The cryptocurrency market has witnessed an increase in trading activity over the past 24 hours, driving the total market capitalization up by $98 billion.
Amid this surge, several altcoins have captured traders’ attention, including Official Trump (TRUMP), Fartcoin (FARTCOIN), and Plume (PLUME).
The Donald Trump-themed meme coin TRUMP is one of today’s trending altcoins. It currently trades at $12.01, climbing 9% in the past 24 hours.
Besides the broader market rally, TRUMP’s price surge resulted from President Donald Trump’s mention of the meme coin on his Truth Social account during Monday’s early Asian hour. Shortly after Trump’s post, TRUMP soared over 10% to a high of $12.25 but quickly dropped as the hype faded.
During this downturn, an on-chain whale lost $207,000 after spending $5 million USDC on the meme coin, only to sell an hour later, per Solscan data. This same whale had previously made $108 million from an early $1.09 million USDC investment in TRUMP when it first launched.
If Trump’s tweet fuels a sustained demand for the TRUMP meme coin, it could extend its rally and climb to $14.82.
On the other hand, if buying pressure wanes, the token’s price could fall to $9.45.
Another meme coin FARTCOIN is one of today’s most-searched assets. It currently trades at $0.56, up 11% amid the general market growth of the past 24 hours.
The meme coin’s value has soared since hitting a year-to-date low of $0.19 on March 10. With surging demand for FARTCOIN, its price has since grown by 200%.
On the daily chart, readings from FARTCOIN’s Moving Average Convergence Divergence (MACD) highlight the strengthening buying pressure in the market. As of this writing, the token’s MACD line (blue) rests above its signal line (orange).
The MACD indicator measures the strength and direction of an asset’s momentum. It helps traders identify potential trend reversals and momentum shifts. When set up this way, it suggests increasing upward momentum, often interpreted by traders as a buy signal.
If FARTCOIN accumulation persists, its price could climb to $0.95.
However, this bullish projection would be invalidated if profit-taking makes a comeback. In that scenario, FARTCOIN’s price could drop to $0.42.
Layer-1 coin PLUME is another altcoin trending today. Its price is up 12% over the past day, and it is trading at $0.20 as of this writing.
During the review period, the coin’s trading volume is up 59%, highlighting that its double-digit gain is backed by actual demand and not fueled by speculative trades.
If this continues, PLUME’s price could revisit its all-time high of $0.25, last reached on March 19.
However, if the coin reverses its current trend and begins to decline, its price could break below $0.27 to reach $0.17.
The post Why These Altcoins Are Trending Today — March 24 appeared first on bitcoinlinux.
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