Again, today’s (20) altcoins in the spotlight feature tokens thriving on the memecoin narrative. This data, obtained from CoinGecko, is a bit different from the past few days, when some utility altcoins made the list.
However, it’s important to note that these tokens are in the spotlight for literally different reasons. That said, the top three altcoins in the spotlight today include Bonk (BONK), Chill Guy (CHILL GUY), and Peanut the Squirrel (PNUT).
Bonk (BONK)
BONK is among the altcoins in the spotlight today, largely because it is one of the few memecoins in the top 100 with a positive return over the past 24 hours. In that time, BONK’s price has increased by 13%, and it currently trades at $0.000056.
On the daily chart, BONK price has risen above the key Exponential Moving Averages (EMAs). As seen below, both the 20-day EMA (blue) and the 50-day EMA (yellow) are below the altcoin’s value.
The EMA is a technical indicator widely used to evaluate trends. When an asset's price is above the EMA, it generally indicates bullish momentum, suggesting that the asset may continue to rise. Conversely, when the price is below the EMA, it often indicates bearish momentum, implying that the price may fall.
Bonk Daily Analysis. Source: TradingView
Therefore, BONK is likely to continue rising. If so, the price could rise to $0.000061. On the other hand, if selling pressure increases and bearish sentiment grows, it could fall below $0.000045.
Chill Guy (CHILLGUY)
Coming in second on the list of trending altcoins today is Chill Guy, a memecoin. CHILLGUY is in the spotlight because of its performance. In the last 24 hours, the token has increased by 800%, making it one of the best performers among the top 300 cryptos.
While the token initially rose to $0.28, profit-taking forced the price to fall to $0.24. If this continues, the price of CHILLGUY could fall further.
However, traders need to be careful. If buying pressure increases, this trend could change. In this scenario, the memecoin’s value could rise above $0.28 to a new all-time high.
Chill Guy Analysis. Source: TradingView
Peanut the Squirrel (PNUT)
PNUT is also on the list of featured altcoins today, and for those who have been following this analysis, it is nothing new. However, unlike previous times, PNUT is not in the spotlight because it has had a huge price increase.
However, while the price has declined, the broader market still has notable interest in it. With the chart below showing a drop in volume, it is likely that PNUT's value will decline to $1.44.
Peanut the Squirrel 4-hour analysis. Source: TradingView
On the other hand, if the memecoin sees a significant increase in trading volume, this trend could change from bearish to bullish. If this happens, then PNUT could rise to $2.01.
The article Why Are These Altcoins Trending Today, 11/20/2024? appeared first on BeInCrypto.
