In November, many altcoins showed that they are ready to challenge Bitcoin’s (BTC) dominance. As a result, some of these cryptocurrencies are among the most talked-about assets.
While outperforming BTC isn’t the only reason these cryptos made the list, BeInCrypto reveals other reasons in this analysis. Using data from CoinGecko, the top three altcoins in the spotlight today, November 28, include Thena (THE), Sui (SUI), and Just a Chill Guy (CHILLGUY).
THENA (THE)
THE, the native token of the decentralized exchange built on BNB Chain, is one of the altcoins in focus today due to the price increase. In the last 24 hours, THENA price has increased by 130% and currently stands at $3.88.
This development was also boosted by Binance’s support for the cryptocurrency through its listing a few days ago. Prior to this, THE was fluctuating between $0.15 and $0.50. However, it seems that the listing on Binance has brought more attention to the altcoin.
As a result, the volume has also increased. If the volume continues to rise along with the price, then THE may reach $5. On the other hand, if profit-taking increases, this may not happen. In this case, the value may fall below $2.
THENA Daily Analysis. Source: TradingView
On (ON)
Much like THENA, Sui is also one of the altcoins in the spotlight today due to its price surge. However, it is important to note that the crypto did not replicate THE’s performance. Instead, it is up slightly by 5% in the last 24 hours.
Despite the altcoin’s surge, the Money Flow Index (MFI) on the daily chart has fallen below the neutral line. The MFI measures the level of buying and selling pressure around a cryptocurrency.
When it goes up, it means buying pressure at present. However, since it went down in the case of SUI, it indicates selling pressure. Considering this current condition, the altcoin’s value may drop to $2.38.
Sui Daily Analysis. Source: TradingView
But if buying pressure kicks in again, this forecast could be invalidated. In that case, SUI’s price could rise above $3.95.
Just a Chill Guy (CHILLGUY)
CHILLGUY is one of the altcoins in the spotlight today, with similar reasons to THENA. Yesterday (27), Binance listed the memecoin Solana on its perpetual market, causing a brief spike in the token’s value.
However, in the last 24 hours, the price has decreased by 16.40%, suggesting that the listing was a “buy the rumor, sell the news” event. On the 4-hour chart, the volume around the token has decreased. Thus, the price is likely to continue to decline, with possible targets around $0.45.
Just a Chill Guy 4-Hour Analysis. Source: TradingView
On the other hand, if interest in CHILLGUY increases again, this may not happen, and the price may rise to $0.70.
The article Why SUI and two other altcoins are trending today, 11/28/2024? was first seen on BeInCrypto Brasil.
