The crypto market has sharply declined over the past 24 hours, with its total market capitalization dropping by $32 billion.
However, despite the broader downturn, some altcoins have defied the trend and attracted strong investor interest. Among Wednesday’s trending altcoins are Story (IP), Sonic (S), and Bittensor (TAO).
Story (IP)
Story (IP) is a trending altcoin today, maintaining its upward trajectory despite the broader market drawdown. On Tuesday, it ranked as the market’s top gainer, soaring over 20% and outperforming other leading assets. IP is trading at $2.42 at press time, noting a 20% price surge over the past 24 hours.
Its Chaikin Money Flow (CMF) assessed on a four-hour chart confirms the strengthening demand for the altcoin. As of this writing, it is in an uptrend at 0.20. The CMF indicator measures how funds flow into and out of an asset. When its value is above zero, there is a high capital inflow as buying activity exceeds selloffs.
If IP’s buying pressure remains strong, its price could revisit its all-time high of $3.
However, if market participants begin to sell their IP tokens, the price could plummet to $1.44.
Sonic (prev. FTM) (S)
Sonic (S), formerly known as Fantom (FTM), is another altcoin trending today. It has also bucked the general market trend, climbing by 10% in the past 24 hours. At press time, S is at $0.65, its highest since January 25.
Readings from the S/USD one-day chart reveal that the altcoin has traded above an ascending trendline since February 8. This pattern is formed when an asset’s price consistently makes higher lows, connecting at least two or more upward-sloping support points. It is a bullish trend, suggesting sustained buying pressure and potential for further price appreciation.
If S’ demand rockets, its price could reach $0.76.
On the other hand, if the bullish momentum weakens, the price could drop below the ascending trend line to $0.50.
Bittensor (TAO)
Artificial intelligence-based token Bittensor (TAO) is one of the most searched altcoins today. It is currently valued at $398.80, noting a 9% price surge over the past day.
An assessment of its bull/bear power confirms that its buyers dominate its spot markets. This is reflected by its Elder-Ray Index, which has returned a positive value for the first time this week.
This index measures the strength of bulls and bears in the market. When its value is positive, it means bulls are in control. This signals strong buying pressure in the TAO market and hints at the potential for further upside.
If the uptrend persists, TAO could climb to $452.20.
Conversely, its price could fall to $355.80 if traders begin to sell.
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