The current notable rebound in the crypto market can be largely attributed to the U.S. Federal Reserve’s announcement of unchanged interest rates. Both trading volume and market value have significantly increased as a result of this announcement. As a result, substantial price increases in major cryptocurrencies, such as Bitcoin (BTC), have been observed, indicating a general positive sentiment. This strong market trend is further supported by the promising tendency in the performance of various web3 coins, which will be discussed below.
Top Web3 Coins To Look Out For This December
Solana (SOL)
Recently, Solana (SOL) has seen a substantial increase in market share. Its total value locked (TVL) has increased by 80% from the previous month to the highest level since November 2022.
The price of Solana (SOL) has been fluctuating between $42.09 to $74.4. The 10-day moving average (M.A.) is at $71.17, while the 100-day moving average is at $38.88. This points to a strong upward short-term trend combined with a more gradual long-term trajectory. With its expanding TVL and strong participation in the DeFi and NFT sectors, Solana (SOL) has bright future potential.
Nonetheless, long-term stability is doubtful due to the market’s inherent volatility, even with the favorable short-term outlook.
Render (RNDR)
Render (RNDR) recently reached a yearly high. This rise is evidence of its robust market presence and growing investor interest.
The price of Render (RNDR) varies from $2.431 to $4.083. At $4.003, the 10-day moving average indicates a bullish short-term trend. In addition, with a 100-day moving average of $2.405, the trend is consistent over a longer time frame. Resistance levels are at $4.737 and $6.39, while support is at $1.432.
No doubt, its recent performance and annual high are indicative of Render’s future. Nonetheless, the erratic nature of the crypto market may provide obstacles to these encouraging developments; these levels of resistance suggest possible barriers to continued expansion.
Cardano (ADA)
Cardano (ADA) has seen a price increase of more than 70% in just two weeks. This remarkable rise is indicative of the growing confidence and interest of market players in Cardano (ADA).
Cardano (ADA) is currently trading between $0.443 and $0.696. The 100-day moving average is at $0.483, indicating consistent growth over a longer period, and the 10-day moving average is at $0.647, indicating an impressive recent performance.
Resistance levels are at $0.798 and $1.052, while support levels are at $0.038 and $0.291.
Nonetheless, Cardano (ADA) seems to have a bright future with its recent price and market interest spike. However, the erratic nature of the crypto market could become an obstacle to these gains. In particular, resistance levels may prevent Cardano (ADA) from growing further.
Takeaways
In the evolving landscape of Web3 coins, December unveils potential opportunities and challenges. Interestingly, Solana (SOL), Render (RNDR), and Cardano (ADA) all show unique characteristics that point to market patterns and investor interest. The underlying theme, nevertheless, continues to be the crypto market’s natural volatility, which necessitates cautious analysis in spite of positive outlooks.
