The Cryptocurrency market is buzzing with many exciting activities when a series of altcoins suddenly attract attention. From double-digit price increases to skyrocketing trading volumes, these altcoins, especially meme coins, are attracting a lot of interest from the market.
Key factors driving this momentum include increased social media prominence, significant accumulation from whales and surprise listing announcements on exchanges. Typically, Comedian (BAN), Akash Network (AKT), and Sui (SUI) were the most prominent altcoins on November 18.
Comedian (BAN), a meme coin based on the Solana platform, stands out on today’s altcoin list thanks to the shock of being Binance lists futures contracts. This morning, Binance revealed it will list the altcoin at 11:30 UTC and investors can use up to 75x leverage.
Besides Binance, Bybit also announced will list this Token. As a result, BAN’s price has increased by 82% over the past 24 hours. Trading volume also increased by 300%, reaching 255 million USD, showing significant interest from investors in this Token.
Technically, the 4-hour chart shows that BAN’s price has broken through the Ichimoku Cloud, a technical indicator that evaluates support and resistance levels.
When the price is below the cloud, it means there is a strong resistance that could push the price down. But as the price has broken through the clouds, it means that BAN’s price could continue to rise above $0.30.
If so, the altcoin price could rise up to $0.43. Conversely, if selling pressure increases, the Token could fall to 0.20 USD.
Akash Network (AKT)
AI-based project Akash Network, which focuses on decentralized computing, is one of the most prominent altcoins today. Similar to the Comedian project, AKT also attracted attention thanks to its listing information on Binance’s futures market.
Following the announcement, AKT’s price increased to $4.25 before falling to $3.73 at press time. On the daily chart, the Awesome Oscillator (AO) index has increased. The Awesome Oscillator (AO) index analyzes current data against historical data to measure market momentum. It helps identify or challenge the current trend, determining whether the trend is bullish or bearish.
When the index is negative, the momentum is bearish. However, since the index is positive, the momentum is bullish, which implies that AKT’s price could continue to rise. As seen on the daily chart, the price could reach a gain of $4.52, the highest point of the candle wick.
However, if attention to the Binance listing declines, this could be negated. In that scenario, AKT could drop to $2.91.
Sui (SUI)
Sui once again entered the list of prominent Cryptocurrencies today thanks to interest from the market. However, it is important to note that this level 1 blockchain has not had any major developments yet.
At the moment, SUI’s price is $3.67, down 6.60% from its all-time high. Despite the price decline, the Average Directional Index (ADX), which measures directional strength, suggests that SUI’s price may continue to rise.
This is because the ADX index has increased, and since the SUI’s movement has been upward for some time, the value may continue to increase. If this happens, the altcoin value could exceed 4 USD.
However, if the index falls below 25, the uptrend may weaken. In that scenario, the price could drop below $2.38.