HYPE, Horizen, IMX: Top cryptocurrencies to watch this week

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As a seasoned researcher with over a decade of experience in the crypto market, I must say that this week promises some intriguing developments for our beloved digital assets. The holiday season might slow down the overall volumes, but it certainly doesn’t diminish the excitement of tracking emerging trends.

This week, the crypto industry will likely experience lower volumes amid the holiday season.

Still, there are plenty of trends to track. Here are some of the top cryptocurrencies to watch this week.

Hyperliquid price rally gains steam

Hyperliquid (HYPE), which airdropped on Nov. 29, surged to a record high this week.

On Sunday, it peaked at $35.18, marking an increase from its initial listing price during the airdrop of $11. This boosted its total returns to nearly 200%. Its market capitalization surged to $9.2 billion, while its fully diluted evaluation reached a staggering $33.7 billion.

It’s probable that Hyperliquid’s impressive performance is due to its substantial dominance within the decentralized perpetual trading sector. According to DeFi Llama’s data, Hyperliquid managed a staggering $52 billion in perpetual futures volume over the last week. This figure far surpasses that of Jupiter, the second-largest competitor in the industry, which handled $8.7 billion, and SynFutures, processing $6 billion during the same period.

The overall worth tied up within Hyperliquid’s DeFi system reached a maximum of $3.4 billion, marking a significant increase from its value of $188 million back in October.

From an analytical perspective, for a bullish breakout in HYPE to be confirmed, I’d need to observe the price surpassing the $34.8 mark. This price point represents not only its all-time high but also the upper boundary of the ascending triangle pattern we’ve been tracking. Should the price breach this level, it would signal further potential gains, potentially even reaching $40.

Hyperliquid was launched by Jeff Yan, the founder of Chameleon Trading.

Horizen surges to 2022 highs

This week, the focus is likely to shift towards Horizen (ZEN), a privacy-centric cryptocurrency that’s been on an upward trend. Over the past four days, it has seen a rise, reaching its peak price level since May 2022.

The value of ZEN tokens increased due to Grayscale’s introduction of a Horizen Trust, enabling investors to invest in the digital coin. Additionally, it got listed on Gains Network, a trading platform for derivatives that operates on the Polygon blockchain.

Investors cheered its final halving event on Dec. 12.

Based on technical analysis, Horizen’s price may continue to increase as it has formed a robust base at $6.30. It has surpassed a significant resistance level at $18, marking its highest peak on March 11. Further growth could potentially push the price up to approximately $45, representing a 53% rise from the current value and corresponding to the 23.6% Fibonacci retracement level.

Horizen, originally known as ZenCash, was founded by Rob Viglione and Rolf Versluis in 2017.

Immutable X price drops ahead of token unlock

This week’s third-ranked cryptocurrency is Immutable X (IMX). Unfortunately, the value of its token has experienced a significant decline and reached its lowest point since November 21st.

This week, blockchain firm Immutable, headquartered in Sydney, Australia, is set to draw attention as it releases more than 24.5 million IMX tokens worth over $33 million. These releases are part of the company’s token economy strategy, which involves a similar number of coins being made available for sale each month.

Currently, there are approximately 1.69 billion IMX tokens in circulation out of a total supply of 2 billion. As per CoinMarketCap, the remaining tokens will be released by November 2025.

The IMX token, a Layer 2 Ethereum solution for NFTs and gaming, has dipped below its significant support level of $1.5625 as determined by Murray Math Lines. This drop brings it close to its key support at $1.1720, which aligns with an ascending trendline from the lowest swing since August. Consequently, it seems likely that the token will continue decreasing before the unlock event on December 27th.

Immutable X was founded by James Ferguson, Robbie Ferguson, and Alex Connolly in 2018.

Other top cryptocurrencies to watch

Upcoming token unlocks include Ethena (ENA), Cardano (ADA), Optimism (OP), and Sui (SUI).

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2024-12-22 19:02