There are some new faces among the most trending altcoin projects today. However, the list also includes the usual suspect, who is trending due to the just-concluded US elections. Crypto analyst Victor Olanrewaju explores why these altcoins are trending. He also explains his predictions on what will be next for the tokens.
First ranked altcoin: Nym (NYM)
Nym tops the list of trending cryptocurrencies today due to its massive price increase. The token price has increased by 28% in the last 24 hours. At the time of writing, NYM’s price is $0.075. However, the Relative Strength Index (RSI) on the daily chart reached 91.79. RSI measures momentum and indicates whether 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, as is the case with NYM. Accordingly, it is possible for the altcoin price to drop to $0.068, especially if profit taking increases. However, this forecast will be invalid if buying pressure continues to increase. In this scenario, it is possible that the value of NYM will jump towards $0.10.
Nym 4 Hour Analysis. Source: TradingViewIn second place is Donald Trump-themed MAGA (TRUMP)
MAGA is part of trending cryptos due to Donald Trump’s victory as US president. However, unlike NYM, TRUMP’s price has fallen by 20% in the last 24 hours. This price decline implies that Trump’s election was a “sell the news” event. According to the daily chart, the Relative Strength Index (RSI) has fallen below the neutral 50.00 point. This shows bearish momentum around the altcoin price. If this situation remains the same, it is possible for TRUMP’s value to drop to $1.67. However, it is possible that the trend will change if the buying pressure increases. In this scenario, the value of the meme coin is likely to jump to $4.83.
MAGA Daily Analysis. Source: TradingViewLast ranked altcoin: Self Chain (SLF)
SLF is one of the most trending cryptocurrencies today, largely due to its price increase. At the time of writing, SLF is up 17% in the last 24 hours. The token is currently trading at $0.29. According to the 4-hour chart, the Awesome Oscillator (AO), which measures momentum, has moved into positive territory. When AO is negative, momentum tends to decline. But when it is positive, momentum becomes bullish. Therefore, if the momentum continues to rise, it is possible that SLF will continue to rise in price. If this happens, the altcoin price is likely to rise to the wick’s high of $0.34. On the other hand, an increase in selling pressure would invalidate this prediction and the price could drop to $0.2.
Self Chain 4 Hour Analysis. Source TradingViewThe opinions and predictions in the article belong to the analyst and are definitely not investment advice. cryptokoin.comWe strongly recommend that you do your own research before investing.
