This November, many altcoins have shown that they are ready to challenge Bitcoin’s (BTC) dominance. As a result, some of these cryptocurrency are part of the top trending assets.
While outperforming BTC is not the only reason these cryptos are on the list, BeInCrypto reveals other reasons in this analysis. Using CoinGecko data, the top three altcoins trending today, November 28, include Thena (THE), Sui (SUI), and Just a Chill Guy (CHILLGUY)
THENA (THE)
THE, the native token of the decentralized exchange built on the BNB Chain, is part of the trending altcoins today due to its price increase. In the last 24 hours, THENA’s price has increased by 130% and currently sits at $3.88.
This development was also aided by Binance’s support of the cryptocurrency through its listing some days ago. Before the development, THE was swinging between $0.15 and $0.50. However, it appears that the Binance listing has brought more attention to the altcoin.
As a result, the volume has also increased. Should volume continue to climb as well as the price, then THE could hit $5. On the other hand, if profit-taking increases, this might not happen. In that case, the value could decline below $2.
Sui (SUI)
Like THENA, Sui is also one of the trending altcoins today due to its price increase. However, it is important to note that the crypto did not replicate THE’s performance. Instead, it climbed slightly by 5% in the last 24 hours.
Despite the altcoin’s increase, the Money Flow Index (MFI) on the daily chart, has dropped below the neutral line. The MFI measures the level of buying and selling pressure around a cryptocurrency.
When it rises, it means buying pressure in the present. However, since it has dropped in SUI’s case, it indicates selling pressure. Considering this current condition, the altcoin’s value might drop to $2.38.
But if buying pressure comes into play again, this forecast might be invalidated. In that situation, SUI’s price might rally above $3.95.
Just a Chill Guy (CHILLGUY)
CHILLGUY is one of the trending altcoins today, with reasons similar to THENA. Just yesterday, Binance listed the Solana meme coin on its perpetual market, causing a brief spike in the token’s value.
However, in the last 24 hours, the price has decreased by 16.40%, suggesting that the listing was a “buy the rumor, sell the news” event. On the 4-hour chart, the volume around the token has decreased. Hence, the price is likely to continue to drop, with possible targets around $0.45.
On the other hand, if interest in CHILLGUY jumps again, this might not happen, and the price might rise to $0.70.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
