Why These Altcoins Are Trending Today — April 14

Amid today’s broader market weakness, the total cryptocurrency market capitalization has faced a significant dip, falling by $27 billion in the last 24 hours. 

However, despite the overall downturn, altcoins such as Mantra’s OM, Pi Network’s PI, and meme coin PEPE have captured traders’ attention.

MANTRA (OM)

MANTRA’s OM is one of the trending altcoins today but for all the wrong reasons. The token’s price has plunged 90% in the past 24 hours as traders quickly dump the altcoin amid growing concerns.

As earlier reported, the price drop comes after on-chain data revealed a massive deposit of 3.9 million OM tokens into the OKX exchange by a wallet allegedly associated with the MANTRA team. This large movement has sparked fears of an impending sell-off, which is driving market panic.

If the selloffs continue, OM could extend its decline and fall to a December 2023 low of $0.024.

OM Price Analysis. Source: TradingView

On the other hand, if the token distribution stalls and new demand enters the OM markets, its price could rebound and climb toward $1.25. 

Pi Network (PI)

PI is another altcoin making waves today. Up by a modest 1.2% over the past day, it trades at  $0.75. This marks a continuation of the altcoin’s rally over the past week, with its price surging by 32% during this period.

The rising Relative Strength Index (RSI) highlights the increasing demand for PI following an extended period of sell-offs. This is currently at 48.37, poised to cross above the 50-neutral line.

When an asset’s RSI attempts to break above the 50-neutral line, it indicates a shift in momentum towards the bullish side, suggesting increasing buying pressure. 

If the trend continues, this could propel PI’s to $1.01. 

PI Price Analysis. Source: TradingView

However, if PI resumes its decline, its price could fall to $0.40.

Pepe (PEPE)

Popular meme coin PEPE is another asset that has caught investors’ attention today. As of this writing, it trades at 0.0000073, rising 0.4% over the past day.

Despite the broader market’s downturn, PEPE’s trading volume has soared. It is up 16% in the past 24 hours, totaling $685 million today. 

When an asset’s price and trading volume rally together like this, it signals strong market interest and confirms the strength of the price movement. This combination suggests that PEPE has solid backing, and its uptick may strengthen in the short term.

In this scenario, PEPE’s price could reach $0.0000097.

PEPE Price Analysis. Source: TradingView

Converesly, if buying pressure loses momentum, PEPE could shed recent gains and fall to $0.000057.