Several cryptocurrencies have continued to show strength since the beginning of the month. As a result, today’s featured Cryptocurrencies are mainly on this list because their prices are higher than yesterday.
In this analysis, TinTucBitcoin reveals why these coins are standing out and what might happen next to their value. According to CoinGecko, three prominent coins include Notcoin (NOT), Ergo (ERGO) and FIRST CONVICTED RACCOON (FRED).
Notcoin (NOT)
Notcoin, the Token built on the TON blockchain, is in the spotlight today as its price has increased. A few days ago, the price of NOT decoupled from the overall market as the value of altcoins decreased while the prices of other cryptocurrencies increased.
However, over the past 24 hours, Notcoin’s price has increased by 15.30% and is currently trading at $0.0082. As expected, this significant increase can be related to general market growth and increased buying pressure.
A look at the daily chart of NOT/USD shows that the altcoin has broken out of a falling wedge. A falling wedge forms when price moves between two converging downward resistance levels, with the top resistance falling faster than the bottom resistance.
In the case of Notcoin, the price broke above the wedge’s upper resistance, which suggests that the bulls are in control. If buying pressure increases, Notcoin’s price could climb to $0.010.
If general market conditions become extremely bullish, NOT could rise to as much as $0.012. Conversely, if selling pressure increases, this may not happen. In that case, NOT could drop to $0.0074.
Ergo (ERG)
With Ergo, this is the first time it is on the list of altcoins that are featured today. For those unfamiliar, Ergo is a self-regulatory protocol that uses smart contracts in an effort to ensure financial inclusion.
Like Notcoin, ERGO is standing out because its price has increased. Over the past seven days, the altcoin has jumped 73.79%. However, the token encountered resistance at $1.32, as shown on the daily chart.
While the bulls have formed support at $1.22, volume suggests that the current level of buying pressure may be enough to maintain the uptrend. If this holds, then the altcoin’s price could drop to $1.00.
But if buying pressure increases, the trend could change. If that happens, ERG’s value could recover to $1.43.
First Convicted RACCON (FRED)
First Convicted RACCON is the last name on this list and is standing out mainly due to its price action and association with Peanut the Squirrel (PNUT). Like Peanut, Raccoon was also confiscated by the New York state government, which led to the birth of the Meme Coin FRED coin.
After PNUT was listed on Binance two days ago, FRED’s price also jumped and has increased by 193% in the past 24 hours. As of the time of writing, FRED’s price is 0.26 USD and could go higher if PNUT’s price continues to escalate.
However, the Token could face hurdles if a large number of its holders sell. In that case, FRED could drop below $0.20.