Today’s trending altcoins list stands out from what we’ve seen in recent days, with two projects from the top 20 making the cut. This marks a shift away from the dominance of meme coins. Crypto analyst Victor Olanrewaju dives into the reasons behind these altcoins’ recent rise and provides insights into the next potential price moves.
First Trending Altcoin: KLAUS (KLAUS)
KLAUS entered the trending altcoins list on October 21, having previously recorded an impressive 565% price surge. However, today it’s trending for a different reason—its price dropped by 10% in the last 24 hours, signaling that token holders are taking profits from recent gains.
From a technical standpoint, the Awesome Oscillator (AO) on the 1-hour chart has moved into the negative zone. AO is a market momentum indicator comparing recent market movements to historical trends. Based on the indicators, KLAUS could fall as low as $0.028. However, if investors begin buying again and defend the $0.030 region, a rebound is possible, potentially pushing the token to $0.042.
Second Trending Altcoin: Ethereum Rival Cardano (ADA)
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Cardano is trending due to the ongoing Cardano Summit 2024, which began on October 23. This annual event brings together industry leaders, businesses, and projects from the Cardano ecosystem. Despite the excitement, ADA has not seen a significant price increase. As of writing, ADA is trading at $0.34.
On the daily chart, ADA has formed a head and shoulders pattern, which signals a bearish outlook. This formation suggests a potential drop to $0.31. However, if bulls manage to hold the $0.34 support, ADA could stage a recovery, with a possible rally to $0.41.
Third Trending Altcoin: Toncoin (TON)
Toncoin remains a prominent altcoin, largely due to its connection with the Telegram messaging platform. Several Telegram mini-apps distributing airdrops have contributed to its status as a trending crypto asset. However, recent enthusiasm around TON has struggled to translate into significant price gains.
On the daily chart, the Chaikin Money Flow (CMF) is below the zero signal line, indicating that most investors are selling Toncoin. If this trend continues, the altcoin could drop to $4.46. On the other hand, if accumulation picks up, TON could rise to $6.85.
Disclaimer: The opinions and predictions in this article are those of the analyst and do not constitute investment advice. At The Bit Journal, we always recommend conducting your own research before making any investment decisions.
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