Why These Altcoins Are Trending Today — May 13

The cryptocurrency market has experienced a slight pullback today, with the total market capitalization dropping by 1%. 

This decline has affected many altcoins, while some tokens are still drawing attention. Some of the altcoins trending today include: Quai Network (QUAI), Moo Deng (MOODENG), and Hey Anon (ANON).

Quai Network (QUAI)

QUAI is one of today’s trending altcoins. It bucks the general trend to record a modest 2% price rise today. 

The token’s Chaikin Money Flow (CMF) has recently broken above the center line and now sits at 0.01, signaling a bullish shift in momentum for the asset. This indicator measures how money flows into and out of an asset. 

A positive CMF reading indicates more buying pressure than selling pressure in the market. This suggests that more capital is flowing into QUAI, and can lead to further price appreciation. 

QUAI could extend its uptrend and climb to $0.12 in this case.

On the other hand, if the selling activity resumes, the token’s price could fall to $0.09. 

QUAI Price Analysis. Source: TradingView

Moo Deng (MOODENG)

The pygmy hippo-themed meme coin MOODENG is another altcoin trending today. It currently trades at a five-month high of $0.32, climbing 13% over the past day. 

While this rally is impressive, readings from MOODENG’s Relative Strength Index (RSI) reveal the strong likelihood of a price pullback in the short term. At press time, the meme coin’s RSI is at 96.45. 

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

At 96.45, MOODENG’s RSI signals a potential correction in the near term. If that happens, the altcoin’s price could plummet to $0.29.

MOODENG Price Analysis. Source: TradingView

However, if demand soars, its price could extend its gains and climb to $0.35. 

Hey Anon (ANON)

Anon is another altcoin trending today. Its price is down 14% today and trades at $7.19 at press time. On the daily chart, ANON’s Balance of Power (BoP) is negative, indicating the selling trend among market participants. 

The BoP indicator measures the strength of buyers versus sellers by comparing the price action within a specific period. When an asset’s BoP is negative, selling pressure outweighs buying pressure. 

This indicates a bearish trend where sellers dominate the ANON market. If this trend continues, ANON’s value could dip to $6.66.

ANON Price Analysis. Source: TradingView

Converesly, if it sees a bullish reversal, its value could reach $7.87.