The cryptocurrency market has seen a significant decrease in value over the last 24 hours, with a total market capitalization loss of $32 billion.
Nevertheless, amidst the general downturn, some alternative coins have managed to stand out and capture the attention of interested investors. Notable among the trending altcoins on Wednesday are Story (IP), Sonic (S), and Bittensor (TAO).
Story (IP)
Story (IP) emerges as a standout performer today within the altcoin sphere, continuing its upward momentum against the broader market decline. It recently claimed the top gainer spot, surging by more than 20% on Tuesday, outperforming its peers. At the current moment, IP is trading at $2.42, showing a remarkable 20% increase in price over the past 24 hours.
A closer look at its Chaikin Money Flow (CMF) on a four-hour chart reveals a strong demand for the altcoin. With a current uptrend reading of 0.20, the indicator suggests increased capital inflow as buying activity surpasses selling.
Should the buying pressure on IP remain robust, there is potential for its price to reach its all-time high of $3.
Sonic (prev. FTM) (S)
Sonic (S), previously known as Fantom (FTM), is another altcoin making waves today by defying the market trend. With a 10% increase in the last 24 hours, S is currently priced at $0.65, marking its highest point since January 25.
Analysis of the S/USD one-day chart shows a consistent trade above an ascending trendline since February 8, indicating a bullish trend characterized by sustained buying pressure and the possibility of further price appreciation.
In the event of a surge in demand for S, the price could potentially reach $0.76.
Bittensor (TAO)
Among the most sought-after altcoins today is Bittensor (TAO), an artificial intelligence-based token valued at $398.80, showing a 9% price spike within a day.
An evaluation of its bull/bear power substantiates the dominance of buyers in TAO's spot markets. This is corroborated by a positive reading on the Elder-Ray Index for the first time this week, signifying strong buying activity in the TAO market and hinting at potential upside movement.
If the current uptrend persists, TAO's price may climb to $452.20.
On the other hand, a shift in sentiment leading to selling pressure could see TAO's price dip to $355.80.