In recent days, the crypto market has remained largely sideways, suggesting that investors are exercising caution. As a result, most of the trending altcoins today have not experienced significant price gains.
According to CoinGecko, the top three trending altcoins are MAD (MAD), SHRUB (SHRUB), and Movement (MOVE). This analysis explains why they have remained popular over the past 24 hours.
SponsoredMAD (MAD)
Community-driven project MAD tops the list of altcoins trending today. However, unlike November 25, when it entered the list because of a 73% price increase, the token’s value decreased in the last 24 hours.
As of this writing, MAD’s market value is $0.000048, but it is trending because the broader market remains interested in it. From a technical point of view, the altcoin attempted to hit a new high due to the formation of a V-shaped recovery.
However, the daily chart shows that it has been invalidated. Hence, if the drawdown continues, the cryptocurrency’s value is likely to drop to $0.000031.
On the other hand, if bulls defend the $0.000045 support, this might change, and the altcoin could climb to $0.000080.
Shrub (SHRUB)
SHRUB is another trending altcoin whose price has decreased by double digits in the last 24 hours. The project, which was developed with respect to Elon Musk’s pet called “Shrub the Hedgehog,” has seen its value drop by 15%.
SponsoredHowever, it trends because some holders share the sentiment that Musk might tweet about it, and at some point, the price could rally as a result. While trading at $0.059, the 4-hour chart shows that the Relative Strength Index (RSI) has declined below the 50.00 neutral point.
This decline indicates bearish momentum around the token. Should the RSI reading continue to drop, SHRUB’s price could drop to $0.047. However, if buying pressure increases, the trend might reverse, and the altcoin’s value might climb to $0.086.
Movement (MOVE)
The altcoins trending list today will be incomplete without MOVE, the token of the Ethereum layer-2 token. MOVE is trending because the project just launched and airdropped some of its supply to its early users.
Besides that, the altcoin is trending because Binance listed it, and as such, MOVE’s price has increased by 25% in the last 24 hours. While the price initially hit $1.56, it has now dropped to $0.81, suggesting that some of the eligible recipients of the airdrop are selling.
Should that continue, MOVE’s price could drop further. However, if buying pressure comes into play, this might change, and the token could rally toward $2.
Midnight