Since Bitcoin (BTC) attempted to revisit its all-time high yesterday, several altcoins have joined the race to increase their gains. However, according to data from CoinGecko, not all of the hottest trending cryptocurrencies followed suit.
Based on information from the price tracking platform, the altcoins trending today include RabBitcoin (RBTC), Grass (GRASS), and Sui (SUI). This analysis looks into reasons these have become some of the most searched assets in the market today and what is next for their respective prices.
RabBitcoin (RBTC)
RabBitcoin is a blockchain-based gaming platform, and Telegram mini-app is built on the TON blockchain. The project is part of the hottest trending cryptocurrencies today due to the announcement that some RBTC holders, whose tokens were previously locked, can now access the assets.
Following the disclosure, RBTC’s price soared by 32% in the last 24 hours, while the volume increased, indicating rising interest in the altcoin.
On the 4-hour chart, after RabBitcoin’s announcement, the altcoin’s value soared from $0.0000038 to $0.0000057 within some hours. However, it did not take long for the token’s price to retrace as it currently trades around $0.0000049.
A look at the Relative Strength Index (RSI) shows that the surge made RBTC overbought as the reading surpassed 70.00. As of this writing, the reading has dropped, signifying that the previously bullish momentum is now more at its peak.
Due to this position, RBTC’s price might decline to $0.0000041. If intensely bullish, the altcoin might decline to $0.0000037. However, if buying pressure increases, the token’s value might bounce toward the previous peak.
Grass (GRASS)
Grass is another trending altcoin today, making the list for the second consecutive time. According to BeInCrypto’s findings, the altcoin is part of the group due to its recent launch and price performance.
Unlike most projects that airdrop tokens to their early users, GRASS’s price did not experience a double-digit decline a few days after launch. While the altcoin’s price hit $1 yesterday, it has decreased by another 5% in the last 24 hours and currently trades at $0.83.
Going forward, GRASS value could erase part of these losses, especially if demand for the altcoin begins to rise. If that is the case, the token’s value might surge above $1 again.
Sui (SUI)
Like yesterday, SUI is one of the hottest trending cryptocurrencies today due to its price increase. The altcoin is also part of the trending altcoin because it has processed more volume than other layer-1 projects, including Aptos (APT) and Toncoin (TON).
Within the last 24 hours, SUI’s price has increased by 7.40%, and as a result, the altcoin’s value has surged above $2 again.
This uptick now means that Sui is 13% from retesting its all-time high. But can it? According to the daily chart, SUI encountered resistance at $2.12, but support at $1.75 is likely to prevent a notable correction.
If that is the case, then SUI’s price might rally to $2.37. On the other hand, a decline below $1.96 could invalidate this prediction, and the value might fall to $1.64.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/hottest-trending-cryptocurrencies-altcoins-trending-october-30/