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Jimmy Aki
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Jimmy Aki
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Bitcoin’s price correction continued into a second day on Wednesday, briefly dipping below $93,600 the day prior.
Despite this setback, data indicates market participants actively buy the dips, looking at the best crypto to buy now.
Following a massive $26,000 surge in November that brought BTC close to the psychological $100,000 threshold, the current consolidation phase offers investors a chance to assess opportunities in the altcoin market.
The correction coincided with South Korean President Yoon Suk-yeol’s brief declaration of martial law, triggering $618.7 million in liquidations across the crypto market, including $85.8 million in Bitcoin and $61.5 million in Ethereum, according to CoinGlass data.
Despite the turbulence, altcoins such as Tron, Hyperliquid, and Mantle have demonstrated strong performances, solidifying their positions as some of the best crypto to buy now.
Tron (TRX): Breaking Resistance with Overbought Momentum
Tron, a decentralized blockchain platform launched in 2017, continues to establish itself in the dApp and smart contract ecosystem, directly competing with major players like Ethereum and Binance Smart Chain.
TRX surged by more than 65% in the last 24 hours and has rallied over 150% since early November, reaching an all-time high of $0.449 on December 3. TRX trades at $0.3782 as of writing.
Technically, the Relative Strength Index (RSI) for TRX hit 91, signaling overbought conditions, while the Moving Average Convergence Divergence (MACD) is also at record highs.
Notably, no bearish divergence has been detected, suggesting that further upward momentum could be possible.
A recent breakout above a descending resistance trend line that has constrained its price since 2018 marks a pivotal milestone for TRX.
Investors should closely watch the $0.40 support level for signs of consolidation before another potential rally.
Hyperliquid (HYPE): Riding Elliott Wave Patterns Toward New Highs
Hyperliquid, a decentralized finance platform focusing on perpetual futures trading, has stood out since its token generation event on November 29.
HYPE has surged over 400% since launch, including a 30% gain in the last 24 hours, pushing its price to $13.19 on December 4.
Hyperliquid’s market capitalization is approximately $4 billion, with daily trading volumes exceeding $270.63 million, making it a leading platform in decentralized perpetual swaps.
Its proof-of-stake consensus mechanism supports up to 200,000 transactions per second, while its deflationary tokenomics burn 26% of its supply annually, potentially driving scarcity and enhancing its appeal.
From a technical standpoint, HYPE appears to be in the third wave of a five-wave Elliott structure, with Fibonacci retracement analysis pointing to a potential target of $14.85.
Mantle (MNT): RSI and Optimistic Rollups Signal Room for Growth
Mantle (MNT) has also captured investor attention. As a Layer 2 scaling solution for Ethereum, Mantle leverages Optimistic Rollup technology to enhance transaction speed and reduce costs.
Its native token, MNT, saw a 16.91% gain in the last 24 hours, reaching $1.08 after nearly doubling its value since November’s start.
The Fear & Greed Index for Mantle markets reflects extreme optimism, with a reading of 84, suggesting a positive investor outlook.
Technical indicators such as the RSI, currently at 66.59, indicate room for further upside, making Mantle one of the best crypto to buy for investors seeking high-growth assets.
Better Alternatives and Market Outlook
Institutional interest in Bitcoin continues to rise, as highlighted by BlackRock’s Bitcoin ETF, which has 500,000 BTC in assets under management, valued at $48 billion.
This represents 2.38% of Bitcoin’s capped supply, underscoring growing institutional demand.
While Bitcoin consolidates below $100,000, the altcoin market shines with up-and-coming presale projects and growing adoption.
For investors seeking high-growth opportunities, Tron, Hyperliquid, and Mantle offer compelling value propositions backed by strong fundamentals.
Top 11 Cryptocurrencies to Watch in December 2024 Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
