Why These Altcoins Are Trending Today — March 11

The crypto market has extended its downturn, shedding $57 billion in market capitalization today as bearish sentiment grips investors.

Amid this decline, some assets have caught investors’ attention. Elixir (ELX), BNB (BNB), and Arkham (ARKM) are among the top trending assets today.

Elixir (ELX)

ELX powers Elixir, a modular decentralized liquidity network. It is a trending altcoin today because if briefly traded at an all-time high of $0.75 during the early Asian trading session. 

Although it has since witnessed a pullback, ELX is still up 37% in the past 24 hours and continues to see strong buying momentum.

Its rising daily trading volume highlights the strong demand among spot market participants. It totaled $117.78 million at press time, up almost 90% in the past day.

If ELX sees sustained demand, it could extend its price rally, reclaim its all-time high, and rocket past it.

ELX Price Analysis. Source: TradingView

On the other hand, if profit-taking soars, the token could lose its recent gains and plummet to $0.53.

BNB (BNB)

BNB is another altcoin trending today. Impacted by the broader market slump, BNB is down 0.1% over the past 24 hours, and currently trades at $549.90.

On the daily chart, the coin’s Relative Strength Index (RSI) is below the 50-neutral line at 36.75. This confirms the heightened selling pressure among spot market participants and hints at the likelihood of further declines.

An asset’s RSI measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for price decline. Conversely, values under 30 indicate an asset is oversold and may soon witness a rebound.

At 36.75, BNB’s RSI signals that the market is in a bearish trend but is not yet in the oversold zone, which typically begins below 30. This suggests that selling pressure is dominant, but a potential reversal or further decline depends on market conditions.

If selloffs persist, BNB’s price could drop to $519.73.

BNB Price Analysis. Source: TradingView

However, if demand spikes, its price could touch $563.51. 

Arkham (ARKM)

ARKM has bucked the broader market downtrend, noting a 10% uptick over the past 24 hours. During Tuesday’s early Asian trading hours, the altcoin exchanged hands briefly at a seven-day high of $0.73 before correcting downward.

Readings from ARKM’s Balance of Power (BoP) confirm the buying pressure in the market. At press time, this indicator, which compares the strength of buyers and sellers, is at 0.37.

A positive BoP like this indicates that buyers have greater control over price movements. It means ARKM is experiencing stronger buying pressure, which could lead to further upward movement if sustained.

In this scenario, its price could breach resistance at $0.62 and climb to $0.85.

ARKM Price Analysis. Source: TradingView

On the other hand, if demand stalls, ARKM could fall to $0.41.