Several key events are set to shape the crypto market this week. Here’s a breakdown of the most significant updates and events for altcoins, as highlighted by crypto analyst The DeFi Investor:
#1 INJ – Injective Protocol (Top Crypto Pick)
On November 30, Injective Protocol announced “the largest mainnet upgrade in history”, expected to go live in a few weeks. The team’s confident statement, “The world is not ready,” suggests significant developments.
The update is called “Volan” and is the result of months of development. It aims to optimize network performance and user experience. Precisely, it introduces sub-second block times for faster transactions, Inter-Blockchain Communication protocol (IBC) integration for enhanced interoperability with the Cosmos ecosystem, CosmWasm smart contracts support for diverse application development, EVM compatibility for easier migration from Ethereum, and a governance module to involve INJ token holders in decision-making.
Remarkably, this upgrade is expected to go live in Q4 2023 and will require a hard fork. The upgrade has the potential to generate new hype around the project. Technical analysis shows bullish momentum in INJ price with key resistance and support levels at $21.48 and $17.13 respectively.
#2 MATIC – Polygon
Polygon Labs is set for a busy December with key events. The Polygon Connect event in India on December 7 marks a pivotal moment in India’s blockchain history. A public demo of Polygon’s next-generation ZK product is scheduled for December 14. Finally, on December 20, new products aimed at improving RWA and institutional adoption are set to be announced.
This eventful December could give the MATIC price a new boost, with $0.745 (0.236 Fibonacci retracement level) being the key support. On the upside, $0.90 (0.382 Fibonacci retracement level) is the next major price target.
#3 AVAX – Avalanche
Republic Crypto plans to launch a tokenized security, R/Note, on the Avalanche blockchain. This initiative enables stablecoin dividends to investors and is an example of the growing trend of RWA investments in cryptocurrency. The uniqueness of R/Note requires stricter regulations, and Avalanche’s features make it an ideal host.
Avalanche’s native token (AVAX) has seen a whopping 165% surge since October 19. Notably, AVAX recorded a new yearly high at $24.59 on November 17.
#4 KAVA – Kava Network
Kava Network’s Kava 15 mainnet upgrade, scheduled for December 7, will reduce the KAVA inflation rate to zero by the end of December. This change will freeze the circulating supply of KAVA, ensuring no new coins can be created. Post-upgrade, Kava’s operation will rely on transaction fees, emissions from native projects, and allocations from the Kava Foundation, with the community having a say in the reinvestment or destruction of profits.
The most important support for the KAVA price is currently at $0.79 (0.236 Fibonacci level). If this level holds, a rally to 0.94 could be the next logical step.
#5 DOGE – Dogecoin
Tesla has officially started deliveries of its Cybertruck and Dogecoin appears over 50 times on the Tesla Cybertruck checkout page. According to the analyst, this could be a significant catalyst for the DOGE price.
Bonus Tip: GameFi Tokens
For GameFi enthusiasts, the analyst has highlighted the release of the GTA 6 trailer on December 5, 2023. This event could generate significant interest and hype in the GameFi sector, sending GameFi tokens heading north.
Featured image from iStock, chart from TradingView.com
