The cryptocurrency market has continued to hit new levels since the beginning of 2023 and most recently in the fourth quarter. This bullish outlook can be attributed to the mounting optimism around the beckoning approval of spot Bitcoin exchange-traded funds (ETFs).
Although most attention is on BTC, investors are also searching to identify the top altcoins to buy in December ahead of a much-anticipated New Year rally.
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Why Quant Tops The List of Top Altcoins To Buy
Investors eyeing the altcoin season could start piquing interest with Quant as it rallies 1.7% in 24 hours, on top of 34% in seven days, 25% in a fortnight, and a whopping 44% in the last month.
Although the trading is down 34% to $33 million, Quant’s market capitalization surged by another 1.56% to $1.7 trillion.
The initial breakout breakout from support at $84 in October allowed bulls to regain control over the trend. QNT holders increased their exposure as the price blasted above the dotted trendlines on the daily chart.
In that case, a break above the current resistance at $145 coinciding with the upper descending trendline could usher in a new bullish era, with Quant likely to test S/R at $160.
The Relative Strength Index (RSI) although overbought reinforces the bullish thesis at 72.
However, reclaiming support above $145 is crucial for the resumption of the uptrend while failure to do so might trigger a selloff as traders rush to secure their profits.
PancakeSwap Price Surges 10% To $3.75
After surging 65% in 30 days PancakeSwap is trading at $3.75 with its trading volume increasing by 17% to a whopping $357 million. Subsequently, an 11.55% pump in the market cap to $1 billion has secured CAKE as the 82nd largest crypto.
From the daily chart, there is a high probability CAKE will break above the upper descending trendline or the S/R at $4. The RSI backs the uptrend meaning that buyers have the upper hand.
Traders should also be on the lookout for a possible trend correction likely to stem from profit-booking activities, especially if PancakeSwap fails to reclaim support at $4.
An incoming golden crossover could trigger another buying spree accentuated by the growing optimism around the approval of a spot BTC ETF. This buy signal will manifest with the 20-week Exponential Moving Average (EMA) (in blue) crossing above the 50-week EMA (in red).
Bitcoin SV Price Set For A Bigger Breakout
Bitcoin SV is trading at $86 following a sharp 25% increase on the day not to mention the cumulative 90% surge over the last 30 days. The Bitcoin Cash (BCH) fork faces resistance at $92 but with the uptrend currently backed by multiple bullish signals, the path with the least resistance will likely remain to the upside.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish narrative. By breaking above the 200-week EMA (purple), Bitcoin SV may tap more liquidity while triggering the fear of missing out (FOMO) for gains above $100 and towards the next key at $200 coinciding with the 61.8% Fibonacci ratio.
The crossover between the 20-week EMA and the 50-week EMA could see BSV pump higher towards the all-time high at $477.
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