This week, the cryptocurrency market is expected to see a decline in trading volumes due to the holiday season. However, several key trends remain worth monitoring. Here’s a look at some of the prominent cryptocurrencies to keep an eye on this week.
Hyperliquid Price Surge Gains Momentum
Hyperliquid (HYPE) has made headlines this week, experiencing a significant price increase since its airdrop on November 29. The token reached an all-time high of $35.18 on Sunday, soaring from its initial listing price of $11 and marking an impressive rise of nearly 200%. With a market capitalization of $9.2 billion, its fully diluted valuation has climbed to $33.7 billion. This surge can be attributed to Hyperliquid’s robust presence in the decentralized perpetual trading sector. According to data from DeFi Llama, Hyperliquid processed a staggering $52 billion in perpetual futures volume over the past week, outpacing its closest competitor, Jupiter, which recorded $8.7 billion, and SynFutures with $6 billion. Additionally, the total value locked within Hyperliquid’s DeFi ecosystem has skyrocketed to $3.4 billion, a significant increase from $188 million in October. For HYPE to confirm its bullish trend, it must break above the resistance level of $34.8, representing both its all-time high and the upper boundary of an ascending triangle pattern. A breakthrough at this point could potentially push the price toward $40.
Horizen Experiences Remarkable Growth
Horizen (ZEN) is also drawing attention this week, as the privacy-oriented token continues its upward trajectory. It has experienced four consecutive days of gains, reaching its highest price since May 2022. The recent price increase can be attributed to Grayscale’s introduction of a Horizen Trust, enabling investors to gain exposure to the token. In addition, ZEN has been listed on Gains Network, a decentralized trading platform operating on the Polygon network. Investors are also optimistic about the upcoming halving event scheduled for December 12. Technical analysis suggests that there is potential for further price appreciation, as ZEN has established a solid support level at $6.30 and has surpassed a key resistance mark at $18, which was its peak on March 11. Should the upward momentum continue, the price could reach the 23.6% retracement level at $45, a 53% increase from its current standing.
Immutable X Faces Price Decline Ahead of Token Unlock
Immutable X (IMX) rounds out this week’s spotlight on cryptocurrencies, although it is currently experiencing a downward trend, reaching its lowest price point since November 21. The Australian blockchain company, Immutable, is set to unlock over 24.5 million IMX tokens, valued at more than $33 million. These unlocks are a standard part of Immutable’s tokenomics, which typically sees a similar quantity of tokens released each month. Presently, there are 1.69 billion IMX tokens in circulation out of a total supply cap of 2 billion, with the final unlock scheduled for November 2025. The IMX token, which serves as an Ethereum Layer 2 solution for NFTs and gaming, has fallen below the significant support and resistance level identified by the Murrey Math Lines at $1.5625. It is approaching critical support at $1.1720, aligning with an ascending trendline formed by the lowest price swings since August. Consequently, it appears likely that the token may continue its decline as the unlock event on December 27 approaches.
Other Notable Cryptocurrencies to Monitor
Other cryptocurrencies to watch for upcoming token unlocks include Ethena (ENA), Cardano (ADA), Optimism (OP), and Sui (SUI).
