Why These Altcoins Are Trending Today — November 4
This month started on a quiet note for the crypto market, as Bitcoin (BTC) and several altcoins continued to move sideways. As of this writing, some of these altcoins are among the trending cryptocurrencies today.
According to CoinGecko, two of the top three trending altcoins registered notable upticks. However, the other one fell by double digits in the last 24 hours. They include Grass (GRASS), Ethervista (VISTA), and MAGA (TRUMP).
Grass (GRASS)Grass is among the top trending cryptocurrencies today, largely due to its price performance. Over the last 24 hours, GRASS’s price has increased by 17.80% and currently trades at $1.61. This is contrary to yesterday’s price action, which saw it drop by 24%.
On the 4-hour chart, the Balance of Power (BoP) reading has significantly increased. This price-based indicator evaluates the overall strength of buyers and sellers in the market. When the reading falls, it means sellers are dominant.
But in this case, the BoP surged, indicating that buyers’ strength has outpaced those selling. Should this continue, then GRASS’ price could climb as high as $1.96.
Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies
Grass 4-Hour Analysis. Source: TradingView
On the flip side, a rise in selling pressure could invalidate this thesis. In that scenario, GRASS could drop to 1.17.
Ethervista (VISTA)Unlike GRASS, VISTA is not trending because of a notable hike like it did last week. Instead, the token of the token deployment platform Ethevista is part of the trending altcoins today due to a notable sell-off.
Within the last 24 hours, VISTA’s price has decreased by 22%, bringing the performance within the last two days to a 43.30% drop. Besides the sell-off, the decline of altcoin could be attributed to the waning user activity on the platform.
Ethervista Daily Analysis. Source: TradingView
Despite the price decrease, VISTA’s price remained above the 20-day Exponential Moving Average (EMA). Staying above this zone indicates that the altcoin could still rebound. From the chart below, support exists around $24.95.
MAGA (TRUMP)Donald Trump-themed meme coin MAGA is trending today, fueled by the excitement surrounding the early voting for the heated U.S. election. This surge in interest highlights the intersection of politics and cryptocurrency as investors look to capitalize on the moment.
In the last 24 hours, TRUMP’s price has increased by 15.70% due to unconfirmed reports that the former US president is in the early lead to return to the White House. Currently, TRUMP’s price is $3.49.
A look at the daily chart shows that the price increase is linked to the rise in accumulation. As seen below, the Accumulation/Distribution (A/D) line has increased, suggesting that buying pressure has improved.
Read more: Which Are the Best Altcoins To Invest in November 2024?
MAGA Daily Analysis. Source: TradingView
If this continues, then TRUMP’s price might rally to $4.83. However, if reports emerge that Trump is falling behind in the polls, the trend might change, and the value could decrease to $2.62.
The post Why These Altcoins Are Trending Today — November 4 appeared first on BeInCrypto.