Today, January 3, the cryptocurrency market saw mixed price increases, but significant trading volumes have brought several altcoins into the spotlight. As a result, most of the altcoins that are emerging today have seen their prices increase.
According to CoinGecko, the top three trending cryptocurrencies are Shrub (SHRUB), Kekius Maximus (KEKIUS), and ai16z (AI16Z). Here’s a detailed look at why they’re suddenly becoming popular and what it could mean for the market.
Shrub (SHRUB)
Shrub is a Token built around the story of Elon Musk’s pet, Shrub The Hedgehog, which attracted market attention a few weeks ago. Today, it is part of the trending altcoins as the market seems to revive interest in it.
As a result, SHRUB’s price has increased by 13.87% in the last 24 hours. On the daily chart, the altcoin reached this mark after breaking out of a bearish triangle pattern that lasted from December 8 to 31.
A bearish triangle is a bearish chart pattern with a descending upper resistance level, indicating lower highs, and a horizontal lower resistance level, showing stable support. If the price breaks below the horizontal support, this pattern usually indicates a possible decline in price.
However, SHRUB did not break below the support level but rose above the above resistance level, denying the bearish argument.
For now, the altcoin could resist a return to the triangle pattern, which could result in the price reaching $0.077. Conversely, if SHRUB encounters rejection around $0.060, the price could drop to $0.030.
Kekius Maximus (KEKIUS)
KEKIUS, famous because Elon Musk changed its name, is one of the trending altcoins today for a different reason than yesterday. On January 2, KEKIUS price plummeted after Musk returned to his original name.
Interestingly, that correction has eased as the Token price has recovered to $0.17. According to the 4-hour chart, KEKIUS looks poised to move higher. If this holds, the value of the altcoin could jump to $0.40.
However, if the Token experiences selling pressure again, this may not happen. Instead, KEKIUS price could drop to $0.094.
ai16z (AI16Z)
AI16Z is a trending altcoin whose price dropped 15% previously. This decrease is likely due to significant selling from whales. However, analysis on the 4-hour chart shows that this AI agent token is currently on the road to recovery.
If there is a significant increase in buying, the price could return to $2.51. In an extremely bullish scenario, the price of AI16Z could inch closer to $2.
However, if altcoins face another round of selling from whales, this may not happen. In that case, the price could drop to $1.55.
