After a strong performance at the beginning of the week, many cryptocurrencies have slowed their gains and lost momentum. With this development, most of the trending altcoins today have seen declines in their prices. However, according to CoinGecko data, one of the top three altcoins continued to rise, bucking this broad market trend. Crypto analyst Victor Olanrewaju analyzes three altcoins that are currently trending and their future potential.
1. SAD HAMSTER (HAMMY)
SAD HAMSTER is drawing attention with a significant price increase. In the last 24 hours, the price of HAMMY has increased by a massive 39%. This increase came after Elon Musk shared a post supporting a campaign that aims to raise $3 million for hamster health.
With this development, HAMMY is currently trading around $0.40 and is facing major buying pressure. The daily charts show that the Bullish Bearish Power (BBP) indicator has risen to its highest level since September. When the BBP indicator is low, bears dominate the market, while a rise shows that the bulls are taking control. If this trend continues, HAMMY’s price has the potential to rise to $0.55. However, increased profit taking could thwart this rise and the price could pull back to $0.29.
2. Pepper (PEPE)$PEPE
PEPE has gained great popularity, especially with the listings of Coinbase and Robinhood, and is among the trending altcoins. This development led to a positive reaction in the price of the altcoin on November 13. However, in the last 24 hours, the price has fallen by 13%. This decline was due to the general market decline and increasing selling pressure.
From a technical perspective, PEPE’s price has entered the overbought territory, with the Relative Strength Index (RSI) rising above 70.00, signaling overbought signals. This suggests that the price could decline further. If selling pressure continues, PEPE’s price could drop to $0.000015. However, if buying pressure kicks in again, PEPE could jump to $0.000026.
3. Notcoin (NOT)$NOT
Unlike Pepe, Notcoin is down 12% in the last 24 hours and is currently trading at $0.0073. This drop comes after a 25% increase in value a few days ago. Notcoin attempted to rally to $0.010 but struggled at the $0.0076 resistance level.
Notcoin, a Telegram-based token, has also seen a decrease in trading volume, indicating weakening market interest. If this trend continues, Notcoin’s price could fall to $0.0066. However, if buying pressure regains strength, Notcoin has the potential to rise to $0.010.
