Why These Altcoins Are Trending Today —November 11

Today, a select group of altcoins are trending in the crypto market and have caught the attention of investors. With surges in trading volumes and rising social media mentions, these tokens are among the most searched cryptos, largely for similar reasons.

In this analysis, using CoinGecko data, BeInCrypto reveals that the altcoins trending today, November 11. They include Peanut the Squirrel (PNUT), Act I: The AI Prophecy (ACT), and Sui (SUI).

Peanut the Squirrel (PNUT)

Peanut the Squirrel, the quirky meme coin that skyrocketed to fame after Elon Musk’s post about a now-deceased squirrel, is back in the spotlight as Binance announced its official listing on its spot market.

The announcement, which came earlier today, drove PNUT’s price as high as 300% while it trades at $0.42. Furthermore, the altcoin’s trading volume has also climbed by 950%, currently sitting at $446.43 million at press time.

Examining the 4-hour chart reveals that the Chaikin Money Flow (CMF) has been on the rise. The CMF measures the buying and selling pressure based on price and volume, with positive values indicating more buying pressure. 

Peanut the Squirrel 4-Hour Analysis. Source: TradingView

Negative values, on the other hand, signify increased selling pressure. Therefore, if the indicator’s reading continues to rise, then PNUT’s price might climb as high as $0.45. However, if the altcoin gets overbought and profit-taking rises, the price might decline. If that happens, PNUT could drop to $0.30.

Act I: The AI Prophecy (ACT)

Like PNUT, Act I: The AI Prophecy (ACT) is also one of the trending altcoins today because Binance listed it, too. ACT, an AI-based meme coin, came into the spotlight during the massive growth of Goatseus Maximum (GOAT).

Since the hype around this meme coin fizzled, ACT’s adoption also dropped. However, with the recent Binance listing, ACT’s price has jumped by over 1600% in the last 24 hours. Data from Lookonchain also revealed that increased accumulation from crypto whales contributed to the massive hike.

As of this writing, ACT’s price is $0.40, while its trading volume has increased by 7000%. Should the volume and price continue to jump, then the altcoin’s value might continue to climb. 

On the 4-hour chart, the Moving Average Convergence Divergence (MACD) has flipped into positive territory, signaling a shift in momentum toward the bullish side. With this in place, ACT’s price might continue to jump to much higher levels and could rally beyond $0.50 in the short term.

Act I The Prophecy 4-Hour Analysis. Source: TradingView

However, invalidation might occur if the meme coin holders book profits in large volumes. If that happens, ACT could drop as low as $0.20.

Sui (SUI)

Last on the list of the altcoins trending today is SUI. Unlike the other two, the native token of the layer-1 blockchain is not trending because of the Binance listing. Instead, it is making waves due to the impressive price action and speed at which it rose to $3.

At press time, SUI’s price is $3.21, which represents a 70% hike within the last seven days. On the daily chart, the altcoin has continued to hit higher highs with no resistance in sight. With this position, there is a high chance that SUI’s price could rally all the way to $4.

Sui Daily Analysis. Source: TradingView

However, traders might need to watch out. If SUI gets overbought, some holders may want to take profits. In that scenario, the altcoin could drop to $2.63.

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