Top Altcoins to Watch Next Week: Investors Shift Their Focus to Bonk (BONK), Injective (INJ), and Celestia (TIA).
The market has experienced significant selling pressure over the past week, especially after Bitcoin’s momentum weakened near $44,000. While Bitcoin continues to regain its previous momentum, several new altcoins have gained attention and recorded massive gains. This has somewhat surpassed major altcoins like Solana and Cardano, as Bonk, Injective, and Celestia are hitting new highs every day.
Altcoin season index hits highest level in 14 months
The altcoin seasonal index, an important market indicator, recently reached a notable high in 14 months. The index serves as a tool for investors and analysts to evaluate the performance of various altcoins compared to Bitcoin.
Currently the index is trading at 59 and has risen noticeably on December 7th. This increase was triggered by the decline in the value of Bitcoin, which led investors to shift their investments to altcoins. However, in this case, the surge in capital investment favored new altcoins that showed significant profits over existing altcoins. Additionally, lower inflation has led to stronger buying activity in the market.
Bonk (BONK) Price Analysis
Bonk price faced resistance around $0.000035 as sellers defended against further price increases, pushing the price towards the 23.6% Fib level. Nonetheless, there is a visible intention among investors to buy more during this price decline, defending the EMA20 level.
If the price bounces noticeably from the 20-day EMA, it would suggest that investors are actively buying during these lower price trends. If this trend continues, buyers may attempt to break the $0.000035 threshold once again. A successful effort in this regard could potentially lead to new highs in the BONK price next week.
Injection Type (INJ) Price Analysis
The price of the injectable drug recently hit an all-time high, exceeding $30. However, the price is struggling to maintain near EMA20 as recent bears reject $35. As of this writing, INJ is trading at $30.7, down more than 6.8% from yesterday’s exchange rate.
If buyers maintain upward momentum above EMA20, INJ price could potentially surge to $41-$42. An upward trend in the moving average suggests a favorable position for buyers despite increasing selling positions near resistance levels.
Celestia (TIA) Price Analysis
Celestia recently rebounded from its 20-day exponential moving average (EMA) price of $13.2. However, the bulls are struggling to push the price above $15.
The bears are currently attempting to push the price below the 20-day EMA. If successful, there is a possibility of an adjustment to balance supply and demand, potentially leading the price to consolidate above $10.
Both moving averages are currently trending upward and the Relative Strength Index (RSI) is in positive territory, suggesting that buyers have the upper hand. A breakout of the channel pattern will push the price towards new highs in the coming week.