Why These Altcoins Are Trending Today — December 18

Today, December 18, the crypto market is swinging sideways as many altcoins have yet to get a clear direction. Due to this movement, the altcoins trending today are also in the same boat.

But the good part is that not all of them have seen their prices decline. According to CoinGecko, the altcoins trending today include Pudgy Penguins (PENGU), Hyperliquid (HYPE), and Happy Cat (HAPPY).

Pudgy Penguins (PENGU)

PENGU, the token launched by NFT collection Pudgy Penguins, tops the list of altcoins trending today, mainly because of its launch yesterday and airdrop.  As BeInCrypto reported earlier, the PENGU airdrop caused a notable drop in the altcoins’ value.

However, while some might hope that it recovers, it has not. As of this writing, the Pudgy Penguins token price is $0.35, representing a 50% decline in the last 24 hours. 

Despite the decline, the one-hour chart shows that the token appears to be on the path to recovery. As seen below, the volume has increased, and if it continues that way, the altcoin’s value might rise toward $0.055.

But if selling pressure continues to hit it, that might not happen. In that scenario, PENGU could decrease below $0.025.

Hyperliquid (HYPE)

For weeks, HYPE continues to hold its position as a top trending altcoin. However, unlike previous times, the altcoin’s value did not record a significant hike in the last 24 hours. Instead, the value slightly decreased by 3.40%.

The decrease in value could be linked to low demand for the Hyperliquid native token. Demand was intense before now, with predictions spreading that the altcoin could reach $50 in the short term.

However, as of this writing, it is $27.15. Should demand continue to fall, HYPE’s price might decline toward $20. But if buying pressure increases and volume in the Hyperliquid market jumps, the trend might change, and the price might increase.

Happy Cat (HAPPY)

Last on the list of altcoins trending today is Happy Cat, a meme coin built on Solana. HAPPY is trending because it is one of the few cat-themed meme coins whose price increased in the last 24 hours.

On the 4-hour chart, HAPPY is struggling to hold these gains. As a result, the price is on the brink of falling below the 20 and 50-period Exponential Moving Averages (EMA). If validated, then the altcoin’s value might drop to $0.010.

However, if demand for the meme coin rises again, this prediction might not be validated. In that case, HAPPY’s price might climb to $0.018.