Why These Altcoins Are Trending Today — April 10

5d ago•

bullish:

bearish:

The crypto market has extended its recovery rally for another day, adding $165 billion to its total market capitalization in the past 24 hours.

As bullish momentum returns across major assets, several altcoins stand out amid growing investor interest. Some of them include SAROS, HEI, and TAO.

Saros (SAROS)

Solana-based SAROS is one of today’s trending altcoins. Its price is up 1% over the past 24 hours, mirroing the broader market rally. The token briefly traded at an all-time high of $0.16 during Thursday’s early Asian hours.

However, with profit-taking underway, SAROS’ daily trading volume has dipped by 44%, creating a negative divergence. When an asset’s price rises while its trading volume drops, it signals weakening buying pressure as fewer traders participate in the rally.

SAROS’ negative divergence suggests that its price increase is not sustainable, as it lacks the backing of strong market participation.

If volume continues to decline while the price rises, the altcoin could be at risk of a reversal and plummet toward $0.086.

SAROS Price Analysis. Source: TradingView

On the other hand, if the rally continues, SAROS could revisit its all-time high of $0.16 and attempt to rally past it.

Heima (HEI)

HEI is a trending altcoin today because it has bucked the general market uptrend. Currently trading at $0.32, the token’s price is down 9% over the past day.

On the daily chart, HEI’s negative Balance of Power (BoP) reflects the weak demand for the altcoin. As of this writing, it is below zero at -0.80.

The BoP measures the strength of buyers versus sellers in the market by comparing the price movement to the volume of trades. When it is negative, it suggests that sellers are in control, signaling a bearish trend.

HEI Price Performance. Source: TradingView

If HEI sellers remain in control, the altcoin’s price could revisit its all-time low of $0.22. However, if new demand resurfaces, it could drive HEI’s price up toward $0.39.

Bittensor (TAO)

TAO is up 16% over the past day, and currently exchanges hands at $231.90. As of this writing, its Relative Strength Index (RSI) is at 48, attempting to break above the 50-neutral line.

When this indicator, which measures an asset’s oversold and overbought market conditions, is poised to cross above the neutral line, the asset is shifting from a neutral to a bullish phase.

This suggests that TAO’s buying momentum is increasing, potentially signaling the start of an upward price movement if the trend continues. In this case, its price could climb to $281.60.