Top Altcoins to Watch in December: Terra Luna Classic (LUNC), Dogecoin (DOGE), and Solana (SOL) Prices in Bullish Mode
November was a positive month for the market as ‘Uptober’ continued its resurgence. This momentum has propelled Bitcoin and altcoins to new highs in 2023. Despite some downside volatility later in the month, traders are optimistic about potential gains as December approaches. Altcoins such as Terra Luna Classic (LUNC), Dogecoin (DOGE), and Solana (SOL) are set to hit new highs due to the impact of the upcoming Bitcoin halving event and the possible approval of spot exchange-traded funds (ETFs).
Altcoins rule alongside Bitcoin
Bitcoin has recently surged amid mixed signals from Federal Reserve officials regarding U.S. interest rates, and altcoins are also rebounding. Bitcoin declined slightly to $38,500, but investors shifted from Bitcoin to altcoins during the recession, causing altcoin prices to surge. Federal Reserve President Michelle Bauman has called for further rate hikes to raise the inflation target to 2%, while Governor Christopher Waller has expressed confidence in current rates pending further data.
The altcoin season index has increased significantly recently, reaching a high of 43. This is well above Bitcoin’s dominant level of 25, indicating that the altcoin is poised to outperform Bitcoin in December.
Terra Luna Classic (LUNC) price analysis
In the past 30 days, the price of LUNC has surged nearly 80%. LUNC is hovering above the 20-day EMA but is headed for a correction. If the bears pull LUNC below the moving average, the price could test buyers’ patience at $0.000068. However, a bounce would push the price towards resistance at $0.000143.
Further accumulation above the immediate resistance channel will push the price towards $0.0002. For reference, a successful rebound of $0.000068 would set up a bullish scenario for LUNC in December.
Dogecoin (DOGE) Price Analysis
Dogecoin continues to find support at the 20-day exponential moving average (EMA) at a price of $0.08. This trend suggests active buying at lower price levels.
An upward trajectory of the moving averages and the Relative Strength Index (RSI) in positive territory indicate a higher possibility of price appreciation. Buyers are pushing the price to break the $0.087 resistance. If the price stays above this level, it may consolidate around $0.1.
However, a drop below $0.07 would indicate a bearish trend in December DOGE and test support at $0.061.
Solana (SOL) Price Analysis
Solana rebounded from $53, signaling continued positive market sentiment. Buyers are now targeting a break above $62 to trigger December strength.
A successful break above $62 could push SOL to highs of $70. Overcoming this level is important for bulls to nullify the head-shoulders pattern, which is traditionally a bearish indicator. An invalidation of this pattern could be a bullish signal and potentially trigger a significant price rally towards $94.
Conversely, $51 is an important support level. A drop below this level could trigger a broader correction, potentially sending the price down to the sideways range of $39-$43.