Why These Altcoins Are Trending Today — October 17
The last 24 hours have seen mixed movements in the crypto market, with some altcoins rising while others experienced declines.
Nevertheless, BeInCrypto presents the top trending altcoins, as curated by CoinGecko. In this analysis, we explore why these coins are gaining attention and predict their potential price performance in the near term. The top three trending today are Solidus Ai Tech (AITECH), Turbo (TURBO), and MAGA Hat (MAGA).
Solidus Ai Tech (AITECH)Solidus AI Tech is a blockchain-based project that has developed a High-Performance Computing (HPC) data center. This facility aims to enhance access to the Artificial Intelligence (AI) and Graphics Processing Unit (GPU) marketplace by offering efficient computing power for AI applications and data-intensive tasks.
Its native cryptocurrency, AITECH, is a deflationary AI altcoin that powers the project. AITECH has become one of the top trending altcoins today due to the project’s ongoing collaborations, which aim to expand its reach to thousands of on-chain and off-chain users.
AITECH is currently priced at $0.10. On the daily chart, its Relative Strength Index (RSI) is nearing the 50.00 neutral point, which measures momentum. If the RSI dips below this level, it could signal further downside for the altcoin. In that scenario, AITECH’s price might drop to $0.096.
Read more: What Are Altcoins? A Guide to Alternative Cryptocurrencies
Solidus Ai Tech Price Analysis. Source: TradingView
However, the cryptocurrency’s value might escape this downturn if the momentum becomes bullish. If that happens, AITECH might climb to $0.12.
Turbo (TURBO)Yesterday, October 16, Turbo was one of the top trending altcoins. Today, the cryptocurrency is on the list again as its price swings around $0.011. Earlier on, TURBO’s price declined from $0.012 to $0.10.
As of this writing, the token seemed to have flashed a buy signal that could take its value much higher. The Awesome Oscillator (AO), a market momentum indicator that compares historic price movements to recent ones, also backs this prediction with rising histogram bars.
When the AO rises, momentum is bullish, and the current trend is strong. But a decline indicates otherwise. Therefore, TURBO’s current condition suggests that the price might continue to go up, possibly rising to $0.015.
Turbo Price Analysis. Source: TradingView
Meanwhile, the altcoin might not hit this point if those who have gained from the recent price increase start to sell. If that happens, TURBO might drop to $0.0079.
MAGA Hat (MAGA)Similar to Turbo, MAGA Hat was another altcoin that gained attention yesterday. As noted in the previous analysis, MAGA is trending due to the upcoming US elections, particularly because its developers have linked the meme coin to Donald Trump.
But something has changed. When BeInCrypto reported about MAGA yesterday, the price was down. However, at the time of writing, MAGA’s price is up 26% in the last 24 hours.
According to the daily chart, the altcoin faced resistance at $0.00018. However, a look at the Bull Bear Power (BBP) suggests that this could be a temporary pullback. The BBP measures the strength of buyers (bulls) relative to the strength of sellers (bears).
Read more: Top 9 Safest Crypto Exchanges in 2024
MAGA Hat Price Analysis. Source: TradingView
When it rises, bulls are in control, and a decline suggests that bears have the upper hand. As seen above, bulls have the advantage, and as such, MAGA’s price could jump to $0.00020. However, a drop in buying pressure might invalidate this prediction. If that happens, MAGA might decline to $0.00013.
The post Why These Altcoins Are Trending Today — October 17 appeared first on BeInCrypto.