Today, the crypto market is moving sideways as many altcoins have yet to find a clear direction. Altcoins like PENGU Coin, which are trending today due to this movement, are in the same situation. But on the bright side, not all of them have seen their prices fall. Crypto analyst Victor Olanrewaju discusses the 3 altcoins that the market is talking a lot about today.
The first ranked altcoin: Pudgy Penguins (PENGU Coin)
NFT collection Pudgy Penguins recently launched the PENGU Coin token. It tops the list of trending altcoins today, mainly due to its launch yesterday and airdrop. The PENGU Coin airdrop caused a significant drop in the value of altcoins. However, although some hoped it would recover, it did not. At the time of writing, the Pudgy Penguins token was trading at $0.35. The token has seen a 50 per cent drop in the last 24 hours. Despite the decline, the one-hour chart shows that the token is on the road to recovery. The token’s trading volume increased. If it continues this way, it is possible for the altcoin to rise to $ 0.055. However, if the selling pressure continues, a drop below $0.025 is in the cards for PENGU Coin.
Hyperliquid (HYPE) is on the list again
HYPE continues to maintain its position as the highest trending altcoin for weeks. However, unlike previous times, the altcoin’s value has not recorded a significant increase in the last 24 hours. Instead, the value fell slightly by 3.40%. The drop in value is linked to low demand for the token. Until now, demand has been high and there were predictions that the altcoin could reach $50 in the short term. However, as of writing, it is hovering at $27.15. If demand continues to fall, it is possible that HYPE could fall towards $ 20. However, if the buying pressure increases and the volume in the Hyperliquid market jumps, the trend may change and the price may increase.
The last altcoin in last place: Happy Cat (HAPPY)
Happy Cat, a Solana-based meme coin, is also on the list. HAPPY is one of the few cat-themed meme coins that have increased in price in the last 24 hours. That’s why it’s trending. On the 4-hour chart, HAPPY is struggling to maintain these gains. As a result, the price is on the verge of breaking below the 20- and 50-period Exponential Moving Averages (EMA). If confirmed, the altcoin is likely to drop as low as $0.010. However, it is also possible that HAPPY could rise to $0.018 if demand for the meme coin increases again.
The opinions and forecasts in the article belong to the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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