The crypto market has extended its decline for another consecutive day, with the total market capitalization plunging by $103 billion in the last 24 hours.
Amid the downturn, a few altcoins have emerged as trending picks today. They include ONDO, LAUNCHCOIN, and ATH.
Ondo (ONDO)
ONDO is one of the altcoins trending today. Its price is down 5% over the past day, mirroring the broader market pullback.
During the review period, ONDO’s trading volume has soared by 68%, forming a negative divergence with its price. When an asset’s price rises while trading volume falls, it indicates weakening buying momentum.
This suggests that demand may not strongly support ONDO’s price increase. Also, the divergence signals a potential reversal in the token’s price in the near term. If this happens, ONDO’s value could fall below $0.950.
On the other hand, if demand climbs, ONDO could rebound and rally to $1.03.
Launch Coin (LAUNCHCOIN)
LAUNCHCOIN is another altcoin trending today. It has bucked the broader market dip to post 18% gains today. At press time, the altcoin trades at $0.246.
On a four-hour chart, LAUNCHCOIN’s Relative Strength Index (RSI) rests significantly above the neutral line, indicating high buying pressure. As of this writing, the momentum indicator is at 63.10.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 63.10, LAUNCHCOIN’s RSI signals a preference for token accumulation over distribution. If this continues, its price could jump to $0.268.
However, if profit-taking commences, the token’s price could fall to $0.240.
Aethir (ATH)
DePin token ATH is one of the altcoins trending today. Currently, it trades at $0.053, up 10% over the past 24 hours.
On the daily chart, readings from ATH’s Moving Average Convergence Divergence (MACD) reflect the strengthening demand for the altcoin. As of this writing, the token’s MACD line (blue) rests above its signal line (orange).
When an asset’s MACD indicator is set up this way, it indicates bullish momentum. This suggests that ATH’s price may continue to rise toward $0.056.
However, if sell-offs commence, the token’s price could plunge below $0.050.
The post Why These Altcoins Are Trending Today — May 15 appeared first on BeInCrypto.
