After days of accumulation, alternative cryptocurrencies are showing signs of improvement, with many having erased some of their recent losses in the past 24 hours. Notably, two of the three cryptocurrencies leading the trend today recorded price increases compared to yesterday.
Interestingly, the reasons behind these price increases in the two currencies seem to be quite similar. According to data from CoinGecko, these altcoins include Velodrome Finance (VELO), Fartcoin (FARTCOIN), and Aerodrome Finance (AERO).
Velodrome Finance (VELO)
Velodrome Finance is an automated market maker (AMM) operating on the Optimism network. Its native token, VELO, is attracting attention today thanks to Binance’s announcement of a spot market listing, which has pushed it into the spotlight of altcoins.
After this announcement from Binance, the price of VELO increased by 125% in just a few hours. Before the announcement, VELO’s price was under 0.15 USD. At the time of writing, the value has gone up to 0.33 USD.
Besides, the relative strength index (RSI) has increased, pointing to bullish momentum around the digital currency. If buying pressure continues to increase, VELO could reach as high as $0.44. Conversely, if altcoin owners decide to take profits after a rally, the trend may change and the value may decline.
Fartcoin (FARTCOIN)
Fartcoin is a cryptocurrency that was on the featured altcoin list on December 12 and has now returned to the list. Yesterday, TinTucBitcoin announced that this Meme Coin Solana coin has surpassed the market capitalization of 500 million USD, which makes it a prominent altcoin.
Today, thanks to a 25% price increase, the market capitalization has reached $655 million, showing that buying pressure around this token continues to increase. On the daily chart, the altcoin appears to have found solid support around $0.20.
With no resistance in sight, it looks like the value could continue to rise. If the trend continues, FARTCOIN’s price could increase to 1 USD and possibly reach a market capitalization of 1 billion USD.
Conversely, if the broader meme coin market weakens, this could change. In that case, the value could drop to 0.34 USD.
Aerodrome Finance (AERO)
For those who have been following the market for a while, it may be surprising to see AERO standing out like VELO. Aerodrome Finance is developed by the same team that created Velodrome. But instead of building AMM Aerodrome on top of Optimism, it operates on Base, Coinbase’s layer-2 network.
Therefore, Aerodrome Finance is part of the prominent altcoins because its “sister” token is listed on Binance. However, unlike VELO, AERO’s price has decreased by 2.50% in the last 24 hours.
From a technical perspective, the Money Flow Index (MFI) on the AERO 4-hour chart is bullish.
An increase in the MFI index shows that buying pressure is increasing. If the bulls maintain this pressure, the value of the altcoin could touch $3. However, if the buying pressure subsides, the value could fall to $1.79.
