Why These Altcoins Are Trending Today — October 24
Today’s list of trending crypto coins differs from those we’ve seen in recent days. According to CoinGecko, the altcoins trending today include two from the top 20, marking a shift away from the numerous meme coins that have frequently dominated the list.
In this analysis, BeInCrypto explores the reasons behind the rise of these altcoins and provides a comprehensive outlook on what may come next for their prices. The top three today, October 24, include KLAUS (KLAUS), Cardano (ADA), and Toncoin (TON).
KLAUS (KLAUS)
KLAUS appeared on the trending altcoins list on October 21. During that period, the cryptocurrency price registered a massive 565% price, which was the basis for the appearance.
However, it is part of the trending crypto coins today for a different reason. Particularly, KLAUS price has now decreased by 10% in the last 24 hours, suggesting that holders of the token are booking profits from the recent gains.
From a technical point of view, the Awesome Oscillator (AO) has dropped to the negative region on the 1-hour chart. The AO is a market momentum indicator that compares recent market movements to historical trends.
Read More: 10 Best Altcoin Exchanges In 2024
Considering the indicators’ condition, KLUAS’ price could decline to $0.028. However, if investors begin to buy the altcoin again and defend the $0.030 region, it might rebound. In that scenario, the token could jump to $0.042.
Cardano (ADA)
Based on BeInCrypto’s findings, Cardano is among the top trending crypto coins today because of the ongoing Cardano Summit 2024, which began yesterday, October 23.
This summit takes place yearly with the objective of uniting industry leaders, businesses, and Cardano ecosystem projects. Despite the event, ADA’s price has failed to pick up a notable price increase.
As of this writing, Cardano’s price is $0.34. According to the daily chart, the altcoin has formed a head-and-shoulders pattern, which is technically bullish-to-bearish. Therefore, with this position, it is likely that ADA will decline to $0.31.
On the other hand, ADA could see a turnaround if bulls defend the $0.34 support. If that happens, ADA might jump to $0.41.
Toncoin (TON)
Toncoin remains one of the leading altcoins in the market, largely thanks to its association with the Telegram messaging platform. The distribution of airdrops by various Telegram mini-apps has contributed significantly to its status as one of today’s top trending crypto coins.
However, the hype around TON has struggled to translate into significant gains for the price recently. On the daily chart, the Chaikin Money Flow (CMF) is below the zero signal line.
The Chaikin Money Flow (CMF) measures accumulation and distribution within the market. An increase in the CMF indicates net accumulation, while a decrease suggests distribution. Currently, the indicator’s position on the chart reveals that most investors are selling Toncoin.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
Should this remain the case, Toncon’s price might decrease to $4.46. However, if accumulation begins to outpace distribution, the tides might change , and TON might climb to $6.85.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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