Cryptocurrency prices plummeted in November amid heightened risks in the industry. A major concern was the sudden bankruptcy of Sam Bankman-Fried’s empire, which included FTX and Alameda Research. As a result, the FTX token fell more than 95% of his, and the market cap of all coins fell more than his $200 billion. Here are the best cryptocurrencies to buy in December.
Terra Luna Classic (LUNC)
Terra Luna Classic prices are down over 73% from their August highs. In November, the coin fell more than 30% as the FTX crisis intensified. Terra Luna Classic has evolved into a meme coin, but there are some catalysts that could push the coin higher in December.
First, the burn rate has been on a strong upward trend over the past few months. The number of LUNC tokens burned surged from over 9 billion in September to over 18 billion in November. At the same time, despite the weakness in the cryptocurrency market, the number of LUNC holders has increased over the past few weeks.
Third, technicals suggest that the Terra Luna Classic price is forming a falling wedge pattern, shown in orange. In price action analysis, this pattern is usually a bullish sign. LUNC is therefore a high-risk cipher, but it may recover in December. If this happens, the next significant level to watch will be $0.0003.
Solana (SOL)
Solana is another of the best cryptocurrencies to buy in December.As I wrote in this article, Solana, Serum and Bonfida prices plunged in November due to exposure to FTX and Alameda. Solana’s price has fallen more than 71% from its November high to its monthly low.
Still, SOL could rebound in December. For one thing, Solana’s TVL has plummeted, but he still has some of the most exciting projects. Additionally, Solana’s NFT ecosystem saw a surge in November as sales of DeGod and y00t surged. Its NFT volume is his second after Ethereum.
Finally, Solana forms a small inverted head and shoulders pattern, pushing the coin higher.
Uniswap (UNI)
Uniswap is the oldest decentralized cryptocurrency exchange in the world. It processes millions of coins daily and is one of the most popular platforms. The collapse of other exchanges such as FTX and Voyager means that people will likely prefer decentralized platforms. These companies are typically open source and more transparent.
On the daily chart, Uniswap price looks like a triple bottom pattern. The 25-day and 50-day moving averages have also formed a bullish crossover pattern, which is a bullish sign. Therefore, the coin may continue to rise in December.