Why These Altcoins Are Trending Today — April 30

The cryptocurrency market has seen a notable dip in activity over the past 24 hours, with the total market capitalization falling by $16 billion. 

Despite the broader downturn, some altcoins have bucked the trend and are drawing notable attention from traders. Some of them include Alpaca Finance (ALPACA), Initia (INIT), and Housecoin (HOUSE). 

Alpaca Finance (ALPACA)

ALPACA, the native token of BNB-based leveraged yield farming protocol Alpaca Finance, is one of today’s most talked-about altcoins. 

The token’s price has skyrocketed by over 300% in the past 24 hours, fueled by intense market activity and traders rushing to secure gains ahead of Binance’s scheduled ALPACA delisting on May 2.

Initially, following the delisting news, traders sold their ALPACA holdings, pushing the price to a year-to-date low of $0.029 on April 24. However, in a dramatic reversal, the altcoin’s value has rocketed over 2,300% in the past seven days.

If buying strength remains, ALPACA could break above the resistance at $0.64.

ALPACA Price Analysis. Source: TradingView

However, if profit-taking resumes, its value could plummet to $0.50. 

Initia (INIT)

INIT is another trending altcoin that has bucked today’s market dip. It trades at $0.82 and is up 19% over the past 24 hours.

The token’s double-digit price gain has been matched by a surge in its daily trading volume, which has climbed by over 80% to reach $399 million today.

When an asset’s price and trading volume rise simultaneously, it signals strong market interest and validates the upward price movement. Higher volume during a price rally suggests that more traders are participating in the move. 

This indicates that INIT’s current momentum is sustainable rather than a short-lived spike driven by speculation. If the rally continues, INIT could breach resistance at $0.84 and rally toward $0.87. 

INIT Price Analysis. Source: TradingView

On the other hand, if the bears regain market dominance, they could push INIT’s price down to $0.80.

Housecoin (HOUSE)

As of this writing, HOUSE exchanges hands at $0.095, noting a 59% price surge today. Its rising Balance of Power (BoP) on the daily chart reflects the growing demand for the altcoin. At press time, this is at 0.62. 

An asset’s BOP indicator measures the strength of its buying and selling pressures. When it spikes and is positive, it signals a surge in buyer dominance, hinting at a bullish breakout.

If this trend continues, HOUSE could revisit its all-time high of $0.10.

HOUSE Price Analysis. Source: TradingView

Conversely, if sellofs begin, its price could drop toward $0.091.