The Altcoins Trending Today
The surge in cryptocurrency markets ahead of U.S. President Donald Trump’s inauguration appears to have run out of steam. This is reflected in the decline in total market capitalization over the past 24 hours.
Among all these currencies, three famous altcoins – Official Trump (TRUMP), Melania Meme (MELANIA), and VeThor (VTHO) – are trending today for different reasons. This analysis explains why.
Official Trump (TRUMP)
Donald Trump’s meme coin TRUMP Today’s trend is due to a significant drop in value over the past 24 hours. At press time, the Solana-based meme token was trading at $37.93, having lost 27% of its value during that period.
Its price climbed to an all-time high of $77.82 on January 19 and has since fallen by more than 50% as the sell-off intensified. Trump’s negative Elder-Ray index confirmed its decline in demand. At press time, the indicator stood at -6.63.
elder ray The index measures market strength by analyzing the difference between the highest price (bullish power) and the lowest price (bearish power). As with Trump, a negative index indicates dominance of bearish power, indicating downward pressure and an underlying bearish trend in the market.
If this downward trend continues, Trump’s price could drop to $28.44. On the other hand, rising buying pressure could push its value to $46.41.
Melania meme(MELANIA)
new value Launch Melania It has fallen 58% in the past 24 hours, making it one of the trending currencies today.
MELANIA climbed to an all-time high of $14.17 during Monday’s trading session and has since plunged 71%. As of this writing, the Meme coin is trading at $4.45.
MELANIA appears poised to extend its losses as meme coin hype dies down following the inauguration of Donald Trump. If this continues, its price could drop to $3.26.
However, if it witnesses a resurgence of accumulation, Melania may rebound and rebounded to $5.84.
VTHO
VTHO is the token of the VeChainThor public blockchain, popular after South Korean cryptocurrency exchange Upbit Announce Trading pairs with Korean Won and USDT. The news triggered a 140% price surge, pushing VTHO to an 11-month high of $0.0068 at press time.
The token’s trading volume reflects the surge in demand, reaching $206 million in the past 24 hours, a whopping 4,000% increase. This increase in price and volume indicates strong market interest and is often viewed as a bullish indicator, as increased volume typically validates the strength of a price trend.
If this rise continues, the price of VTHO may touch $0.011. On the other hand, a decrease in buying pressure could lead to a drop to $0.0008.
Disclaimer
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