Today is Boxing Day, and the total crypto market capitalisation fell by 4.60%. This affected both the leading crypto Bitcoin (BTC) and altcoins. Despite this, two of the three trending altcoins saw double-digit price increases, according to CoinGecko. Crypto analyst Victor Olanrewaju discusses today’s trending PENGU Coin and two altcoins.
The first ranked altcoin: Tema (TEMA)
With Christmas yesterday, TEMA became a trending altcoin as its price increased. At the time of writing, the token has seen a 20% price increase in the last 24 hours. Thus, it is trending again due to the rising volume around it. TEMA has a price of $0.060. From a technical perspective, the volume around the cryptocurrency continues to increase. If this trend continues, it is possible for the token to rise to $ 0.065 in the short term. In fact, if the volume continues to increase, it is possible that TEMA could go much higher. In this case, it is possible to jump towards $ 0.10. However, if selling pressure increases, the meme coin is likely to drop to $ 0.043.
In second place Pudgy Penguins (PENGU Coin)!
Pudgy Penguins (PENGU Coin) entered the market this month. And now it’s trending for a remarkable reason. Because it has become the Solana meme coin with the highest market capitalisation. At the time of writing, its market capitalisation reached $2.54 billion, surpassing Bonk (BONK) and Dogwifhat (WIF). This change occurred due to their respective price performances. While WIF and BONK experienced a 6% decline, PENGU Coin price increased by 15.70% in the last 24 hours. On the 4-hour chart, bulls are holding support at $0.037. If it continues, it is possible for the altcoin to rise above $0.43 in the short term. However, if the bears pull the price below this support, the cryptocurrency is likely to fall as low as $0.029.
The last altcoin in last place: RabBitcoin (RBTC)
Unlike the other two trending altcoins, RabBitcoin was the only one to decline in the last 24 hours. During this time, RBTC’s price fell by 7.50% due to the sell-off around the altcoin. On the daily chart, the token is trading inside a descending triangle. A descending triangle is a bearish chart pattern in technical analysis characterised by two trendlines. The first descending upper trendline slopes downwards as price action forms lower highs. The second is a flat horizontal lower trendline that represents a support level that price has tested many times. RBTC’s price failed to break above the upper trendline. Therefore, it probably indicates that the altcoin will fall to $0.0000029. On the other hand, RabBitcoin is likely to bounce if the bulls push the altcoin above the upper trendline. In this case, RBTC’s rise towards $0.0000014 is on the agenda.
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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