The crypto market has reversed its recent recovery, slipping back into a downtrend. As trading activity plummets, the total crypto market capitalization has shed $40 billion in the past 24 hours.
Amid this broader decline, a number of tokens have attracted investors’ attention. Some of them include OBT, OM, and SEI.
Orbiter Finance (OBT)
OBT is one of today’s trending altcoins because it has bucked the broader market decline. While the market records a dip, OBT has rallied. It even climbed to a high of $0.033 during Friday’s early Asian hours. While it has since witnessed a pullback, the demand for the altcoin remains high.
Readings from its Directional Movement Index (DMI) confirm the uptick in OBT’s demand. At press time, the token’s positive directional index (blue) lies significantly above its negative (red) index.
When an asset’s DMI, which measures the strength of its price trend, is set up this way, it signals strong bullish momentum. This indicates that OBT buying pressure is dominating over selling pressure among market participants. If bullish pressure remains, OBT could reclaim the $0.033 high and rally past it
On the other hand, if selloffs commence, the token’s price could be lowered to $0.021.
MANTRA (OM)
Mantra’s OM is another trending altcoin today. Unlike OBT, its price is down 3%, mirroring the market decline of the past 24 hours. It currently trades at $6.24.
On the daily chart, its negative Balance of Power (BoP) confirms the weakening demand for the altcoin. At press time, this is -0.45.
The BoP indicator measures the strength of buyers versus sellers by analyzing price trends and momentum. When its value is negative, it indicates that sellers are in control. This signals increased selling pressure among OM traders and hints at more downside movement in its price.
If this happens, OM’s value could drop to $4.05.
Conversely, if buying activity resumes, it could propel the token’s price to revisit its all-time high of $9.11.
Sei (SEI)
SEI is up 6% in the past 24 hours. As of this writing, the altcoin retails at $0.20. During the period in review, its trading volume has climbed 13%, totaling $117 million.
This indicates that there is demand for the altcoin despite the broader market dip. If this demand strengthens, SEI could extend its rally to $0.25.
SEI Price Analysis. Source: TradingView
However, if sellers regain market dominance and begin to distribute their holdings, SEI could lose its recent gains and drop to $0.17.
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Disclaimer
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