Why These Altcoins Are Trending Today — November 20
Again, the altcoins trending today have tokens thriving with the meme coin narrative. This data, obtained from CoinGecko, is a little different from the last few days when some utility altcoins were on the list.
However, it is important to note that these tokens are trending for literally different reasons. That said, the top three altcoins trending today include Bonk (BONK), Chill Guy (CHILL GUY), and Peanut the Squirrel (PNUT).
Bonk (BONK)BONK is among the altcoins trending today largely because it is one of the few top 100 meme coins with a positive return in the last 24 hours. Within that period, BONK’s price increased by 13%, and it currently trades at $0.000056.
On the daily chart, BONK’s price has risen above the key Exponential Moving Averages (EMAs). As seen below, both the 20-day EMA (blue) and 50 EMA (yellow) are below the altcoin’s value.
The EMA is a widely used technical indicator to gauge trends. When the price of an asset is above the EMA, it typically indicates bullish momentum, suggesting that the asset might continue to rise. Conversely, when the price is below the EMA, it often indicates bearish momentum, implying that the price could move lower.
Bonk Daily Analysis. Source: TradingView
Therefore, it is likely that BONK could continue to rise. If that is the case, then the price could climb to $0.000061. On the other hand, if selling pressure rises and bearish sentiment rises, it could decline below $0.000045.
Chill Guy (CHILLGUY)Second on the list of altcoins trending today is Chill Guy, a meme coin. CHILLGUY is trending because of its performance. In the last 24 hours, the token has increased by 800%, making it one of the best performers among the top 300 cryptos.
While the token initially climbed to $0.28, profit-taking has forced the price down to $0.24. If this continues, CHILLGUY’s price could drop further.
However, traders need to watch out. Should buying pressure increase, this trend might change. In that scenario, the meme coin’s value might climb above $0.28 to a new all-time high.
Chill Guy Analysis. Source: TradingView
Peanut the Squirrel (PNUT)
PNUT is also on the list of altcoins trending today, and for those who have been following this analysis, it is no stranger to it. However, unlike previous times, PNUT is not trending because of a major price increase.
However, while the price has decreased, the broader market still has a notable interest in it. With the chart below showing a drop in volume, PNUT’s value will likely decrease to $1.44.
Peanut the Squirrel 4-Hour Analysis. Source: TradingView
On the other hand, if the meme coin sees a significant spike in trading volume, this trend could change from bearish to bullish. If that happens, then PNUT could rise to $2.01.
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