Why These Altcoins Are Trending Today — April 15

Trading activity in the crypto market has increased significantly over the past 24 hours, with the total market capitalization rising by more than $40 billion. 

Amid this broader market uptick, a few altcoins have emerged as the most searched assets today. Some of them include XYO, HYPE, and KERNEL.

XYO Network (XYO)

DePIN-based token XYO is among the altcoins trending today, driven by anticipation around an upcoming announcement. The developer team hinted at the update in a cryptic post on X, sparking curiosity despite offering few details.

However, while XYO’s search volume has rocketed today, trading activity around the altcoin remains minimal. This is reflected by its 0.39% price decline and the 19% dip in its trading volume over the past day.

When an asset’s price and trading volume both decline, it signals weakening market interest and reduced investor activity. This reflects the bearish sentiment toward XYO and hints at a further downside in its price. 

If XYO maintains its decline, it could trade at $0.0072.

XYO Price Analysis. Source: TradingView

Conversely, if XYO demand soars, it could witness a rebound and rally toward $0.013.

Hyperliquid (HYPE)

Layer-1 (L1) coin HYPE is another altcoin trending today. It currently trades at $16.41, noting a 5% price growth in the past day.

At its current value, HYPE rests solidly above its 20-day exponential moving average (EMA). The 20-day EMA measures an asset’s average price over the past 20 trading days, giving weight to recent prices. 

When an asset’s price breaks above its 20-day EMA, it marks a shift toward a short-term bullish trend. This breakout indicates growing buying momentum and increased confidence among HYPE holders.

If the accumulation continues, HYPE could maintain its rally toward $21.88.

HYPE Price Analysis. Source: TradingView

However, if sellers regain market control, they could force HYPE’s price down to $14.24, where its 20-day EMA offers support. Should it fail to hold, the coin’s price could drop to $9.29.

KernelDAO (KERNEL)

Following its debut on Binance on Monday, KernelDAO’s KERNEL plunged nearly 44% to $0.26 as airdrop recipients rushed to sell. Although it has since rebounded to trade at $0.32 at press time, KERNEL is still down 12% over the past 24 hours, reflecting the selloffs among traders.

On an hourly chart, the token’s Relative Strength Index is 39.63. When this momentum indicator is set up this way, it points to a growing bearish momentum as selling activity strengthens. KERNEL’s steady distribution could push its price to $0.26.

KERNEL Price Analysis. Source: TradingView

Conversely, a spike in its accumulation could drive its price up to $0.39.