Today has kicked off on a bloody note in the crypto world, with many positions facing liquidations. Trading activity has dipped sharply as the overall market sentiment sours, leading to a staggering drop of over $200 billion in crypto market capitalization over the past 24 hours.
Nevertheless, several altcoins are capturing attention in the midst of this market turmoil. Some of these assets include NOT, SUI, and TRUMP.
Notcoin (NOT)
Telegram-linked NOTCOIN is one of today’s trending altcoins. At press time, it trades at $0.0017, marking an 11% price fall over the past day.
During Monday’s early Asian trading session, NOT plummeted to an all-time low of $0.0015. While it has since rebounded by double digits, the token still faces significant selloffs.
Its surging trading volume over the past day reflects this trend. It totals $69 million at press time, climbing by over 400% in the past 24 hours. This forms a negative divergence, hinting at NOT’s sustained price dip.
When an asset’s price falls while trading volume surges, it signals increased selling pressure as many market participants rush to offload their holdings. This combination indicates a shift in NOT market sentiment toward bearishness, suggesting its price drop trend may continue.
If this happens, the altcoin could revisit its all-time low of $0.0015. Should this level fail to hold, NOT’s price could dip further to new lows.
On the other hand, a spike in demand will invalidate this bearish prediction. If NOT sees an uptick in new demand, it could rebound and climb to $0.0031
Sui (SUI)
SUI is one of the altcoins that has caught investors’ attention today. It trades at $1.83, down 16% over the past day.
On the daily chart, the falling Relative Strength Index (RSI) reflects the waning demand for the L1 coin. At press time, it is at 33.33.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 33,33, SUI’s RSI signals that selling pressure is dominant, and the altcoin still has room for more decline before it becomes oversold. If this plays out, SUI’s price could fall to $1.71.
On the other hand, a spike in buying activity could trigger a rally to $2.19.
Official Trump (TRUMP)
Popular meme coin TRUMP is a trending altcoin today. The Solana-based asset trades at $7.63, with its price down 15% over the past 24 hours.
On the TRUMP/USD one-day chart, the altcoin trades below its Parabolic Stop and Reverse (SAR). This indicator measures an asset’s price trends and identifies reversal points.
When an asset’s price falls below its PSAR, it suggests a shift from an uptrend to a downtrend, indicating bearish momentum.
If this trend persists, TRUMP could extend its dip and fall to $7.14.
Conversely, if buying activity gains momentum, TRUMP could reverse its downtrend and climb to $11.89.
The post Why These Altcoins Are Trending Today — April 7 appeared first on BeInCrypto.
