As the year comes to an end, expectations for a rising market next year are increasing among investors. On the other hand, while Bitcoin generally holds the leading position in the rise, there are also tokens that have carved out their own paths due to unique factors.
BeInCrypto analyzed three altcoins that could grow in January and potentially update their all-time highs.
Monero (XMR)
Monero is trading at a level closest to its all-time high, currently priced at $519, which is 17.5% below that mark. If it breaks above this level, it will set a new record. Strong demand is evident from its relative strength, and XMR is showing better performance than many large cryptocurrencies in the current market cycle.
Monero is benefiting from the growing attention on privacy-focused cryptocurrencies. This theme has strengthened due to regulatory discussions and the increasing demand from users seeking financial privacy. The Chaikin Money Flow indicates strong capital inflows. These factors may push the price of XMR above $450 and further towards the psychological threshold of $500, marking an important step towards $519.
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On the other hand, if profit-taking selling intensifies, there remains a risk of a decline before a breakout. If selling pressure increases, XMR may fall below the support zone of $417. If a downside break is confirmed, a temporary decline to around $387 can be anticipated, negating short-term upward prospects.
Midnight (NIGHT)
NIGHT has attracted strong investor interest due to its foundation and leadership. The developer is Charles Hoskinson, the founder of Cardano, who possesses strengths in reliability and long-term vision. This relationship enhances market confidence and leads to expectations of price increases for NIGHT.
As a newly launched token, NIGHT is expected to see solid growth in users and demand. If it successfully rebounds from the support level of $0.075, an increase to $0.100 can be anticipated. If this level is broken, NIGHT may test $0.120, increasing the potential for a 54.1% rise and a new all-time high.
The risk of decline is heavily influenced by the overall market trend at the beginning of the year. If 2025 starts off strong, momentum will be maintained. Conversely, if sentiment worsens, NIGHT may fall below $0.075. A decline to around $0.060 would negate upward prospects and indicate increasing selling pressure.
Ethereum (ETH)
Ethereum is currently about 66.7% below its all-time high of $4,956, and the path to a full recovery is distant. At present, a sharp rebound is unlikely. Recent price movements indicate that unless ETH receives steady demand and support from the overall market, significant rises will not occur.
In August, Ethereum briefly surged and reached a new high, but the likelihood of a similar movement repeating soon is low. Recovery will take several weeks, and continued support from investors is essential. It is important to clearly break above the psychological line of $3,000. If broken, the target will be $3,287, narrowing the gap to the all-time high.
Furthermore, the high correlation between Ethereum and Bitcoin is a significant factor. If Bitcoin rises, Ethereum may also rise as a result.
On the other hand, if bullish momentum does not form and Bitcoin declines, Ethereum may continue to hover around $3,000 or face minor adjustments. If weakness at this level persists, attempts at recovery will be undermined. Such movements would significantly retreat the realistic path to resistance levels.
