As expected, the crypto market continues to change at an extremely fast pace. Today, the altcoins trending have all seen their prices increase, a stark contrast to the declines seen over the past two days.
This price increase could be linked to a rise in liquidity flowing into the market. According to CoinGecko, the altcoins trending today are RabBitcoin (RBTC), Pudgy Penguins (PENGU), and Usual (USUAL).
RabBitcoin (RBTC)
Also known as Rocky Rabbit, RabBitcoin is an altcoin that originated from a Telegram mini-app. Its price has increased 17% over the last 24 hours, and it is currently trending because of this.
On the daily chart, RBTC has been trading within a descending triangle between November and December 22. The descending channel is a bearish pattern. But at press time, the altcoin has broken out of this pattern, suggesting that the cryptocurrency’s value could continue to trade higher.
Should that be the case, RBTC’s price might rally to $0.000013 in the short term. However, if the price falls back into the descending triangle, this might not be the case. In that scenario, the token might sink to $0.0000029.
Pudgy Penguins (PENGU)
Like RBTC, PENGU’s price has increased by 22.90% in the last 24 hours. Before now, the altcoin’s price has been dropping since the Pudgy Penguins airdrop. Due to this, PENGU slipped to $0.023.
However, as of this writing, the value has jumped to $0.034 due to rising demand for the token. According to the 4-hour chart, PENGU has seen a surge in the Money Flow Index (MFI) reading.
This notable increase is a sign of increased buying pressure. If this remains the same, then PENGU’s value could jump to $0.044 in the short term.
However, if profit-taking becomes more prevalent, this trend might change. In that case, the token’s value could decline to $0.022, and it may no longer be among the altcoins trending today.
Usual (USUAL)
USUAL, which also airdropped tokens to some of its early users, is among the altcoins trending today due to a price increase. Within the last 24 hours, USUAL’s value has increased by 25%. The notable increase could be linked to the report that several exchanges have invested in the project.
BeInCrypto’s assessment of the 4-hour chart shows that its structure is similar to that of PENGU. If the trends follow each other, the altcoin’s value could climb to $1.65.
On the flip side, selling pressure might invalidate this prediction. If USUAL holders decide to book profits, the uptrend might experience a pullback, and the value might decline to $0.92.
Disclaimer
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Source: https://beincrypto.com/altcoins-trending-today-december-24/