This month, the cryptocurrency market has started quietly, with Bitcoin (BTC) and various altcoins continuing to move sideways. Some altcoins are currently among the trending cryptocurrencies of the day.
According to CoinGecko, two out of the top three trending altcoins have recorded notable gains. However, the remaining one has declined by double digits in the past 24 hours. These include GRASS, VISTA, and MAGA (TRUMP).
GRASS
GRASS is one of the trending cryptocurrencies of the day, mainly due to its price performance. Over the past 24 hours, the price of GRASS has increased by 17.80% and is currently trading at $1.61. This is in contrast to its price movement yesterday, where it declined by 24%.
The Balance of Power (BoP) on the 4-hour chart has spiked significantly. This price-based indicator evaluates the overall strength of buyers and sellers in the market. A decline in the indicator suggests that sellers are dominant.
However, in this case, the BoP has surged, indicating that the strength of buyers has surpassed that of sellers. If this trend continues, the price of GRASS could potentially reach up to $1.96.
Read more: What are Altcoins? A Guide to Alternative Cryptocurrencies
However, if selling pressure increases, this hypothesis could be invalidated. In that scenario, GRASS could fall to $1.17.
VISTA
Unlike GRASS, VISTA is not trending due to a notable increase, as it was last week. Instead, the Ethervista token is one of the trending altcoins of the day due to significant selling.
Over the past 24 hours, the price of VISTA has decreased by 22%, resulting in a 43.30% decline over the past two days. In addition to the selling, the altcoin's decline can be attributed to a decrease in user activity on the platform.
Despite the price decline, VISTA's price remains above the 20-day Exponential Moving Average (EMA). Staying above this area suggests that the altcoin can still rebound. The chart shows support around $24.95.
MAGA (TRUMP)
The meme coin MAGA, themed around former US President Donald Trump, is trending today due to excitement over early voting in the US election. This increased interest highlights the intersection of politics and cryptocurrencies, with investors looking to capitalize on this moment.
Over the past 24 hours, the price of TRUMP has increased by 15.70% due to an unconfirmed report that the former US president is likely to return to the White House. The current price of TRUMP is $3.49.
The daily chart shows that the price increase is associated with an accumulation increase. As seen below, the Accumulation/Distribution (A/D) line has increased, indicating an improvement in buying pressure.
Read more: Best Altcoins to Invest in November 2024
If this trend continues, the price of TRUMP could potentially reach $4.83. However, if reports emerge that Trump is lagging in the polls, the trend could reverse, and the value could decrease to $2.62.
