After experiencing a recent downturn, the cryptocurrency market is now showing signs of a strong recovery, with a significant $58 billion increase in total market cap over the past 24 hours.
During this resurgence, several altcoins have caught the eye of investors due to exciting ecosystem updates and notable price movements. Here's a detailed look at the trending tokens making waves today.
1. MANTRA (OM)
OM, the primary coin of the Mantra blockchain which deals with real-world assets (RWA) at Layer-1 (L1), is currently one of the hottest altcoins in the market. Investors are buzzing about Mantra's latest RWAccelerator initiative, a startup accelerator program supported by Google Cloud aimed at tokenizing real-world assets (RWAs).
Although the coin is trading at $7.37 with a slight 3.2% decrease in the last 24 hours, its trading volume has dropped by 43% to $219 million. If this trend persists, there is a risk of the price falling to $5.41, but a surge in demand could push it towards its all-time high of $8.12.
2. PAIN (PAIN)
PAIN, a new Solana-meme coin, has quickly gained attention as another trending altcoin of the day. Within just 17 hours of its launch, PAIN achieved a market capitalization of $168 million with a trading volume of $93 million. Currently trading at $16.99, the coin has seen a 10% decline in price in the past day, with the Relative Strength Index (RSI) on the hourly chart indicating weakening demand. A potential drop to $5.74 is on the cards if the downtrend continues, but a rise in demand could boost the price to $57.13.
3. Shadow (SHADOW)
Today, SHADOW stands out as a trending altcoin due to its remarkable 50% surge in value over the past 24 hours. With a current trading price of $168.27 and strong buyer interest, SHADOW holds promising potential. A positive Balance of Power (BoP) at 0.77 dictates bullish momentum, suggesting a move towards its all-time high of $199.68 if buying pressure remains robust. Conversely, a sudden increase in selloffs could lead to a price drop to $154.13.