During the holiday season, the crypto markets, like traditional financial markets, are often bullish due to increased liquidity, positive sentiment, and traders preparing for a year-end sprint. While Christmas-themed tokens may increase in value during this period, the focus is on altcoins with strong momentum.
BeInCrypto has analyzed three altcoins that may experience a 'Santa' rally in the coming week.
MYX Finance (MYX)
MYX Finance announced that a possible catalyst is coming after the confirmation that MYX V2 has been in development for months. A launch around Christmas or New Year's Eve seems likely. Due to historically positive market conditions during this period, interest in MYX may increase and volatility may rise.
The MYX token has been in an upward trend for more than six weeks, with momentum getting stronger. The price is now around $3.55. With more optimism, the price could rise above $3.71. A breakout could push MYX towards $4.00, the highest point in about two months.
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Technical indicators indicate opportunities for a rise. The Relative Strength Index remains in bullish territory, indicating ongoing demand. However, an overbought value may lead to profit-taking.
If selling pressure increases, MYX could drop back to $3.00 or lower, invalidating the bullish expectation.
Memecore (M)
Memecore has risen by 25% this week, after recovering from losses at the end of November. This recovery shows that short-term momentum is improving. If buying pressure continues, the altcoin may test the $2.00 level, indicating a broader recovery period supported by new interest from investors.
Technical indicators support the positive scenario. The Parabolic SAR confirms an active upward trend. Christmas events may create additional demand. Memecore needs to break the resistance at $1.88 to rise above $2.00. A breakout could push the price towards $2.12, strengthening the bullish momentum.
The risks of a decline remain if sentiment turns. Selling pressure could bring M below the recent level, towards the support at $1.42. A drop to this zone invalidates the bullish expectation and could damage confidence in the market.
Mantle (MNT)
Mantle is performing better than many major altcoins despite the volatility in the overall market. MNT has risen 15% this week and is trading around $1.28. This shows short-term strength as investors choose coins that provide good resistance in an uncertain crypto market.
The on-balance volume has risen in recent sessions, indicating more buying interest. This shift could support a bullish reversal or a short recovery rally. If momentum continues, MNT could rise above $1.34. If successful, the path to $1.50 in the short term is open.
Risks remain if buying pressure decreases. If it fails to break the resistance at $1.34, the rally may stop. MNT may then consolidate or fall back to $1.30. A drop below that level invalidates the bullish expectation and may lead to a sideways or bearish price trend.
