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- Binance listing boosted GOAT’s price, but a 24% drop followed.
- Tied to Telegram, Notcoin’s price fell 74% amid decreasing buying interest.
- Launched controversially, Scroll’s price dropped 40% since debut, signaling bearish momentum.
Trending status doesn’t always mean price increases so understanding an altcoin is trending is important. On October 25, CoinGecko listed Goatseus Maximus, Notcoi, and Scroll as the top three trending altcoins. Let’s explore why investors are flocking to these 3 cryptocurrencies.
Goatseus Maximus (GOAT)
Source: Trading View
Goatseus Maximus typically captures interest due to the AI+ meme coin trend but another factor contributed to its popularity. On October 24, Binance added GOAT to the futures market, which pushed the price to a new all-time high. However, excitement faded quickly. GOAT’s price dropped 24% in just 24 hours, indicating that many holders began taking profits.
After the Binance listing, GOAT reached a peak of $0.88. Currently, trading occurs at $0.65. The Moving Average Convergence Divergence (MACD) indicator now sits in negative territory, signaling a bearish trend. If the MACD stays negative, GOAT might slide to $0.58. However, if buyers step in, a rebound to $0.90 could happen.
Notcoin (NOT)
Source: Trading View
Newcomer Notcoin is gaining traction due to its link with Telegram. Similar to Toncoin, anticipation builds as users wait for new airdrop opportunities. However, Notcoin’s price plummeted 74% from the all-time high, showing diminished buying interest.
At present, Notcoin forms a head and shoulders pattern, falling below a critical neckline. This pattern suggests that the downward trend might continue. If the price drops further, it could reach $0.0071. Yet, if bulls push above the neckline at $0.0077, a bounce back to $0.010 or even $0.012 might occur.
Scroll (SCR)
Source: Trading View
Scroll appears for the second time on the trending list since launching earlier this week. Experts cite a controversial launch as a reason for current popularity. SCR debuted at $1.45 but now sits at $0.85, reflecting a 40% loss.
The 1-hour chart shows the Awesome Oscillator (AO) dipping into negative territory, indicating bearish momentum. If this trend continues, SCR may fall below $0.85. Yet, a recovery could occur if market conditions improve or if an altcoin season arises.
GOAT, NOT, and SCR illustrate the unpredictable nature of cryptocurrency trends. Traders should remain vigilant as prices can shift rapidly. Staying informed is essential for making sound investment decisions in this dynamic market.