Why These Altcoins Are Trending Today — December 11

Today, December 11, BeInCrypto observed that the crypto continues to be in a choppy state, with several tokens trading sideways. While some have registered notable upticks, only a few out of the top trending altcoins are in this category.

According to CoinGecko, the trending altcoins today include Magic Eden (ME), KIP (KIP), and Movement (MOVE). This is why they are trending and how their prices may fare going forward.

Magic Eden (ME)

ME is the native token of Magic Eden, a multi-chain NFT marketplace that experienced significant volume and user activity during the 2021 bull market. The token is one of the trending altcoins today because several users received ME tokens in the form of an airdrop.

Interestingly, some tier-1 exchanges also disclosed listing the token amid the airdrop. Following the Token Generation Event (TGE), ME rallied above $9.00. As eligible recipients sold their allocated tokens, the price experienced a sharp decline.

Magic Eden Price Analysis. Source: TradingView

At press time, the altcoin’s value is $5.26. However, it appears to be on the path to recovery. If buying pressure increases and selling pressure drops, the ME token might climb to $6.22. If not, the value could sink to $4.93.

KIP (KIP)

KIP, the native cryptocurrency of the KIP protocol, is second on the list of trending altcoins today. Unlike ME, KIP’s price has increased by 60% in the last 24 hours. 

Currently trading at $0.036, the altcoin has seen an increase in buying pressure in the last 24 hours. On the 1-hour timeframe, the Bull Bear Power (BBP) is positive, indicating that bulls are in control.

KIP 1-Hour Analysis. Source: TradingView

If this trend continues, then KIP’s price might climb to $0.042. However, if bears take over or profit-taking increases, this could change. In that instance, the altcoin might drop to $0.025.

Movement (MOVE)

MOVE, which also recently launched, was part of the trending altcoins yesterday. It is no surprise that it is on the list today, as it appears some market participants are still claiming their airdrops.

Due to this development, MOVE’s price has decreased by 24% in the last 24 hours while changing hands at $0.69. Meanwhile, the token seems to be recovering, as seen in the image below.

Movement 1-Hour Analysis. Source: TradingView

Should the altcoin breach the $0.77 resistance, the value could jump toward $1.23. However, failure to break through this hurdle could invalidate the outlook. In that scenario, MOVE could decline to $0.60.

The post Why These Altcoins Are Trending Today — December 11 appeared first on BeInCrypto.