The cryptocurrency market experienced turbulence yesterday as Bitcoin (BTC) attempted to reach $70,000 but failed. Nevertheless, several other coins maintained their positions in the list of trending altcoins today.
Some of these coins showed excellent performance, while others gained traction for different reasons despite not delivering strong results. On October 22nd, the top three trending altcoins on CoinGecko are Scroll (SCR), Solidus Ai Tech (AITECH), and KOALA AI (KOKO).
Scroll (SCR)
Scroll is at the top of the trending altcoin list today, thanks to their native token SCR. On Monday, October 21st, Scroll, the leading Ethereum-based zero-knowledge rollup, announced the launch of SCR. According to the official statement, this launch includes an Airdrop for contributors and the community.
"We have allocated 55 million SCR tokens (5.5% of the total supply) to active participants in the Scroll ecosystem. Of this, 40 million SCR (4% of the total supply) will be proportionally distributed to on-chain participants who have accumulated over 200 marks by October 19th, 2024," the project stated.
One reason Scroll is trending is the controversy surrounding their Airdrop allocation. On X (formerly Twitter), many early adopters have expressed dissatisfaction that the value of SCR tokens is significantly lower despite trading thousands of dollars on the chain.
For example, an anonymous user, Picolas Caged, pointed out that this allocation means the project has lost six-figure DeFi users.
Read more: Top 10 Cryptocurrency Exchange Reviews for October 2024
As can be seen above, SCR was launched at around $1.70. However, its value has declined over the past 24 hours, currently trading at $1.24. It is still too early to predict SCR's next price movement, as it appears to be in a price discovery mode.
Solidus Ai Tech (AITECH)
This is the third time AITECH has appeared on BeInCrypto's list of trending altcoins. This time, the price did not increase, and it saw a slight 3% decline over the past 24 hours. However, it remains on the list due to the market's broad interest in the project.
The daily chart shows the Relative Strength Index (RSI) has fallen below the 50.00 neutral area, suggesting weak momentum around the token and that the recent downtrend may accelerate.
If this condition persists, the price of AITECH could retrace from $0.094 to $0.080. However, if buying pressure increases, the forecast could be invalidated, and the value of the trending altcoin could rise to $0.12.
KOALA AI (KOKO)
KOALA AI is another altcoin that has appeared on this list before. As before, KOKO is trending due to a significant price increase.
Over the past 24 hours, the price of KOKO has surged by 125%, currently trading at $0.0000067. The daily chart shows the Bollinger Bands (BB) have expanded, indicating high volatility around the cryptocurrency.
However, the upper BB band has reached the price of KOKO, suggesting an overbought condition and an impending decline. If the lower band had reached the price, it would have been considered an oversold state.
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Considering the current situation, the value of the altcoin could decline by 20% to $0.0000055. However, if the bulls continue to purchase the token, the uptrend may be maintained, and it could rise to $0.0000084.
