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Several cryptocurrencies have continued to show strength since the beginning of the month. As a result, the trending altcoins today are mainly on the list because their prices are higher than yesterday’s.
In this analysis, BeInCrypto reveals why these altcoins are trending and what could be next for their values. According to CoinGecko, the three include Notcoin (NOT), Ergo (ERGO), and FIRST CONVICTED RACCOON (FRED).
Notcoin (NOT)
Notcoin, the token built on the TON blockchain, is trending today because its price has increased. Some days back, NOT’s price decoupled from the broader market as the altcoin’s value tanked while other crypto prices surged.
However, in the last 24 hours, Notcoin’s price has increased by 15.30% and currently trades at $0.0082. As expected, the notable rise could be linked to the broader market uptick and a rise in buying pressure.
A look at the daily NOT/USD chart shows that the altcoin has broken out a falling wedge. A falling wedge is formed when the price moves between two converging descending trendlines, with the upper trendline descending at a steeper rate than the lower trendline.
In Notcoin’s case, the price has broken above the upper trendline of the wedge, suggesting that bulls have gained control. Should buying pressure increase, Notcoin’s price could climb to $0.010.
If the broader market condition becomes extremely bullish, NOT could rise to $0.012. On the other hand, if selling pressure rises, this might not happen. In that case, NOT might drop to $0.0074.
Ergo (ERG)
For Ergo, this is the first time it is part of the top altcoins trending today. For those unfamiliar, Ergo is a self-amendable protocol that employs smart contracts in its bid to ensure financial inclusivity.
Like Notcoin, ERGO is trending because its price has increased. In the last seven days, the altcoin has jumped by 73.79%. However, the token encountered resistance at $1.32, as shown on the daily chart.
While bulls have formed support at $1.22, the volume shows that the current buying pressure level might be enough to sustain an upward trend. If this remains the same, then the altcoin’s price could decrease to $1.00.
But if buying pressure increases, the trend might change. If that happens, ERG’s value could rebound toward $1.43
First Convicted RACCON (FRED)
First Convicted RACCON is the last on this list and is trending basically because of its price action and its links to Peanut the Squirrel (PNUT). Like Peanut, the Raccoon was also taken by New York state officials, which led to the creation of the FRED meme coin.
Following PNUT’s listing on Binance two days ago, FRED’s price also jumped and has increased by 193% in the last 24 hours. As of this writing, FRED’s price is $0.26 and could climb higher if PNUT’s price continues to increase.
However, the token might face a setback if a lot of its holders sell. In that scenario, FRED could drop below $0.20.