What’s popular in the crypto world recently? Analysts introduce three hot altcoins.
On-chain analyst Victor Olanrewaju from BeInCrypto points out that the popular trends in the cryptocurrency market have changed significantly since October 28.
Data from the cryptocurrency ranking website CoinGecko shows that in the past 24 hours, new altcoins have entered the ranks of the most followed cryptocurrencies, replacing some of last week's popular coins.
Olanrewaju indicates that this shift in interest highlights the volatile nature of the cryptocurrency market, where new developments and trends can quickly attract investors' attention. He points out that the three most notable cryptocurrencies at the moment are: Grass ($GRASS), Sui ($SUI), and Goatseus Maximus ($GOAT), and provides short-term support and resistance analysis for $SUI and $GOAT for reference only, not as investment advice.
Grass ($GRASS) price trend analysis
Olanrewaju states that Grass (Little Grass) is a DePIN/AI platform built on the Solana blockchain, providing users with incentive rewards to encourage them to share idle network resources for data collection by internet and artificial intelligence (AI) companies.
$GRASS tokens were issued and airdropped on the evening of October 28, which is one of the main reasons it has become a popular cryptocurrency lately. However, its popularity is not solely due to the airdrop activity, as the difficulties users encountered while claiming the airdrop have also sparked hot discussions within the community.
Specifically, one of the wallets eligible to claim the $GRASS airdrop, Phantom, encountered significant technical issues on the evening of October 28, rendering it non-operational for several hours, preventing eligible users from successfully obtaining the tokens, which sparked widespread dissatisfaction.
Upon its initial listing, the price of $GRASS fell from nearly $1 to a low of around $0.6, and as of the time of writing today, $GRASS is quoted at $0.88, with a total market capitalization of $210 million, exhibiting significant volatility.
Olanrewaju states that since $GRASS is still in its early stages, it is currently difficult to accurately predict its future direction.
Further reading: Grass has airdropped! Where to claim? Trading time and pre-market prices all at a glance
Sui ($SUI) price trend analysis
Olanrewaju notes that the Sui blockchain has seen a significant influx of capital, allowing it to surpass many major blockchains in ranking.
From a technical perspective, $SUI has recently formed a head-and-shoulders pattern, which theoretically should continue the downward trend. However, since $SUI has maintained support at $1.75, the head-and-shoulders pattern has temporarily failed. Therefore, as long as the bears do not pull the price back below $1.75, it may rise towards $2.13.
However, analyst Olanrewaju warns that if the capital inflow into the Sui blockchain decreases, the short-term bullish outlook may become invalid. Sui is about to welcome a new round of token unlocks, which could impact price trends in the event of declining demand, with a chance of falling back to $1.53.
Source: TradingView Sui ($SUI) price trend analysis
Goatseus Maximus ($GOAT) price trend analysis
Olanrewaju states that Goatseus Maximus ($GOAT) has recently been on the list of popular altcoins. Although its market capitalization has not yet reached $1 billion, the growing interest in the coin has propelled it into the ranks of popular cryptocurrencies.
As of the time of writing today, $GOAT is quoted at $0.66, down 26% from its historical high. However, the Relative Strength Index (RSI) indicates that $GOAT may soon approach its previous highs. Olanrewaju explains that the RSI is used to measure market momentum, and since the value has crossed the neutral line again, it suggests that the current trend is bullish.
Olanrewaju predicts that if bullish momentum continues, $GOAT may rise to $0.80 in the short term; however, he also warns that if bullish momentum cannot be maintained, $GOAT may fall back to $0.56.
Further reading: Media editors can also make a fortune! How did he discover the GOAT coin and then make 250 times his investment in 14 days?
It is worth noting that the cryptocurrency market is inherently volatile, and both $GRASS and $GOAT belong to newly listed or meme-based altcoins, which tend to have low liquidity and extremely high investment risks. Therefore, it is essential to carefully assess risks and conduct thorough research and analysis before making investment decisions.
Source: TradingView Goatseus Maximus ($GOAT) price trend analysis
[Disclaimer] The market carries risks, and investment should be approached with caution. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investing based on this is at your own risk.
