Crypto assets are in a more positive state today. The total crypto market cap has increased by 5.1% in the last 24 hours, moving the value to $1.69 trillion. After a retracement scare in the last few days, the market has recovered impressively, with Bitcoin leading the rally.
BTC has rebounded to trade above $43,000 as the buyers re-enter the market after a profit-taking phase. As BTC records impressive gains, some altcoins have performed better today, December 14, based on developments within their ecosystem
These altcoins include BONK, INJ, and HNT, driven by massive support from members of their community. More facts on their possible price action and exciting ecosystem developments are outlined below.
BONK (BONK) – The Memecoin Of The Solana Ecosystem
BONK’s price at 8:04 a.m. EST is $0.000015, with a 51.4% increase in the past 24 hours confirming strong pressure from the buyers. Also, BONK’s 24-hour gains are close to its seven-day gains of 66.7%.
BONK has continued to record amazing progress in its ecosystem with more innovative developments.
One of the new developments introduced is the Bonkbot. With this development, users can trade with ease using the Bonkbot on their Telegram. Secondly, BONK is celebrating the 12 Days of Bonkmas to mark the Christmas season in style.
On the third day of BONKmas, my true dog gave to me: BONKbot! 🎅🏽🐕
Trade with ease using BONKbot on Telegram. This BONKmas, discover how BONKbot simplifies trading and managing your positions.🤖👇🏼 pic.twitter.com/ar0eW9U6Y5
— Bonk! (@bonk_inu) December 14, 2023
The 12 Days of Bonkmas celebrates the first anniversary of BONK partners and its products. Also, there is a special reward program for qualified users. All eligible wallets must have held a minimum of 1 million $BONK during the stealth snapshot taken on November 30.
This event will likely attract more users to the ecosystem. According to the developers, BONK has become relevant to the Solana ecosystem as a social layer and utility token.
With over 680,000 holders and 300+ partners, it brings positivity to the Solana ecosystem, with BONK tokens rising in value.
Thirdly, BONK was recently listed on the Coinone exchange, which boosts its value and exposes it to more users. These developments are leading to price gains for BONK and also boosting the Solana ecosystem.
As such, on the daily chart, BONK shows strong pressure from the buyers as it attempts to claim higher highs.
BONK Rally Continues. What’s next for the Memecoin?
BONK suffered a decline between December 11 and 12, forming two consecutive red candles on the daily chart. However, the buyers regained control on December 13, attempting to break above the $0.0000129 resistance level.
Eventually, the buyers rallied above the $0.0000129 price level today and are attempting to overcome the $0.0000147 resistance.
Secondly, BONK is trading above the Parabolic SAR indicator, which is a bullish sentiment hinting at a further price increase. Additionally, the Relative Strength Index (RSI) is in the overbought region above 70, displaying a value of 77.71.
Also, the RSI indicator is rising, suggesting that the buyers are not done yet and will continue to mount pressure on the $0.0000147 resistance level. Therefore, BONK will likely break above the $0,0000147 price level in the coming days to record higher highs.
Injective (INJ) – The Financial Solution Blockchain That Works
At 8:06 a.m. EST, INJ’s price is $31.37, with a 25.0% price increase in the last 24 hours. Also, it has gained 85.4% in the last seven days as the bulls continue to exert their dominance.
The Injective ecosystem recorded massive improvements and developments in the past week.
🥷 Another action-packed week in the @Injective_ ecosystem!
Let’s uncover the latest milestones and integrations that are shaping our ninja journey. 🌌🚀#INJ $INJ #Injective pic.twitter.com/d9FHI9j12R
— INJ Hub 🥷 (@Injective_Hub) December 13, 2023
So we’re not surprised with the price gains today. For instance, Injective is now part of BigQuery, partnering with Google Cloud to make on-chain data more accessible.
Notably, the INJ Name Service has exceeded 3,000 registrations, showing rising interest in acquiring domain names from community members.
Additionally, Injective recorded over 350 million on-chain transactions, which is an impressive number. Further, the Injective ecosystem attained an impressive staking milestone as over 1 billion INJ tokens have been staked.
Another development in Injective is the integration of Ledger, enabling the staking and holding of INJ tokens through Ledger Live.
In addition, auctions and token burns are ongoing for INJ tokens, which boost their overall value. To show the effect of these ongoing activities, INJ shows signs of a strong rally on the daily chart as the buyers continue to accumulate the tokens.
INJ Enters Uptrend: Will It Rally to $31.10?
INJ has sustained its uptrend between December 10-14 as more buyers continue to accumulate the tokens. The coin has formed higher highs on the daily chart, flipping the $29.29 resistance level to support.
The spike in INJ’s value in the past week confirms that the buyers are in control of its price.
Currently, INJ is testing the $31.10 resistance level, and a break above it will likely send the asset to trade at $32. Its RSI indicator is in the overbought region with a value of 84.09 and is still rising, hinting at a further increase that could push the indicator close to 90.
Also, the Moving Average Convergence/Divergence (MACD) indicator is above its signal line, another strong buy signal. This signal is confirmed by the green Histogram bars that confirm the buyers’ control.
Based on these indicators, INJ will likely rise to $32 in the coming days if the buyers prevail.
However, since it is already overbought, traders must watch the RSI indicator for signs of a possible retracement.
Helium (HNT) – The Blockchain Network For Internet-of-Things Devices
HNT’s price is $6.29 at 8:10 a.m. EST, with a 33.0% increase in the last 24 hours. Also, HNT has gained 26.8% in the last seven days. In a bid to give back to its community, Helium is hosting a designer contest for Helium merchandise. This is likely driving more buyers to the ecosystem.
📣 Step into swag mode! Create a Helium-themed design for a chance to win! 🎨
Have a creative design idea for a Helium t-shirt? Show off your skills and unique Helium-inspired swag drawings by submitting a sketch for a chance to win a $350 Helium gift pack! 🎁 🧵
— Helium🎈 (@helium) December 13, 2023
Users can submit a sketch of their designs for a chance to win a $350 Helium gift pack. The community will pick the winner with a vote from the Helium Governance. Also, the winning design will be made available for Helium community members to purchase. Today, HNT has posted impressive gains on its chart as more buyers adopt the tokens based on their utility.
HNT Breaks Above $6, Will the Buyers Sustain The Uptrend?
HNT buyers have rallied in the past three days to overcome the brief decline on December 11. The price broke above the $5.32 resistance level, and the upper wick of today’s candle is testing the $6.17 price level.
This suggests that the buyers are still active and forcing HNT to higher highs.
In addition, HNT is trading close to the upper band of the Donchian Channel (DC), which is a strong bullish signal. This indicator suggests a further price increase for the token.
Also, the RSI indicator is in the overbought zone and still rising with a value of 76.49.
If the RSI continues to rise, the HNT will likely record further price increases in the coming days. However, if it retraces below 70, then a rejection has occurred at the $6.17 resistance level, limiting its price gains.
For now, HNT looks bullish and may likely continue the uptrend in the coming days.
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Conclusion
The crypto market shows signs of improvement today as Bitcoin returns to $43,000. While the retracement offered new buyers a chance to re-enter the market, it still proves that cryptocurrencies can be quite volatile.
Therefore, proper research combined with risk management is required before making any crypto investment. Alternatively, investors can consider presale tokens to diversify their portfolios.
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