Despite the recent bearish slump in the cryptocurrency market caused by the collapse of the crypto trading platform FTX, altcoins are still worth keeping an eye out for in December 2022, with some gems found among those featuring the lowest market capitalization.
With a market cap of $318.4 million, Arweave (AR) is a storage coin project facilitating the permanent storage of documents and applications on an immutable, decentralized network of devices, which integrated with Instagram in early November to archive the creators’ digital collectibles.
Currently changing hands at the price of $9.54, Arweave is recording an increase of 2.70% on the day, as well as 3.48% across the previous week, and more gains could be ahead of the platform that has recently partook in funding a crypto educational platform with $2 million.
That said, the summary of technical analysis (TA) indicators for Arweave remains ‘neutral’ at 9, due to both the oscillators and moving averages (MA) pointing at ‘neutral,’ the former at 8 and the latter at 1 (both ‘sell’ and ‘buy’ are at 7).
Formerly known as Elrond, MultiversX (EGLD) is a smart contract execution platform and blockchain network that has rebranded in early November to mark its shifting focus on metaverse development and three new related tools – xFabric, xPortal and xWorlds.
At press time, EGLD was trading at the price of $43.82, gaining 1.85% over 24 hours and 4.49% as compared to the previous seven days, while its market cap presently amounts to $1.04 billion. More traction could be expected if the previously Elrond community warms up to the rebrand.
MultiversX’s technical indicators are largely undecided as well, with ‘neutral’ at 9, summarized from oscillators suggesting ‘neutral’ at 8 and moving averages pointing at ‘sell’ at 9 (as opposed to 5 for ‘buy’ and 1 for ‘neutral’).
Built on top of the Ethereum (ETH) blockchain, ImmutableX (IMX) is a layer 2 scaling solution for the gas-free creation of non-fungible token (NFT) projects and decentralized apps (dApps), which has a market cap of $325.24 million.
After partnering with GameStop (NYSE: GME) to become its first NFT marketplace a few weeks ago, the current price of ImmutableX’s IMX token stands at $0.4726, demonstrating a daily growth of 2.91% and a weekly gain of 8.36%.
As is the case with Arweave and MultiversX, the 1-day technical analysis gauges for ImmutableX are still in an indecisive mood, summarizing ‘neutral’ at 9 – the result of oscillators being in the ‘neutral’ at 8, and moving averages at 1, over suggesting both ‘sell’ and ‘buy’ at seven.
Crust Network (CRU)
Another decentralized storage project, Crust Network (CRU), has recently joined forces with Web3 Economy of Things (EoT) network Peaq built on Polkadot (DOT), allowing it to host dApps and tap into Crust’s data storage marketplace.
As things stand, CRU’s market cap is standing at $5.6 million, changing hands at the price of $0.6103, which represents an increase of 4.67% over the past 24 hours and 6.36% in a week.
That said, the technical indicators share a similar sentiment for Crust Network as they do for the previous three altcoins, with the 1-day needle stuck at ‘neutral’ at 9 where their summary is concerned, based on oscillators being in ‘neutral’ at 8 and moving averages pointing toward ‘sell’ at 8.
A smart contract platform that allows developers to create DApps on the Polkadot blockchain, Moonbeam (GLMR) is also one of the founding bodies of the Polkadot ecosystem, together with Acala, KILT Protocol, Astar, Subscan, Phala, and Interlay.
At the time of publication, Moonbeam’s price stood at $0.3715, which means it has gained 3.34% on the day and 6.91% over the previous week, while its market cap presently amounts to $170.71 million after recently announcing several promising integrations.
Although the summary of Moonbeam’s technical indicators is also in ‘neutral’ in 9, the specifics are somewhat different from other altcoins seen here. Specifically, the oscillators are suggesting ‘buy’ at 3, while moving averages are pointing at ‘sell’ at 8.
In summary, the altcoins that have stood out in their price action despite a low market cap could be one of the factors that will help the crypto market dig itself out of the hole in which it was pushed by unfavorable developments in the sector and macroeconomic factors.
To learn more about currently solid coins, make sure to read our ‘Best Crypto to Buy Now‘ guide.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.