Today, January 3, the crypto market is seeing a mix of price surges, but notable trading volumes have propelled some altcoins into the spotlight. Due to this, most of the trending altcoins today have seen their prices climb.
According to CoinGecko, the top three trending cryptos are Shrub (SHRUB), Kekius Maximus (KEKIUS), and ai16z (AI16Z). Here’s a closer look at what’s driving their sudden popularity and what it could mean for the market.
Shrub (SHRUB)
Shrub is a token built around the narrative of Elon Musk’s pet, Shrub The Hedgehog, which caught the market’s attention some weeks back. Today, it is part of the trending altcoins because the market seems to have revived interest in it.
As a result, SHRUB’s price is up 13.87% in the last 24 hours. On the daily chart, the altcoin achieved this milestone after breaking out of a descending triangle that lasted between December 8 and 31.
A descending triangle is a bearish chart pattern that features a descending upper trendline, indicating lower highs, and a horizontal lower trendline, representing consistent support. If the price breaks below the horizontal support, this pattern typically indicates potential downward price movement.
However, SHRUB did not break below the support line. Instead, it rose above the upper trendline, invalidating the bearish thesis.
As it stands, the altcoin might resist falling back into the triangle pattern, which could lead to its price of $0.077. On the flip side, if SHRUB faces rejection around $0.060, the price could pull back to $0.030.
Kekius Maximus (KEKIUS)
KEKIUS, whose popularity spread because of Elon Musk’s change of name, is among the trending altcoins today for another reason, contrary to yesterday’s. On January 2, KEKIUS’s price nosedived following Musk’s reversal to his original name.
Interestingly, that correction has subsided as the token’s value has recovered to $0.17. According to the 4-hout chart, KEKIUS looks ready to rally higher. If sustained, then the altcoin’s value might jump to $0.40.
However, if the token faces selling pressure again, this might not happen. Instead, the KEKIUS price might decline to $0.094.
ai16z (AI16Z)
AI16Z is a trending altcoin whose price decreased by 15% earlier. This decrease could be attributed to significant whale sell-offs. However, analysis of the 4-hour chart shows that the AI agent token is now on the path to recovery.
If sustained with notable buying volume, the price could reclaim $2.51. In a highly bullish scenario, AI16Z’s price might inch closer to $2.
However, if the altcoin faces another round of whale sell-offs, this might not happen. In that scenario, the price could drop to $1.55
Disclaimer
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