Why These Altcoins Are Trending Today — October 31
On this final day of October 2024, the most searched altcoins include two familiar names that have previously appeared on the list. However, a newcomer has surged in popularity today, driven by interest linked to the upcoming U.S. presidential elections.
CoinGecko’s list of trending altcoins today includes RabBitcoin (RBTC), Department of Government Efficiency (DOGEETH), and Grass (GRASS). This analysis dives into why these cryptocurrencies are capturing attention and outlines key factors investors should monitor.
RabBitcoin (RBTC)Telegram-native RabBitcoin was part of the trending cryptos yesterday. Today, it also joins the list of the most searched altcoins, partly due to the same reason it trended on October 30.
However, some crypto analysts also believed that RBTC might be at a good accumulation point. One of those with such sentiment is CryptoTony, who said the planned network launch could be bullish for the altcoin.
At press time, RBTC’s price is $0.0000048. While this represents a 27% hike within the last seven days, it also signifies a modest 1.80% 24-hour decrease. On the 1-hour chart, the altcoin keeps wobbling between swing highs and lows, indicating that the price is yet to find a balance.
Read more: 10 Alternative Crypto Exchanges After Bybit Exits France
RabBitcoin 1-Hour Price Chart. Source: TradingView
Department of Government Efficiency (DOGEETH)
Next on the list is the Department of Government Efficiency, an altcoin developed in support of Elon Musk’s proposal for such a department if Donald Trump becomes president. DOGEETH is one of the most searched altcoins today for three major reasons.
One is the rising odds of Trump becoming the next US president. The others include Elon Musk’s repeated request for the department and its incredible 67% price increase in the last 24 hours. On the daily chart, DOGEETH’s price is $0.41, although it has previously hit $0.078.
However, despite the recent drawdown, the altcoin’s value is above the 20 and 50-day Exponential Moving Averages (EMAs). This position indicates that the trend around the meme coin remains bullish.
Department of Government Efficiency Daily Analysis. Source: TradingView
Should this remain the same, DOGEETH’s price might rebound to $0.078. On the other hand, if profit-taking increases, this prediction might not come to pass. In that instance, the value might decrease to $0.020.
Grass (GRASS)DePIN project Grass is on this list for the third time this week, suggesting that the interest in the altcoin has not waned significantly. While the price decreased yesterday, GRASS is one of the most searched altcoins due to an impressive rally.
Over the last 24 hours, GRASS’ price has increased by 34% and now trades at $1.09. On the 1-hour chart, the Awesome Oscillator (AO) has continued to climb higher with more green histogram bars.
This hike indicates that the momentum around GRASS is bullish. Due to this position, the altcoin’s value is likely to rise to $1.14 or higher in the short term.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Grass 1-Hour Analysis. Source: TradingView
On the other hand, if GRASS falls below the $1.06 support, the prediction might be invalidated. In that case, the altcoin’s price might drop to $1.00.
The post Why These Altcoins Are Trending Today — October 31 appeared first on BeInCrypto.