🌎 Top Crypto Trends to Watch This Week

This week, the crypto market is expected to experience lower volumes due to the holiday season. However, there are several key trends to monitor, particularly in the performance of top cryptocurrencies. Here’s a rundown of the coins to watch this week.

Hyperliquid Price Rally Gains Steam

Hyperliquid, which airdropped on November 29, has surged to a record high this week. On Sunday, it hit a high of $35.18, up from the airdrop listing price of $11, bringing its cumulative gains to almost 200%. Its market cap has jumped to $9.2 billion, and its fully diluted valuation to $33.7 billion.

Hyperliquid’s strong market share in the decentralized perpetual trading industry is likely driving its performance.

Data shows that Hyperliquid handled perpetual futures volume of $52 billion in the last seven days, significantly outpacing its competitors.

From a technical standpoint, the HYPE price needs to rise above $34.8 to confirm the bullish breakout. This price is both its all-time high and the upper side of the ascending triangle pattern. A move above that level will point to more gains — possibly to $40.

Horizen Surges to 2022 Highs

Horizen price will be in the spotlight this week as the privacy-focused token continues soaring. It has risen in the last four consecutive days and surged to its highest level since May 2022.

The ZEN token jumped due to several positive developments, including the launch of a Horizen Trust by Grayscale, which will give investors access to the coin. It was also listed on Gains Network, a decentralized derivatives trading platform built on the Polygon network. Additionally, investors cheered its final halving event on December 12.

Technicals point to more Horizen price gains since it formed a strong bottom at $6.30. It has risen above the important resistance level at $18, its highest swing on March 11. More gains could see it rise to the 23.6% retracement level at $45, which is 53% above the current level.

Immutable X Price Drops Ahead of Token Unlock

The Immutable X price has suffered a harsh reversal and moved to its lowest level since November 21. The token’s price drop is likely due to the upcoming unlock of over 24.5 million IMX tokens valued at over $33 million.

Immutable now has 1.69 billion IMX tokens in circulation against a supply cap of 2 billion. According to market data, the final unlock will happen in November 2025. The IMX token, the Ethereum Layer 2 solution for NFTs and gaming, has retreated below the major S&R pivot point of the Murrey Math Lines at $1.5625. It is now approaching the ultimate support at $1.1720, which coincides with the ascending trendline that connects the lowest swing since August.