Over the weekend, most altcoins struggled to make significant gains. Yet, as a new week kicks off, one of the top trending cryptocurrencies today has managed to see a price increase, while the other two are down over the past 24 hours.
According to CoinGecko, today’s trending altcoins are KOALA AI (KOKO), Goatseus Maximus (GOAT), and Sui (SUI). Here’s a look at what’s driving their current popularity and what could lie ahead for their prices.
KOALA AI (KOKO)
Last week, KOALA AI appeared on the top trending altcoins list due to a notable price increase. Today, KOKO’s price is up 28% in the last 24 hours and is trending due to hype around the AI+meme coin narrative.
Despite the uptrend, the KOKO/USDT daily chart shows that the altcoin could lose some of its gains. This is because the Relative Strength Index (RSI), which measures momentum, has dropped.
Typically, a decline in this indicator suggests bearish momentum. If this trend continues, the KOALA AI’s price could drop to $0.0000035.
Read more: 10 Best Altcoin Exchanges In 2024
However, if profit-taking subsides, this might not happen. Instead, the crypto’s price might jump to $0.0000086.
Goatseus Maximus (GOAT)
GOAT has been among the top trending cryptocurrencies today for some time. This is largely due to the success of Truth Terminal, the AI that became a crypto millionaire. Following the development, GOAT’s price has increased by 78% within the last seven days.
Over the last 24 hours, the altcoin’s value has decreased. However, it continues to trend due to widespread speculation that the market cap could soon hit the $1 billion milestone. From a technical perspective, the Balance of Power (BoP) shows that bulls are determined to help the value climb higher.
For context, the BoP shows if there is a lot of buying power or if sellers are in control. When the reading decreases, sellers are dominant. However, on the 4-hour chart, the indicator’s reading has jumped, suggesting that the price could go higher.
If sustained, GOAT’s value might bounce to $0.90. On the flip side, rejection at $0.71 could invalidate this prediction and send the price down to $0.48.
Sui (SUI)
Sui’s position among today’s top-trending cryptocurrencies is likely no surprise to market observers as it’s been a top performer among altcoins over recent months. However, the main reason for SUI’s current spike in attention is its upcoming token unlock, where over $100 million worth of SUI tokens will enter circulation.
Token unlock events often trigger volatility as they can significantly impact the token’s supply dynamics. Increased circulation can put downward pressure on price if holders opt to sell, yet heightened attention could also drive demand as traders anticipate potential price swings
Also, if demand is lower than supply around that time, the price is likely to fall. Currently, SUI’s price is at $1.73 after declining by 17% within the last seven days. On the daily chart, the altcoin has formed a head and shoulders pattern, which is a bullish to bearish pattern.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Considering the upcoming supply shock, SUI’s price is likely to fall further. In this scenario, SUI’s price could drop to $1.44. However, if bulls come in with a lot of buying pressure, the price might reverse, and it could surpass $2 in the process.
Disclaimer
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