Why These Altcoins Are Trending Today — April 25

9h ago•

bullish:

bearish:

The crypto market has regained modest ground over the past 24 hours, with the total market capitalization holding firmly above the $2.85 trillion support level.

This recovery has sparked renewed interest in some altcoins that have now captured the attention of traders and investors alike. Some of them include Initia (INIT), Pudgy Penguins (PENGU), and Ondo (ONDO).

Initia (INIT)

Newly launched INIT is one of today’s trending altcoins. Up 26% over the past day, the token currently trades at $0.853. Its trading volume has exceeded $950 million, climbing over 43,000% in the past 24 hours.

Such a spike in trading volume is seen as a bullish signal, indicating heightened investor interest and growing market participation. When volume increases alongside price like this, it suggests that the uptrend is backed by strong momentum and genuine demand, rather than short-term speculation.

In INIT’s case, the volume surge reflects the excitement around its listing across multiple exchanges over the past day. If buying pressure continues and market conditions remain favorable, INIT could sustain its rally, break above $0.859, and surge toward $0.909.

INIT Price Analysis. Source: TradingView

Converesly, if buying activity wanes, the token’s price could dip to $0.807.

Pudgy Penguins (PENGU)

PENGU, the native token of the NFT project Pudgy Penguins, is another altcoin trending today. It is up 35% today and currently trades at $0.0085.

However, readings from the token’s Relative Strength Index (RSI) signal that PENGU might be overbought and due for a bearish reversal. As of this writing, the key momentum indicator is at 72.31.

The RSI indicator measures an asset’s overbought and oversold market conditions. Values above 70 indicate that the asset is overbought and due for a decline. Conversely, values under 30 suggest that the asset is oversold and could see a rebound.

At 72.31, PENGU’s RSI signals that it is in overbought territory, and its buyers may soon witness exhaustion. In this case, the altcoin could reverse its current trend and plunge toward $0.0037.

PENGU Price Analysis. Source: TradingView

On the other hand, if the bulls remain in control and PENGU demand soars, its price could rally to $0.011.

Ondo (ONDO)

ONDO, the governance token for the Ondo DAO, is another altcoin that investors are considering today. It currently trades at $1, having experienced a 15% price hike over the past day.

On the daily chart, its Balance of Power (BoP) is at 0.37. This indicator’s positive value reflects the growing demand for ONDO among spot market participants.

The BOP measures the strength of buying versus selling pressure in the market by comparing an asset’s price range to its opening and closing prices.

A positive BOP value indicates buyers are currently in control, suggesting bullish momentum and potential for ONDO’s further price growth. If this happens, the token’s price could climb above $1.01 and surge to $1.07.