Why These Altcoins Are Trending Today?

Several altcoins are trending today, despite prices being lower than at the week’s start. While the reasons may seem unclear to some, CoinGecko has identified the top three trending altcoins as (WELSH), Turbo (TURBO), and MAGA Hat (MAGA).

This analysis by BeInCrypto explores the factors behind the growing attention these altcoins are attracting, offering insights into their market movements and underlying trends.

Welshcorgicoin (WELSH) Leads the Trending Altcoins List

WELSH is trending primarily due to its impressive price action. Over the past 30 days, the altcoin has surged by 96%, catching the attention of investors. 

Although it remains relatively unknown in the broader market, WELSH has carved out a niche for itself. The project claimed it is the first dog-themed Bitcoin meme coin secured on the Stacks network. This unique positioning has contributed to its rising popularity and price momentum.

Currently, WELSH’s price is $0.0033, and its self-reported market cap is $31.55 million. The altcoin experienced a significant rally, climbing by 110% between September 18 and Monday, September 14. However, in the last 24 hours, it has given back 2% of those gains.

Read more:  Top 9 Safest Crypto Exchanges in 2024

Welshcorgicoin Price Analysis. Source: TradingView

One possible reason for this recent drawdown is the Money Flow Index (MFI). The MFI is a technical indicator that measures buying and selling pressure. Beyond that, it also indicates whether an asset is overbought or oversold.

When the Money Flow Index (MFI) is below 20.00, the asset is considered oversold. Readings above 80.00 indicate an overbought condition. Given the current MFI readings, WELSH could be approaching an overbought territory. This suggests the possibility of a short-term decline. If this trend continues, the price might drop to $0.0026 in the near term.

On the other hand, if buying pressure picks up and profit-taking eases, the cryptocurrency could see a price rally beyond the $0.0035 mark, potentially resuming its upward momentum.

Turbo (TURBO) Has to Thank Binance

TURBO, which brands itself as “the first meme coin created by AI,” is gaining attention as one of the top trending altcoins today. The surge in interest comes after Binance announced the expansion of trading pairs for TURBO on October 15, fueling speculation about its potential in the market.

However, TURBO’s price movement also contributes to its trending status, with a 47.45% increase over the past week. Currently trading at $0.011, the cryptocurrency has seen an 8% decline in the last 24 hours.

This pullback may be attributed to increasing selling pressure. Spot On Chain, in a post on X earlier today, revealed that a wallet linked to the project deposited 810 million tokens to Binance and OKX exchanges. While this move has fueled speculation, the platform indicated that such transfers appear to be a regular occurrence whenever TURBO reaches new price peaks.

Turbo Price Analysis. Source: TradingView

From a technical perspective, the Bull Bear Power (BBP) shows that bulls appear determined to send the altcoin back higher. This is because the BBP reading is green, showing the rising strength of buyers in the market.

If sustained, TURBO’s price could climb to $0.013. However, if bears overpower bullish power, this prediction might be invalidated. Instead, the altcoin’s price might decline to $0.0069.

MAGA Hat (MAGA) Gets More Attention as US Elections Near

The upcoming US election and the possibility of a Trump victory have made MAGA one of the top-trending cryptocurrencies today. With the election just 20 days away and Trump leading in the polls , MAGA and related altcoins have garnered significant attention.

However, MAGA’s price has dropped 17% in the past seven days, currently trading at $0.00013. It is now hovering near the 20-day Exponential Moving Average (EMA), which often signals a bearish trend when breached. If MAGA’s price falls below this key support level, the next target could be $0.00010, indicating a deeper correction and further bearish momentum.

Conversely, if MAGA’s price holds above the 20 EMA, which is still above the 50 EMA, the downward trend might reverse. In that case, MAGA could climb to $0.00019, signaling potential recovery.

Read more:  Which Are the Best Altcoins To Invest in October 2024?

MAGA Hat Price Analysis. Source: TradingView

On the other hand, if the 20 EMA remains above the 50 EMA (yellow) and MAGA’s price stays above both indicators, the forecast might not come to pass. Instead, the price might climb to $0.00019.