Unlike the achievements at the beginning of this week, several cryptocurrencies have slowed down their initial upward momentum. As a result, most of the trending altcoins on November 15 today have seen their prices decline.
However, according to CoinGecko, one of the top three moved against the broader trend. This analysis sheds light on why these altcoins are trending and the future outlook of their value. The top three are SAD HAMSTER (HAMMY), Pepe (PEPE), and Notcoin (NOT).
SAD HAMSTER (HAMMY)
SAD HAMSTER emerged as one of the trending altcoins today primarily due to its significant price surge. Over the past 24 hours, the price of HAMMY has surged by 39%. This remarkable rally followed after Elon Musk posted a tweet stating that he is supporting a campaign to raise $3 million for hamster health.
This development has sparked a wave of buying pressure on HAMMY, with the current price at $0.40. Moreover, the daily chart shows that the Bull Bear Power (BBP) has risen to its highest level since September.
A decline in BBP would indicate that the bears are in control, and selling pressure is strong. However, since the sharp rise, the bulls have been exerting significant pressure on the price. If this trend continues, the price of HAMMY could reach a high of $0.55.
On the other hand, if profit-taking increases, this scenario may not materialize, and the price of SAD HAMSTER could fall to $0.29.
Pepe (PEPE)
PEPE, the meme coin with a frog theme, has also become one of today's trending altcoins due to its recent listing on Coinbase and Robinhood. While it reacted positively to these developments on November 13, its value has declined by 13% over the past 24 hours.
This price drop may be due to the overall market decline and increased selling pressure. From a technical perspective, BeInCrypto has pointed out that PEPE's overbought condition has contributed to the decline.
For example, the Relative Strength Index (RSI) has risen above 70.00, further confirming that this altcoin is in an overbought state. If the RSI had been below 30.00, it would have been considered oversold.
Considering the current outlook, the price of this cryptocurrency could fall to $0.000015. However, if buying pressure resumes, the trend could change, and PEPE could rebound to $0.000026.
Notcoin (NOT)
Similar to Pepe, Notcoin is also trending due to a double-digit decline. Over the past 24 hours, the price of NOT has decreased by 12%, currently trading at $0.0073. This price movement contrasts with the performance of altcoins a few days ago, when the value had increased by 25%.
On the daily chart, the Notcoin price attempted to rise towards $0.010, but was blocked by the resistance at $0.0076. The trading volume around this Telegram-based token has also decreased, indicating a decline in market interest.
If this situation persists, the value of the altcoin could decrease to $0.0066. However, if buying pressure increases, this prediction may be invalidated, and Notcoin could rise to $0.010.
