Several cryptocurrencies have continued to show strength since the beginning of the month. As a result, the altcoins trending today (14) are on the list as their prices sustain upward momentum.
In this analysis, BeInCrypto reveals why these altcoins are trending and what could happen to their values. According to CoinGecko, the three include Notcoin (NOT), Ergo (ERGO), and First Convicted RACCOON (FRED).
Notcoin (NOT)
Notcoin, the token built on the TON blockchain, is on the list of trending altcoins today as its price has surged again. A few days ago, NOT decoupled from the broader market as the altcoin’s value plummeted and other cryptos surged.
However, in the last 24 hours, Notcoin’s price has increased by 15.30%, currently trading at $0.0082. As expected, the rise could be linked to the overall market trend and an increase in buying pressure.
An analysis of the daily chart of the NOT/USD pair shows that the altcoin has broken out of a descending wedge. This pattern is formed when the price moves between two converging descending trendlines.
In the case of Notcoin, the price broke above the wedge's upper trendline, suggesting that bulls have gained control. If buying pressure increases, NOT could rise to $0.010.
Read more: Notcoin (NOT): A Complete Guide to the Telegram-Based Game
Notcoin Daily Analysis. Source: TradingView
If the broader market condition turns extremely bullish, the altcoin could rally to $0.012. On the other hand, if selling pressure increases, this may not happen. In that case, NOT could drop to $0.0074.
Therefore (ERG)
For Ergo, this is the first time it has been among the top trending altcoins today. For those unfamiliar, the project is a self-amending protocol that employs smart contracts in its attempt to ensure financial inclusion.
Just like Notcoin, ERGO makes it to the list due to its price surge. In the past seven days, the altcoin has surged by 73.79%. However, the token has found resistance at $1.32, as shown on the daily chart.
While the bulls have formed support at $1.22, the volume shows that the current level of buying pressure may be insufficient to sustain a trend. If this remains the case, then the altcoin’s price could decline to $1.00.
Ergo Daily Analysis. Source: TradingView
But if buying pressure increases, the trend could change. If that happens, ERG’s value could recover towards $1.43.
First Convicted RACCOON (FRED)
First Convicted RACCON is last on this list and is on the rise primarily because of its price action and its ties to Peanut the Squirrel (PNUT). Like Peanut, Raccoon was also seized by New York state authorities, which led to the creation of the memecoin FRED.
Following PNUT’s listing on Binance two days ago, FRED’s price also jumped and surged 193% in the last 24 hours. At the time of writing, the memecoin is trading at $0.26 and could rise higher if PNUT continues to rally.
Read more: How to identify and evaluate the potential of a memecoin?
First Convicted RACCON 1-Hour Price Chart. Source: TradingView
However, the token could face a setback if many of its holders sell. In such a scenario, FRED could fall below $0.20.
The article 3 rising altcoins to watch today appeared first on BeInCrypto Brazil.
