Why These Altcoins Are Trending Today?

Several altcoins are trending today, despite prices being lower than at the week’s start. While the reasons may seem unclear to some, CoinGecko has identified the top three trending altcoins as (WELSH), Turbo (TURBO), and MAGA Hat (MAGA).

This analysis by BeInCrypto explores the factors behind the growing attention these altcoins are attracting, offering insights into their market movements and underlying trends.

Welshcorgicoin (WELSH) Leads the Trending Altcoins List

WELSH is trending primarily due to its impressive price action. Over the past 30 days, the altcoin has surged by 96%, catching the attention of investors.

Although it remains relatively unknown in the broader market, WELSH has carved out a niche for itself. The project claimed it is the first dog-themed Bitcoin meme coin secured on the Stacks network. This unique positioning has contributed to its rising popularity and price momentum.

Currently, WELSH’s price is $0.0033, and its self-reported market cap is $31.55 million. The altcoin experienced a significant rally, climbing by 110% between September 18 and Monday, September 14. However, in the last 24 hours, it has given back 2% of those gains.

Welshcorgicoin Price Analysis. Source: TradingView

One possible reason for this recent drawdown is the Money Flow Index (MFI). The MFI is a technical indicator that measures buying and selling pressure. Beyond that, it also indicates whether an asset is overbought or oversold.

When the Money Flow Index (MFI) is below 20.00, the asset is considered oversold. Readings above 80.00 indicate an overbought condition. Given the current MFI readings, WELSH could be approaching an overbought territory. This suggests the possibility of a short-term decline. If this trend continues, the price might drop to $0.0026 in the near term.

On the other hand, if buying p

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Author: Victor Olanrewaju

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