Why These Altcoins Are Trending Today — May 8

The US Federal Reserve’s decision to maintain interest rates at current levels has triggered a renewed wave of optimism across crypto markets. 

As buying pressure surges across the market, Pudgy Penguins (PENGU), Celestia (TIA), and Sui (SUI) are some of the altcoins trending today. 

Pudgy Penguins (PENGU)

PENGU is up 28% over the past day, and trades at a three-month high of $0.014 as of this writing. On the PENGU/USD one-day chart, the token’s Aroon Up Line is 100%, confirming the rally’s strength.  

The Aroon indicator measures the strength and direction of a trend. It comprises two lines: Aroon Up, which tracks bullish momentum, and Aroon Down, which tracks bearish pressure. 

When the Aroon Up line is at 100, the asset has recently hit a new high, signaling strong upward momentum and a dominant bullish trend. This is true of PENGU, which currently trades at a 90-day high and is poised to extend its gains.  

If this happens, PENGU’s price could reach $0.017.

PENGU Price Analysis. Source: TradingView

On the other hand, if demand falls, PENGU could fall to $0.010

Celestia (TIA)

TIA is up 9% and is one of the alcoins trending today. Its trading volume has surged by 318% over the past 24 hours and is currently at $274 million.

When a surge in trading volume accompanies an asset’s price rally, it signals strong investor conviction behind the move. It indicates that TIA’s uptrend is supported by real demand rather than short-term speculation.

If buying continues, the altcoin could extend its rally to $2.96.

TIA Price Analysis. Source: TradingView

However, a dip in buying pressure could cause TIA’s price to tumble to $2.43.

Sui (SUI)

Layer-1 (L1) coin SUI is another altcoin trending today. Its price is up 12% over the past 24 hours, trading at $3.74. 

Its rising Chaikin Money Flow (CMF) confirms the preference for SUI accumulation among its spot market participants. At press time, this momentum indicator, which measures how money flows into and out of an asset, is at 0.18, its highest level since January 20. 

This indicates that accumulation is strong and could support a SUI price uptick toward $3.97.

SUI Price Analysis. Source: TradingView

Conversely, if profit-taking begins, SUI could fall to $3.54.