Today, December 11, BeInCrypto noted that crypto remains in a volatile state, with several tokens trading sideways. While some have seen increases, only a few of the most popular altcoins fall into this category.
According to CoinGecko, today’s trending altcoins include Magic Eden (ME), KIP (KIP), and Movement (MOVE). Here’s why they’re trending and how their prices could move.
Magic Eden (ME)
ME is the native token of Magic Eden, a multi-chain NFT marketplace that has seen a surge in volume and user activity during the 2021 bull market. The token is one of the altcoins in the spotlight today as several users have received ME tokens in the form of an airdrop.
In fact, some tier-1 exchanges also announced the listing of the token during the airdrop. After the Token Generation Event (TGE), ME surged above $9. As eligible recipients sold their allocated tokens, the price saw a sharp drop.
Magic Eden Price Analysis. Source: TradingView
At the time of publication, the altcoin is trading at $5.26. However, it seems to be on the path to recovery. If buying pressure increases and selling pressure decreases, the ME token could rise to $6.22. Otherwise, the value could drop to $4.93.
CHICKEN (CHICKEN)
KIP, the native cryptocurrency of the KIP protocol, is second on the list of altcoins featured today (11). Unlike ME, the price of KIP has increased by 60% in the last 24 hours.
Currently trading at $0.036, the altcoin has seen an increase in buying pressure over the past 24 hours. On the 1-hour timeframe, the Bull Bear Power (BBP) is positive, indicating that the bulls are in control.
KIP 1-Hour Analysis. Source: TradingView
If this trend continues, the KIP price could rise to $0.042. However, if the bears take control or profit-taking increases, this could change. In this case, the altcoin could drop to $0.025.
MOVE
MOVE, which was also recently launched, was part of the altcoins featured yesterday. It’s no surprise that it’s on the list today (11) as it seems some market participants are still claiming their airdrops.
Due to this development, the price of MOVE has dropped 24% in the last 24 hours, trading at $0.69. Meanwhile, the token appears to be recovering, as seen in the image below.
Movement 1 Hour Analysis. Source: TradingView
If the altcoin breaks above the $0.77 resistance, the price could jump to $1.23. However, failure to overcome this hurdle could invalidate the outlook. In such a scenario, MOVE could drop to $0.60.
The article Why Are These Altcoins Trending Today, 12/11/2024? appeared first on BeInCrypto.
