Here’s why cryptocurrency prices fell on Monday: Which altcoins could rise this week?
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Cryptocurrency markets are under selling pressure and Bitcoin ETF tokens, Meme Kombat and Injective Protocol are showing bullish signals.
Cryptocurrency prices experienced notable selling pressure on Monday, December 18th. Market leader Bitcoin fell 1.77%, while other prices such as Ethereum and Solana fell 1.76% and 4.55% respectively.
However, it indicates that some altcoins may not panic and face a strong week before Christmas. These tokens are Bitcoin ETF Token, Meme Kombat, and Injective Protocol.
Cryptocurrency prices fall and Bitcoin slows due to surge in fees
Bitcoin is currently trading at $41.1,000 after peaking at $44.6,000 earlier this month.
Bitcoin’s rally has undoubtedly been exciting, but it also shows signs of a potential market structural breakdown.
Analyst Crypto-ROD highlighted that Bitcoin has been forming a bearish divergence throughout the recent rally, suggesting that buyers are losing momentum.
A bearish divergence is a trend reversal signal where the price has made new highs but the RSI indicator has not.
As a result, Bitcoin fell below the important 4-hour support level, which also caused many altcoins to fall.
YouTuber Crypto Rover analyzed Bitcoin’s recent movements, highlighting that Bitcoin could return to $39.7K if it breaks the current $40.6K support level.
The analyst also highlighted that Bitcoin is forming a descending triangle, which is generally a bearish pattern.
“This pattern here is a very bearish pattern. To be honest, if Bitcoin actually falls below this level, I wouldn’t be surprised if Bitcoin makes a significant move in the downside direction.”
cryptocurrency rover
Another reason why cryptocurrency prices are falling is because fees for Bitcoin and other layer 1 networks have recently become expensive.
Bitcoin’s rise in transaction fees comes as interest in Bitcoin Oridanls grows on the blockchain. However, X user Beatyon emphasized that this is a serious problem for the network.
“The on-chain fee is $41.72. This means that anyone holding less than that amount will not be able to send it on-chain from their wallet. Assuming people actually want to spend Bitcoin, anyone with $30 on-chain in their wallet now has their Bitcoin “locked.”
X user Beatyon
Analysts outlined the risks of fee increases and the detrimental impact they could have on mainstream adoption.
Meanwhile, Ethereum fees topped $100 this weekend, with users complaining that the Avalanche network was becoming congested.
analyst Whale Wire Responding to Bitcoin fee hikes, “Historically, during market peaks, #Bitcoin has experienced spikes in transaction fees and network congestion.” According to this information, Bitcoin could be near the regional high.
Other analysts also believe that Bitcoin could have hit a 2024 high, with Michael van de Poppe predicting that Bitcoin could “sell off below $40,000 and then rise back toward highs and ETF approval.” I guessed it could be done.
Which altcoins could rise this week?
However, not all cryptocurrencies are ready for near-term weakness. Among the most bullish at the moment are the Bitcoin ETF token, Meme Kombat, and Injective Protocol.
Bitcoin ETF Token
Bitcoin ETF Token is a new pre-sale token that will reward holders once the Bitcoin ETF is accepted.
This cryptocurrency, unlike Bitcoin and other projects already on the market, remains pre-sold at a fixed price, so it hasn’t been pumped yet, so it could explode soon.
Given the market’s explosive trajectory in recent months, this could equate to a significant influx of liquidity once it is listed on an exchange.
One of the ways the Bitcoin ETF token rewards holders is a deflation mechanism, which allocates 25% of the total supply to be burned across five major ETF milestones, with a 5% burn tax reduced by 1% for each transaction.
Another important feature is staking, which allows holders to generate 62% APY. However, as the staking pool grows, this decreases, providing incentives for early buyers.
Lastly, the website boasts a Bitcoin ETF notification service that updates users directly with the latest Bitcoin news. It aims to foster an engaged and long-term community.
So far, $4.6 million has been raised through pre-sales in just over a month. However, market participants face one last buying opportunity with the pre-sale hard cap set at $5 million.
Visit Bitcoin ETF Token Presale
combat memes
Meme Kombat is a powerful combination of GambleFi utility token and Meme Coin. Analysts are backing it up 100-fold by blurring the lines between two of cryptocurrency’s most prominent trends.
The project allows users to wager on AI-generated battles between popular meme coin characters within an augmented battle arena.
Features elaborate game modes, staking with 239% APY, and doxxing teams. 100% of tokens will be distributed to the community.
According to the whitepaper, 50% of the tokens will be for pre-sale, 10% for DEX liquidity, 30% for staking and battle rewards, and 10% for community rewards.
Another benefit of $MK is that it boasts real utility that leads to consistent demand. This is achieved because users use tokens to gamble in battles.
Thousands of YouTubers and media outlets have come together to support this unique use case and powerful token economics.
Jacob Bury predicts that reason could increase tenfold, citing unique use cases and a mix of usefulness and viral potential.
Meanwhile, the MoneyExpress YouTube channel believes it could be a 100-fold increase, and top outlets like Finbold, BeInCrypto, and CrypotPotato have also endorsed it.
Investors can purchase Meme Kombat for $0.246. However, according to the quoted forecast, it could rise to $0.257 within three days.
Visit Meme Kombat Presale
injection protocol
In recent months, Injective Protocol has established itself as one of the best-performing altcoins, rising a whopping 2,000% this year.
However, these projects have continued to surge while the rest of the market has slumped, indicating tremendous potential when the market bounces back.
The current price of INJ is $32.11, up 7% in the last 24 hours and 40% this week.
It has a market capitalization of $2.6 billion and trading volume of $337 million, up 37% in the last 24 hours.
It recently ranked second on CoinMarketCap’s trends list, behind Bonk. Considering the viral nature of meme coins, this is a notable achievement, especially considering Injective’s solid fundamentals.
Injective Protocol is a layer 1 blockchain focused on definition and cross-chain interoperability.
So far, 374,176,284 on-chain transactions have been processed, with an average block time of 0.8 seconds. Plus, the average cost per transaction is less than $0.01.
The chain is also MEV strong and boasts a comprehensive DeFi application stack, allowing users to do everything from spot buying and selling to futures trading for Bitcoin and other assets on various blockchains.
As institutions move to find the best-equipped blockchains, a tunnel-vision focus on DeFi could present significant potential in the coming bull market.
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