The cryptocurrency market has seen a reversal in trend, recording a 3% increase in market cap over the past 24 hours.
As Bitcoin reclaims the $105,000 level and attempts to rally, a number of altcoins are showing promising signs and have caught the attention of traders and investors alike.
Reploy (RAI)
AI-based token RAI is a popular altcoin. It is currently trading at $4, up 2% in value over the past 24 hours. This rise comes after a prolonged period of decline, which saw the token’s price hit a 25-day low of $3.05 on Wednesday. At the time of writing, RAI is trading at $3.0 amid growing demand.
The Balance of Power (BoP) reflects this increased demand for RAI. It is currently in an uptrend at 0.44. This indicator measures the strength of buyers versus sellers in an asset to determine whether the price is likely to rise or fall.
When BoP is positive like this, it indicates that buyers are in control, indicating bullish momentum in the price and the possibility of a continuation of the upward movement. If the uptrend continues, RAI price could reach $4.22. On the other hand, if selling resumes, RAI price could drop to $3.05.
SUI
Layer 1 coin SUI is another popular altcoin today. In the past 24 hours, its price has surged 13%, fueled by the announcement that non-custodial crypto wallet Phantom has officially integrated support for the Sui blockchain. This makes Sui the first Move-based blockchain to connect to the wallet.
This news led to an increase in demand for SUI, which was reflected in an 82% increase in its trading volume. This indicates that the double-digit increase in SUI is supported by actual demand for the coin and not by speculative trading.
If demand continues to be high, it could push the price of SUI towards its all-time high of $5.35. On the other hand, if profit-taking starts, the price of SUI could drop to $3.17.
ONDO
ONDO is the native token of Ondo Finance, a tokenized real-asset platform. Its value has increased by 13% in the past 24 hours, catching the attention of traders and investors.
The bullish Relative Strength Index (RSI) for ONDO on the daily chart has confirmed the increase in buying pressure. At the time of publication, it was at 61.89, indicating that buying activity is outweighing selling among market participants.
If this trend continues, ONDO price could rise to $2.14. Conversely, a trend reversal could see ONDO trading at $1.23.
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