Altcoin Season Heats Up 3 Underappreciated Cryptos Gaining Momentum

December 03, 2024 11:24 PM AEDT | By Team Kalkine Media

Altcoin Season Heats Up 3 Underappreciated Cryptos Gaining Momentum — Image source: Shutterstock

Monero (XMR) A Hidden Gem in Accumulation

Monero (XMR), a leading privacy-focused cryptocurrency, has remained relatively stagnant despite the recent rally in the broader crypto market. Trading within a tight range of $125.73 and $180, Monero’s price action has been quiet, with the coin largely missing the ongoing bull run led by Bitcoin. However, this calm period may suggest that Monero is undergoing an accumulation phase.

The decrease in volatility, as indicated by the Average True Range (ATR), suggests that Monero could be gearing up for a significant upward move. Should the coin rise above its key resistance level at $180, it could pave the way for a test of the $290 level, which would represent a 68% increase from its current price. This potential move would further solidify the growing interest in privacy-centric altcoins as the market heats up.

Arweave (AR) A Strong Comeback on the Horizon

Arweave (AR), a decentralized data storage platform, is another altcoin showing renewed momentum. The price of Arweave has surged from a low of $12.4 in November to a high of $24, signaling a shift in market sentiment. The coin recently broke above its key resistance level at $24.5, which had previously been a barrier in September. This breakout has been accompanied by bullish signals from technical indicators such as the MACD and RSI.

Arweave's rise above the 50-day and 200-day Exponential Moving Averages (EMA) further supports the case for a potential rally. With a 50% retracement level in sight, the coin’s next major resistance point lies at the year-to-date high of $50, representing a potential 100% gain from its current price. This resurgence could position Arweave as a strong contender in the growing decentralized storage market.

Limewire (LMWR) Rebounding with AI Integration

Limewire (LMWR), a crypto project focused on the file storage industry, is another altcoin showing signs of recovery. Recently, the Limewire token formed a double-bottom pattern around $0.1047, a technical signal often associated with a reversal in price trends. Since then, it has bounced back, breaking through key resistance at $0.30, its highest point in April.

Limewire’s integration of artificial intelligence technology alongside its core file storage features has enhanced its appeal, particularly in the rapidly expanding AI sector. If the price continues to gain traction, the next key resistance point could be the 23.6% retracement level at $0.5435, a 52% increase from its current price. A further breakout could see Limewire reach the 50% retracement level of $0.9795, representing a potential 173% increase.

Altcoin Season in Full Swing

As the Altcoin Season Index continues to climb, coins like Monero, Arweave, and Limewire are emerging from the shadows of their past underperformance. These altcoins, each with unique value propositions, are beginning to capture the attention of market participants seeking new opportunities. The next few months could bring significant price movements as these cryptocurrencies capitalize on the growing market interest and the ongoing altcoin rally.

For those tracking the rise of lesser-known altcoins, the resurgence of these coins is a reminder of the cyclical nature of the crypto market and the potential for overlooked projects to shine as altcoin season unfolds.

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