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In contrast to the performance earlier in the week, several cryptocurrencies have retreated from their initial price gains. As a result, most altcoins trending today, November 15, recorded a price decrease.
However, among the top three altcoins, according to CoinGecko, one has broken the overall trend. This analysis reveals why these altcoins are trending and what’s in store for their value. The top three altcoins are SAD HAMSTER (HAMMY), Pepe (PEPE), and Notcoin (NOT).
SAD HAMSTER (HAMMY)
SAD HAMSTER emerged as one of the trending altcoins today, mainly due to its significant price increase. In the past 24 hours, HAMMY’s price has skyrocketed 39%. This prominent price increase occurred after Elon Musk expressed support for a campaign to raise $3 million for hamster health.
This event sparked a wave of buying pressure on HAMMY, which is currently priced at $0.40 at press time. Furthermore, the daily chart shows that Bull Bear Power (BBP) has hit its highest level since September.
When BBP falls, it means bears are in control and the selling pressure is huge. However, since the index increased, bulls are putting strong pressure on prices. If this continues, HAMMY’s price could climb to the wick high of $0.55.
Conversely, if profit-taking increases, this may not happen. In that case, SAD HAMSTER price could plunge to $0.29.
Pepe (PEPE)
PEPE, the Frog-inspired Meme Coin, is also part of the trending altcoins today thanks to its recent listing on Coinbase and Robinhood. Although the price reacted positively to this development on November 13, in the last 24 hours the value has dropped by 13%.
This price drop may originate from the overall decline of the market and increased selling pressure. From a technical perspective, TinTucBitcoin also noted that PEPE’s overbought condition contributed to this price drop.
For example, the Relative Strength Index (RSI), which measures momentum, broke above 70.00, reinforcing the theory that altcoins are overbought. Supposedly if the RSI is lower than 30.00, it is considered oversold.
Judging by the current outlook, the price of this cryptocurrency could drop to 0.000015 USD. But if buying pressure returns, the trend could change and PEPE could jump to $0.000026.
Notcoin (NOT)
Similar to Pepe, Notcoin is trending because of double-digit declines. Over the past 24 hours, NOT’s price has decreased by 12% and is trading at $0.0073. This price action is in stark contrast to a few days ago when prices increased 25%.
On the daily chart, Notcoin’s price attempted to rise close to $0.010, but resistance at $0.0076 prevented this. Trading volume around the Telegram-based token also declined, indicating a decline in market interest.
If this situation holds, the value of the altcoin could drop to $0.0066. However, this prediction may not be accurate if buying pressure increases. If that happens, Notcoin could rise to $0.010.
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