In the context of the global financial market continuing to plummet, the capital of the cryptocurrency market has witnessed a sharp decline, evaporating up to 27 billion USD in just 24 hours.
However, despite the widespread sell-off, some altcoins such as OM from Mantra, PI from the Pi Network ecosystem, and the meme coin PEPE still stand out by attracting significant attention from traders.
MANTRA (OM) is currently one of the most attention-grabbing altcoins today, however, due to negative factors. The token's price has dropped sharply by 90% in just 24 hours, as traders collectively sell off due to increasing concerns.
As Bitcoin Magazine has reported, this decline originates from on-chain data showing a wallet, suspected to be related to the MANTRA development team, transferred 3.9 million OM tokens to the OKX exchange. This move has caused many to worry about the possibility of a strong sell-off, increasing panic in the market.
If the sell-off continues, OM may continue to drop deeply and touch the dip of December 2023 at $0.024.
Conversely, if token distribution slows and new buying pressure emerges in the market, OM's price could recover and approach $1.25.
PI is also a notable altcoin today, with a slight increase of 1.2% in the past 24 hours, bringing its price to around $0.75. This upward momentum continues to extend PI's impressive recovery in the past week, having increased by a total of 32% to date.
The Relative Strength Index (RSI) is gradually rising, indicating an increase in demand for PI after a long period of selling pressure. Currently, the RSI is at 48.37 and is likely to surpass the neutral 50 threshold.
When the RSI crosses above 50, this is typically a sign that market momentum is shifting to an upward trend, reflecting increasing buying pressure.
If this upward trend continues, PI could move towards $1.01.
However, if the market reverses and the price drops again, PI may retest the support zone at $0.40.
The famous meme coin PEPE is also attracting strong attention today. At the time of writing, PEPE is trading around $0.0000073, recording a slight increase of 0.4% in the past 24 hours.
Despite the cryptocurrency market generally facing price pressure, PEPE's trading volume has grown strongly, with a 16% increase in the past 24 hours, reaching a total of 685 million USD for the day.
The combination of price increase and explosive trading volume is a clear sign of growing investor interest, while consolidating the strength of the upward trend. This indicates that PEPE is receiving solid support, and the current price increase may continue in the short term.
In an optimistic scenario, PEPE's price could target $0.0000097.
However, if buying pressure decreases, PEPE risks losing momentum and dropping to $0.0000057.
Disclaimer: The article is for informational purposes only and is not investment advice. Investors should thoroughly research before making decisions. We are not responsible for your investment decisions.
Join Telegram: https://t.me/tapchibitcoinvn
Twitter (X): https://twitter.com/tapchibtc_io
Tiktok: https://www.tiktok.com/@tapchibitcoin
Youtube: https://www.youtube.com/@tapchibitcoinvn
SN_Nour
