The altcoins that have risen to the top of today's trends are thriving along with the MEME coin narrative. This data is from CoinGecko, which is slightly different from the list of utility altcoins that were there a few days ago.
However, the reasons why these tokens have risen to the trends are different for each. The top three altcoins that have risen to the trends today are BONK, CHILL GUY, and PNUT.
BONK
BONK is one of the altcoins that has risen to the trends today, recording positive returns in the last 24 hours, ranking among the top 100 MEME coins. During this period, the price of BONK has risen by 13%, and it is currently trading at $0.000056.
On the daily chart, the price of BONK has risen above the key exponential moving average (EMA) lines. As can be seen below, both the 20-day EMA (blue) and the 50-day EMA (yellow) are below the value of the altcoin.
EMA is a widely used technical indicator for measuring trends. When the price of an asset is above the EMA, it generally indicates an upward momentum and suggests that the asset may continue to rise. Conversely, when the price is below the EMA, it indicates a downward momentum and implies that the price may decline.
Therefore, BONK has the potential to continue rising. In this case, the price could reach $0.000061. On the other hand, if selling pressure increases and bearish sentiment heightens, it could drop below $0.000045.
CHILL GUY
The second altcoin that has risen to the trends today is the MEME coin CHILL GUY. CHILLGUY has risen to the trends due to its performance. Over the past 24 hours, this token has increased by 800%, making it the best performer among the top 300 cryptocurrencies.
The token initially rose to $0.28, but the price has dropped to $0.24 due to profit-taking. If this situation continues, the price of CHILLGUY could decline further.
However, traders should be cautious. If buying pressure increases, this trend could reverse. In that case, the value of the MEME coin could surpass $0.28 and set a new all-time high.
PNUT
PNUT is also on the list of altcoins that have risen to the trends today, and it is a familiar name to those who have followed this analysis. However, unlike before, PNUT has risen to the trends not due to a major price increase.
Although the price has declined, the market still has interest in PNUT. As can be seen in the chart below, the value of PNUT is likely to drop to $1.44 as trading volume decreases.
On the other hand, if the MEME coin sees a significant increase in trading volume, this trend could shift from decline to rise. In that case, PNUT could rise to $2.01.
