This month, Bitcoin and most altcoins continued to move sideways. So November started with a muted tone for the crypto market. However, some tokens occupy more space on the market agenda. According to CoinGecko, two of the top three trending altcoins have recorded significant gains. However, the other has fallen by double digits in the last 24 hours. Crypto analyst Victor Olanrewaju discusses these 3 cryptocurrencies.
First ranked altcoin: Grass (GRASS)
Grass is among the trending cryptocurrencies largely due to its price performance. The altcoin price increased by 17.80% in the last 24 hours. The token was trading at $1.61 at the time of writing. This is in contrast to yesterday’s price action, which was down 24%. On the 4-hour chart, the Balance of Power (BoP) reading has increased significantly. This price-based indicator evaluates the overall strength of buyers and sellers in the market. When the reading falls, it means sellers are dominant. But in this case, BoP rose. It also showed that the power of buyers is greater than that of sellers. If this situation continues, it is possible for GRASS to rise up to 1.96. On the other hand, increasing sales pressure invalidates this thesis. In this scenario, it is possible for the altcoin price to drop to $1.17.
GRASS 4-Hour Analysis. Source: TradingViewSecond ranked cryptocurrency: Ethervista (VISTA)
Unlike GRASS, VISTA is not trending due to a significant rise like last week. The altcoin is part of the trending altcoins today due to a significant sell-off. VISTA’s price has dropped by 22% in the last 24 hours. Thus, its performance in the last two days decreased by 43.30%. Apart from sales, it is possible to attribute the altcoin’s decline to decreasing user activity on the platform. Despite the price drop, VISTA’s price remained above the 20-day Exponential Moving Average (EMA). Staying above this zone indicates that the altcoin may still recover. For now, there is support for the token around $24.95.
Ethervista Daily Analysis. Source: TradingViewLast ranked altcoin: MAGA (TRUMP)
MAGA is trending today, fueled by the excitement of early voting for the heated US elections. This surge in interest highlights the intersection of politics and cryptocurrency as investors look to capitalize on the moment. TRUMP’s price increased by 15.70% in the last 24 hours. Currently the altcoin price is $3.49. According to the daily chart, the price increase is linked to the increase in accumulation. Meanwhile, the Accumulation/Distribution (A/D) line has increased, indicating increased buying pressure. If this situation continues, it is possible for TRUMP to rise to $4.83. However, if reports emerge that Trump is trailing in the polls, the trend could change and the value could drop to $2.62.
MAGA Daily 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.
