Why These Altcoins Are Trending Today — November 7

Following Donald Trump’s declaration as the winner of the US presidential election yesterday, several cryptocurrencies have seen significant price gains, with some now ranking among the top trending altcoins today.

However, it’s worth noting that not all of the trending altcoins have experienced price increases. According to CoinGecko, the top three trending altcoins today include Ethervista (VISTA), MAGA (TRUMP), and Grass (GRASS).

Ethervista (VISTA)

VISTA, the native token of a newly launched competitor to Solana’s Pump.fun, is part of the of today’s top trending altcoins. The rise of the token can be attributed to two key factors. First, the platform is experiencing a rapid uptick in activity, with substantial liquidity flowing in.

Secondly, VISTA’s price has seen a notable 6.88% increase in the past 24 hours, currently trading at $52.05. This price surge could be driven by strong buying pressure, as well as Ethereum’s (ETH) recent price resurgence, which has pushed its value back above $2,600.

From a technical point of view, the Awesome Oscillator (AO) reading has flashed green histogram bars. The AO is a momentum indicator that compares recent market movements to historical trends, helping to gauge the strength of a market’s momentum.

With VISTA’s price at $51.15 and a potential return of the AO to the positive region, the altcoin might jump to $59.92. In a highly bullish scenario,  the token’s value might jump to $76.50.

Read more: 10 Alternative Crypto Exchanges After Bybit Exits France

On the other hand, if the momentum fails to switch entirely to bullish territory, the prediction might be invalidated, and VISTA might drop to $33.07.

MAGA (TRUMP)

MAGA’s spot among top trending altcoins today is no surprise to active market participants, especially given its association with Donald Trump. As a meme coin tied to the newly elected president’s victory yesterday, many had expected a rally.

However, contrary to these expectations, MAGA has seen a 30% decline in the past 24 hours, suggesting that the market’s reaction may not align with the anticipated post-election boost. 

On the daily chart, the Bull Bear Power (BBP) dropped to the negative region. When the BBP rises, it means bulls are in control, and prices can increase. However, since it is negative, it suggests that bears are dictating TRUMP’s price direction.

If this remains the same, TRUMP might continue to slide, especially now that the US elections are over. If that is the case, the altcoin’s value might drop to $1.66. However, the trend might change in the lead-up to Trump’s inauguration as buying pressure might jump. If that happens, TRUMP’s price might rise to $7.73.

Grass (GRASS)

Once again, the Decentralized Physical Infrastructure Network (DePINK) project Grass is one of the top trending altcoins today. Like previous times, Grass is trending because of its price action.

Over the last 30 days, GRASS price has increased by 223%, including a 42% hike in the last 24 hours. This price increase could be linked to the buying pressure the altcoin has seen and holders’ decision not to book profits.  

As of this writing, GRASS’  price is $.2.60, and it is only inches away from breaking its previous all-time high. A look at the 4-hour chart shows that it had initially attempted to surpass $2.79, but it faced resistance at $2.72, which dragged its price back.

Read more: Which Are the Best Altcoins to Invest in November 2024?

But now, bulls are trying to attempt the same move. As it stands, this move is likely to be successful. Should that be the case, then the altcoin might rally to $3.03. On the other hand, another rejection could force the token price down. If that happens, GRASS could drop to $1.91.