The cryptocurrency market remains active today, with multiple assets recording high trading volumes.
Some assets stand out due to their rising popularity, reflecting increasing market sentiment and searches across multiple platforms. Here’s a look at three of the most talked-about altcoins today.
CZ’S Dog (BROCCOLI)
On Thursday, Binance co-founder and former CEO Changpeng Zhao shared the name of his dog, Broccoli, which he said was a surprise gift from a friend who owns a zoo in Dubai.
Following his post, several BROCCOLI tokens surfaced, with CZ’s DOG seeing the biggest price surge. This meme coin trades at $0.22 at press time, noting a 360% price rally during that period.
However, BROCCOLI’s Relative Strength Index (RSI), assessed on an hourly chart, reveals that the token is overbought and may be due for a correction. At press time, the indicator’s value is 70.45
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and may witness a correction. On the other hand, values under 30 suggest that the asset is oversold and due for a rebound.
At 70.45, BROCCOLI’s RSI suggests that it is overbought. This indicates the possibility of a price pullback or consolidation. A pullback in demand could send BROCCOLI’s price to $0.18. Should this level fail to hold, its price could drop to $0.12.
On the other hand, if this bullish momentum continues, BROCCOLI could break above $0.23 to reach $0.27
Mochi (MOCHI)
MOCHI is another altcoin trending today. The Base altcoin currently trades at $0.000032, and it has rallied 17% in the past day. However, this rally might be short-lived. While its price has increased, MOCHI’s trading volume has dropped by 37% in the past 24 hours.
The divergence between MOCHI’s rising price and its falling trading volume suggests that the double-digit rally is mostly fueled by speculative trades and not by actual demand for the altcoin. Once the broader market rally wanes, MOCHI could shed its recent gains and drop to $0.000022.
Conversely, MOCHI’s price could rally toward $0.000045 if new demand trickles in.
Jupiter (JUP)
JUP, the native token of Solana-based decentralized exchange (DEX) Jupiter, is a trending altcoin today. At press time, it trades at $0.95, climbing 14% in value in the past day.
However, the setup of its Aroon indicator suggests that the price surge may not be strong. As of this writing, JUP’s Aroon Up Line is at 0% on the daily chart.
The Aroon Indicator measures an asset’s trend strength and potential reversal points using the Aroon Up and Aroon Down lines. When the Aroon Up line is at 0% while the price is climbing, it indicates weakening bullish momentum.
This divergence signals that JUP’s uptrend is losing strength and could witness a reversal. A correction in JUP’s current trend could lead to a decline to $0.81.
JUP Price Analysis. Source: TradingView
However, if the rally is maintained, its price could touch $1.08.
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Disclaimer
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