Today, the cryptocurrency market has been quite volatile. Some tokens have recorded notable gains. However, only a few of the most trending altcoins are in this category. According to CoinGecko, three tokens stand out among the trending altcoins today. Crypto analyst Victor Olanrewaju predicts the next moves of these tokens.
First-ranked cryptocurrency: Magic Eden (ME)
ME is the native token of Magic Eden, a multi-chain NFT marketplace. Magic Eden experienced significant volume and user activity during the 2021 bull market. The token is one of the trending altcoins today because many users received ME tokens in the form of airdrops. Interestingly, some tier 1 exchanges also announced their listing of the token during the airdrop. Following the Token Generation Event (TGE), ME rose above $9.00. As eligible buyers sold their allocated tokens, the price fell sharply. At the time of writing, the altcoin value has fallen from its peak to $5.26. However, it is clearly on the road to recovery. If buying pressure increases and selling pressure decreases, ME could rise to $6.22. Otherwise, a drop to $ 4.93 is on the cards.
In second place comes KIP (KIP)
KIP is the native cryptocurrency of the KIP Protocol. The token ranks second on the list of trending altcoins today. Unlike ME, KIP’s price has increased by 60% in the last 24 hours. The altcoin was trading at $0.036 at the time of writing. KIP has seen an increase in buying pressure in the last 24 hours. On the 1-hour timeframe, Bullish Bearish Power (BBP) is positive, indicating that bulls are in control. If this trend continues, it is possible for KIP to rise to $0.042. However, this is likely to change if the bears take control or profit-taking increases. In this case, the cryptocurrency price is likely to fall as low as $ 0.025.
Last ranked cryptocurrency: Move (MOVE)
MOVE has recently entered the market. Despite this, it took its place among the trending altcoins yesterday. It is not surprising that it is on the list today. Because some market participants are still demanding airdrops. Due to this development, the price of MOVE fell by 24% to $0.69 in the last 24 hours. Meanwhile, the cryptocurrency later showed signs of recovery. If the altcoin breaks through the $0.77 resistance, a jump towards $1.23 is possible. However, failure to clear this hurdle would invalidate the outlook. In this scenario, MOVE is likely to retreat to $0.60.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
