The top trending cryptocurrencies today include some new entries, according to data from CoinGecko. However, the list also includes a usual suspect, which is trending due to the just-concluded US election.
In this analysis. BeInCrypto explains why these altcoins are trending and what could be next for prices. That said, the top three trending altcoins include Nym (NYM), MAGA (TRUMP), and Panther AI (PAI).
Nym (NYM)
Nym tops the list of trending cryptocurrencies today due to its massive price increase. The project, which is a blockchain-based privacy network using zero-knowledge proofs, has seen its price climb by 28% in the last 24 hours.
As of this writing, NYM’s price is $0.075. However, on the daily chart, the Relative Strength Index (RSI) has hit 91.79. The RSI measures momentum and shows if an asset is overbought or oversold.
When the reading is below 30.00, the asset is oversold. On the other hand, when the reading is above 80.00, the asset is overbought, which appears to be the case with NYM. Considering this position, the altcoin’s price might drop to $0.068, especially if profit–taking rises.
Read more: 12 Best Altcoin Exchanges for Crypto Trading in November 2024
However, this prediction might be invalidated if buying pressure continues to rise. In that scenario, NYM’s value could jump toward $0.10.
MAGA (TRUMP)
MAGA is unsurprisingly part of the top trending cryptocurrencies today, largely due to Donald Trump’s victory as US president. However, unlike NYM, TRUMP’s price experienced a 20% drawdown in the last 24 hours.
This price decrease implies that Trump’s election was a “sell the news” event. According to the daily chart, the Relative Strength Index (RSI) has dropped below the neutral 50.00 point, which indicates bearish momentum around the altcoin’s price.
Should the remain the same, TRUMP’s value might drop to $1.67.However, if buying pressure increases, the trend might change. In that scenario, the meme coin’s value might bounce to $4.83.
Self Chain (SLF)
Self Chain (SLF) is one of the top trending cryptocurrencies today, largely due to its price increase. At press time, the token of the layer-1 blockchain has increased by 17% in the last 24 hours and currently trades at $0.29.
According to the 4-hour chart, the Awesome Oscillator (AO), which measures momentum, has risen to the positive region. When the AO is negative, momentum is bearish. But when it is positive, momentum is bullish.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Therefore, if momentum remains bullish, SLF’s price might continue to increase. If that happens, the altcoins’ value could rally to the highest level of the wick at $0.34. On the flip side, a rise in selling pressure could invalidate this prediction, and the price of altcoin could drop to $0.2
The post Why These Altcoins Are Trending Today — November 6 appeared first on BeInCrypto.