Why These Altcoins Are Trending Today — April 21

The cryptocurrency market has seen a notable uptick in trading activity over the past 24 hours, with the total market capitalization rising by $51 billion. 

This sharp increase in momentum has sparked renewed interest in several altcoins, with MANTRA (OM), Treasure (MAGIC), and Pepe (PEPE) standing out as trending tokens.

MANTRA (OM)

OM has bucked the broader market rally to note an 11% dip over the past day.  This double-digit drop extends the token’s week-long downtrend, which began on April 13 when it suffered a catastrophic price collapse. 

On that day, OM plummeted over 90% within an hour, erasing more than $5.5 billion in market capitalization and shaking investor confidence.

Since then, it has faced significant selloffs, as reflected by readings from its Moving Average Convergence Divergence (MACD) indicator. At press time, OM’s MACD line (blue) rests below its signal line (orange), forming a death cross. 

When an asset’s MACD is set up this way, selling pressure increases, and the asset’s price may face further declines. Therefore, if OM’s sellers strengthen their control, its price could fall to $0.09.

OM Price Analysis. Source: TradingView

On the other hand, a resurgence in new demand for the token will invalidate this bearish projection. In this case, OM’s price could rally toward $2.23.

Treasure (MAGIC)

MAGIC, the native token of decentralized gaming network Treasure, is among the altcoins that investors are considering today. It currently trades at $0.19, climbing by over 40% today. 

However, MAGIC appears poised to witness a pullback. Its Relative Strength Index (RSI), assessed on a daily chart, signals that the altcoin is overbought and due for a correction. At press time, this momentum indicator is at 74.34. 

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

At 74.34, MAGIC’s RSI indicates that buyers’ exhaustion is underway. Once buying momentum wanes, MAGIC could lose recent gains and fall to $0.06. 

MAGIC Price Analysis. Source: TradingView

However, MAGIC’s price could reach $0.42 if the uptrend subsists. 

Pepe (PEPE)

The frog-themed meme coin PEPE is another altcoin trending today. It is up 6% in the past 24 hours and trades at $0.0000078 at press time. 

Its positive Balance of Power (BoP) suggests that the ongoing rally is fueled by strong buying interest, indicating sustained demand for the meme coin among market participants. 

The BoP indicator measures the strength of an asset’s buying and selling pressures. When its value is positive, buyers are currently in control, driving the asset’s price upward.

If this trend continues, PEPE’s price could rally to $0.0000097.

PEPE Price Analysis. Source: TradingView

Conversely, if profit-taking commences, this bullish outlook will be invalidated. In that scenario, PEPE’s value could dip to $0.0000057.