Trending Coins for January 27, 2024: MANTA, ALT, HONK, SCPT, TET

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RESULTS

The Manta token has been holding its top spot on the trending coins list since last week. Likewise, the list continues to be dominated by newly launched tokens and seems to be an upgrade from last week, when just one prominent token made it to the list. Without further delay, let’s take a much closer look at each of the tokens on this list.

Manta Network (MANTA)

Major Bias: Bullish

The Manta Network token has recorded an additional price increase of 16.59% since the start of today’s trading activity. Meanwhile, it printed about a 46.89% price increase over the past 7 days. It also has a market capitalization of $851.26 million and a daily trading volume of $516.68 million as of the time of this writing. Since the token was recently launched and therefore has little history, its market will be examined in a 4-hour time frame.

Here, it could be seen that trading activities are happening above the 21-day Moving Average (MA) line. Consequently, this seems to have offered some resistance to headwinds, preventing further price declines in the ongoing session. This has been effective in keeping the price of the token at a certain level since the previous session. The Stochastic Relative Strength Index (RSI) curves are now converged for a crossover above the 60 mark of the indicator. However, as price action is positioned above the MA line, it still favors upside forces and may cause an extension through the $3.500 mark.

Current Price: $3.377
Market Capitalization: $851.27 million
Trading Volume: $5i6.68 million
7-Day Gain/Loss: 16.59%

Altlayer (ALT)

Major Bias: Bullish

The Altlayer token takes the second spot on this week’s list of trending coins, having seen an additional price increase of 18.40% today and a 31.52% price increment over the past 7 days. The coin also has a market capitalization of $404.36 million and a 24-hour trading volume of $427.88 million.

This coin was also launched yesterday, and this calls for us to examine it on a much smaller time-framed market of 1 hour for clear insight into its price action. Here, it could be seen that, despite reduced volatility, this market continues to trend upward. Trading activity can be seen happening in this market above the 21-day line. This gives the market a bullish characteristic. Likewise, the SRSI indicator lines have just delivered a bullish crossover in the overbought region. Therefore, it suggests that prices may keep tending higher towards the $0.4000 price level.

Current Price: $0.3671
Market Capitalization: $404.36 million
Trading Volume: $427.88 million
7-Day Gain/Loss: 18.40%

Honk (HONK)

Major Bias: Bearish

Honk takes the third position in this list of trending coins. Available metrics suggest that this coin is the only coin that has experienced many price declines so far in today’s trading activities. As of the time of writing, this token has seen a price decline of 35.53% but has seen a huge price increase of 356.94% over the week. However, it only has a self-reported market capitalization of $11.25 million and a daily trading volume of $14.71 million.

Using a 1-hour market chart, one can see that its price action has retreated between the Fibonacci Retracement Level of 60 and 61.80 in the past four sessions. The ongoing session stays bullish, although below the 21-day MA line. Likewise, one can notice a crossover on the SRSI indicator, which suggests that bullish momentum in the market will likely cause an upside correction through the $0.01500 price level as a resistance.

Current Price: $0.01409
Market Capitalization: $11.25 million
Trading Volume: $14.71 million
7-Day Gain/Loss: 35.53%

Script Network (SCPT)

Major Bias: Bullish

The Script Network token takes the fourth position on the list of trending coins for this week. The token has printed a price increase of 20.55% while printing 20.18% over the past seven days. As of the time of writing, the coin has a market capitalization of $4.07 million and a daily trading volume of $1.33 million.

On a daily price chart, one can see that the price action has been able to resurface above the 21-day MA line. Likewise, the last price candle here can be seen popping its head through the Fibonacci Retracement level of 76.90. Consequently, this suggests that traders may still want to stay bullish on this token. In addition, the SRSI line stays projected upwards, which signals that bullish momentum is still on the rise in this market. Therefore, traders in this market can still come up with a crypto signal that has $0.02300 as a target.

Current Price: $0.01986
Market capitalization: $4.07 million
Trading Volume: $1.33 million
7-Day Gain/Loss: 20.55%

Tectum (TET)

Major Bias: Bullish

And the last token on this week’s list of trending coins is the Tectum token. An additional price increase of 18.89% has been recorded on this market today, while over the past 7 days, the coin has only seen a price increase of just 4.71%. It also has a market capitalization of $149.37 million but a trading volume of $2.56 million. On the daily chart, it could be seen that the previous session was considerably profitable and therefore pushed the token’s prices through and above the 21-day MA line.

But, despite the minimal downward correction that was presented in the ongoing session, this token continues to trade above the 21-day MA line. The 21-day MA line may act as support for traders hoping for a continued upside correction. To that effect, the SRSI indicator lines are still projected steeply upwards from the oversold region, and as such, this suggests that the upside correction may resume towards the $34.00 mark.

Current Price: $29.83
Market Capitalization: $149.37 million
Trading Volume: $2.56 million
7-Day Gain/Loss: 4.71%

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