Altcoins to watch in December 2023 – Optimism (OP) and BitTorrent (BTT)
Optimism (OP) and BitTorrent (BTT) stole the show today after surging 25% and 35%, respectively, over the past 24 hours. Meanwhile, the altcoins have demonstrated resilience, and more uptrends are likely impending.
Optimism (OP)
Optimism has been on the investor radar within the past few months following significant performances. For instance, it outperformed Ether in trading volume during late November sessions. Such developments helped the alt maintain upside price actions.
The latest price increase in OP emerged after the exchange Kraken launched Tether payments through Optimism FBD. The update saw the alt climbing beyond the resistance at $1.828 to hit $1.883. Despite slight downsides, OP recovered to explore levels above $2.
Kraken crypto exchange has added support for USDT on the Optimism network! pic.twitter.com/z3p7f3wuCy
— Sergii Peleh (@PelehSergii) December 7, 2023
The 24-hour chart shows OP broke through a climbing triangle setup – a bullish move. Also, the MACD suggests bull dominance. Nonetheless, the Relative Strength Index highlighted potential selling momentum as it dropped after hitting 70.
Optimism traded at $2.15 at press time. Its trading volume skyrocketed by 395% within the previous day to $709.5 million.
BitTorrent (BTT)
BTT token gained a massive recovery stance on December 6 following positive Tron-related developments. The updates catalyzed bullish price action for the altcoins. Tron purchased BitTorrent in 2018.
Meanwhile, the daily chart shows BTT printed a declining wedge pattern, though the recent Justin Sun hype likely contributed to the 24-hour price uptick.
BTT has broken its downward setup, leading to an over 115% 7-day surge. The RSI at 83 implies looming selling pressure. However, the MACD’s green histogram indicated bullishness.
BTT changed hands at $0.000001019 at press time.
Looming alt season
BitTorrent and Optimism will likely extend their gains as 2023 ends, considering the impending altcoin season. Analysts remain bullish about the market, forecasting continued price surges.
#Altcoin Season is far from Over 🚨
The Total market cap (excluding top 10) has broken out above $160 Billion and has flipped it into support.
Price is currently trading at $180 Billion & there is no major resistance until $360 Billion.
This means more Upside Incoming🤝 pic.twitter.com/owjukNdb0H
— Mags (@thescalpingpro) December 8, 2023
The market capitalization of all tokens, excluding the top 10, flipped the crucial $160 billion mark into support as it hovers at $180 billion. The next notable resistance stands at $360 billion, displaying a massive room for more upticks in the crypto world.
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