After several days of consolidation, altcoins seem to be gaining momentum, with several erasing some of their recent losses over the past 24 hours. Notably, two out of the three of today’s top trending altcoins — have seen their prices rise compared to yesterday.
Interestingly, the reasons behind these price hikes for the two of them appear to be similar. According to CoinGecko data, these altcoins include Velodrome Finance (VELO), Fartcoin (FARTCOIN), and Aerodrome Finance (AERO)
Velodrome Finance (VELO)
Velodrome Finance is an Automated Market Maker (AMM) built on the Optimism network. Its native token, VELO, is trending today because Binance announced it will be listed on the spot market, and it is part of the trending altcoins because of that.
Following the Binance announcement, VELO’s price surged by 125% within a few hours. Before the disclosure, VELO’s price was less than $0.15. However, as of this writing, the value has increased to $0.33.
Besides that, the Relative Strength Index (RSI) has increased, indicating bullish momentum around the cryptocurrency. Should buying pressure continue to increase, then VELO could rise as high as $0.44. On the flip side, if the altcoin holders decided to book profits off the hike, the trend might change, and its value could slide.
Fartcoin (FARTCOIN)
Fartcoin is one cryptocurrency that was on the trending altcoins list on December 12 and is back on the list today. Yesterday, BeInCrypto reported that the Solana meme coin exceeded a $500 million market cap, which made it a trending altcoin.
Today, thanks to a 25% price increase, the market cap has hit $655 million, suggesting that buying pressure around the token has continued to increase. On the daily chart, the altcoin seems to have found strong support around $0.20.
With no resistance in sight, it seems that the value might continue to climb. Should the trend continue, then FARTCOIN’s price might rally to $1 and probably hit a $1 billion market cap.
On the other hand, if the broader meme coin market slumps, this might change. In that case, the value could decline to $0.34.
Aerodrome Finance (AERO)
For those who have been following the market for a while, it might be surprising that AERO is trending the same as VELO. Aerodrome Finance was developed by the same team that created Velodrome. But instead of building the Aerodrome AMM on Optimism, it operates on Base, which is Coinbase layer-2 network.
Therefore, Aerodrom Finance is part of the trending altcoin because its sister token was listed on Binance. But unlike VELO, AERO’s price decreased by 2.50% in the last 24 hours.
From the technical outlook, the Money Flow Index (MFI) on the AERO 4-hour chart shows an increased reading.
The rise in the MFI reading indicates rising buying pressure. If bulls sustain this pressure, the altcoin’s value might close in on $3. But if the buying pressure subsides, the value could sink to $1.79.
Disclaimer
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