The most popular cryptocurrencies today include a project that recently saw a prominent exchange listing and two other projects that previously appeared on this list. Interestingly, the prices of two of them rose in the last 24 hours, while the latter seems to be lagging behind.
According to CoinGecko, the most popular altcoins today include Drift (DRIFT), Notcoin (NOT), and Grass (GRASS).
drifting (drifting)
DRIFT, the governance token for Solana-based decentralized exchange protocol Drift, is trending due to its exchange listing.
Today, November 8, the South Korea-based Upbit exchange has launched Announce It will list DRIFT at 18:00 KST, revealing that the token will be paired with Bitcoin (BTC), USDT, and Korean Won (KRW).
Following the latest developments, Drift’s trading volume has increased by 500%, with its price jumping by 88%. Currently trading at $0.95, this strong reaction reflects the performance of other tokens that have been listed on Upbit in the past.
On the daily chart, the Bollinger Bands (BB) indicator has widened, indicating rising volatility around the altcoin. However, the upper band of BB has also touched the price of DRIFT. When this happens, it means that the cryptocurrency is in an overbought zone. It is also in line with the position of the Relative Strength Index (RSI).
As of this writing, the RSI reading is 77.05, and normally, when the indicator is above 70.00, it means it is in the overbought zone. Therefore, the price of DRIFT is at risk of a rebound in the short term. Given these forecasts, DRIFT price may drop to $0.70.
Read more: Top 10 Altcoin Exchanges in 2024
On the other hand, if buying pressure remains intense and profits are not taken, the altcoin may rise. In this scenario, it could jump above $1.
Not Quinn (no)
Unlike DRIFT, Notcoin is not part of the most popular cryptocurrencies due to its high price. Instead, it is one of the few altcoins that failed to perform well in the past 24 hours.
As of this writing, Notcoin’s price is $0.0063, representing a 16.69% decline over the past 24 hours. Despite the decline, the NOT indicator has formed a falling wedge on the daily chart.
A falling wedge is a chart pattern that is formed by drawing two descending trend lines: one connecting the highs and the other connecting the lows. It is considered a bullish reversal pattern, and often indicates that after a period of decline, the price may soon take off to the upside.
Given this situation, Notcoin price could rise towards $0.013 in the short term. However, if the price drops below $0.0060, this may not happen. Alternatively, NOT may fall to $0.0056.
grass (grass)
If there is one cryptocurrency that has been appearing on the list of popular altcoins almost every day since last week, it is GRASS. Today, once again, the native token of the Decentralized Physical Infrastructure Network (DePIN) project is on the list.
As in previous times, Grass became popular due to its price performance. In the past 24 hours, the value of the altcoin has risen by 31.81%, making it one of the best performing coins out of the top 100 coins.
On the 4-hour chart, the Moving Average Convergence and Divergence (MACD) is showing positivity. This MACD reading indicates that the momentum around GRASS is positive. If this continues, the price of GRASS could rise much higher than $3.33.
Read more: What are the best altcoins to invest in November 2024?
But if GRASS holders decide to take profits, this prediction may not come true. In this scenario, the price may fall below $2.50.
Disclaimer
In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
