Hyperliquid’s DeFi ecosystem has also peaked at $3.4 billion, up from $188 million in October. Technically, the HYPE price needs to rise above $34.8 to confirm the bullish breakout, which could lead to further gains, potentially reaching $40.
Horizen (ZEN) Surges to 2022 Highs
Horizen’s price has risen in the last four consecutive days, surging to its highest level since May 2022. The launch of Grayscale’s Horizen Trust and its listing on Gains Network, a decentralized derivatives trading platform, have contributed to the price increase. The final halving event on December 12 has also been a significant factor.
Technicals suggest more gains for Horizen, with the formation of a strong bottom at $6.30 and a rise above the important resistance level at $18. Further gains could see the price reach the 23.6% retracement level at $45, which is 53% above the current level.
Immutable X (IMX) Price Drops Ahead of Token Unlock
Immutable X’s price has suffered a harsh reversal, moving to its lowest level since November 21. The upcoming token unlock of over 24.5 million IMX tokens valued at over $33 million is likely to contribute to the price drop. According to CoinMarketCap, Immutable now has 1.69 billion IMX tokens in circulation, with the final unlock scheduled to occur in November 2025.
The IMX token has retreated below the major S&R pivot point of the Murrey Math Lines at $1.5625 and is approaching the ultimate support at $1.1720, which coincides with the ascending trendline that connects the lowest swing since August. This suggests that the coin will continue falling ahead of the unlock event on December 27.
Predictions
Based on the analysis, here are some predictions for the top cryptocurrencies to watch:
- Hyperliquid (HYPE): The price is expected to continue its bullish trend, potentially reaching $40 if it rises above $34.8.
- Horizen (ZEN): The price is likely to experience further gains, potentially reaching the 23.6% retracement level at $45.
- Immutable X (IMX): The price is expected to continue falling ahead of the token unlock event on December 27, potentially reaching the ultimate support at $1.1720.
Other top cryptocurrencies to watch include Ethena (ENA), Cardano (ADA), Optimism (OP), and Sui (SUI), which have upcoming token unlocks.
Key Points to Remember
- The cryptocurrency market is expected to experience lower volumes during the holiday season.
- Hyperliquid’s strong market share in the decentralized perpetual trading industry is a significant factor contributing to its performance.
- Horizen’s launch of Grayscale’s Horizen Trust and its listing on Gains Network have contributed to its price increase.
- Immutable X’s upcoming token unlock is likely to contribute to its price drop.
- Other top cryptocurrencies to watch include Ethena (ENA), Cardano (ADA), Optimism (OP), and Sui (SUI).
By understanding the trends and factors contributing to the performance of these top cryptocurrencies, investors can make informed decisions and potentially capitalize on the opportunities in the market.
