Trending Altcoins Today, November 11: PNUT, ACT, SUI
Today, a select group of altcoins are trending in the crypto market and have attracted the attention of investors. These tokens are among the most sought-after cryptos due to increasing transaction volume and increasing social media mentions, mostly for the same reasons.
In this analysis, using CoinGecko data, BeInCrypto shows that today, November 11, altcoins are trending. They include Peanuts The Squirrel (PNUT), Act I: The AI Prophecy (ACT) and Sui (SUI).
Peanut Squirrel (PNUT)
Peanut Squirrel, the quirky meme that rose to fame after Elon Musk posted about a now-deceased squirrel, is back in the spotlight as coin Binance announced its official listing on the spot market.
The announcement earlier today sent the price of PNUT up 300% to trade at $0.42. Additionally, the altcoin's trading volume has increased by 950%, currently sitting at $446.43 million at press time.
Examining the 4-hour chart shows that Chaikin Money Flow (CMF) is trending higher. The CMF measures buying and selling pressure based on price and volume, with positive values indicating more buying pressure.
On the other hand, negative values indicate an increase in selling pressure. Therefore, if the indicator reading continues to rise, the price of PNUT may go up to $0.45. However, if an altcoin is overbought and profitability rises, its price may drop. If that happens, PNUT could drop to $0.30.
Act 1: AI Prophecy (ACT)
Like PNUT, Act I: AI Prophecy (ACT) is one of the trending altcoins today because Binance listed it. ACT, an AI-based meme coin, came into focus during the massive boom of Goatseus Maximum (GOAT).
As the hype around this meme coined, adoption of ACT also declined. However, with the recent Binance listing, ACT's price has jumped over 1600% in the last 24 hours. According to Loonchain data, an increase in stocks from crypto whales contributed to the massive hike.
At the time of writing, the price of ACT is $0.40 and the trading volume has increased by 7000%. If the volume and price continue to jump, the value of the altcoin may continue to rise.
On the 4-hour chart, the Moving Average Convergence Divergence (MACD) has turned into positive territory, indicating a bullish trend. At this point, ACT price may continue to jump to higher levels and may rally above $0.50 in the short term.
However, a loss of value may occur if the holders of MemCoin receive a large amount of profit. If that happens, ACT could drop to $0.20.
SUI
Last on the list of trending altcoins today is SUI. Unlike the other two, the native token of the Layer-1 blockchain is not trending due to the Binance listing. Instead, it is growing to 3 dollars due to the amazing price action and speed.
At press time, SUI is trading at $3.21, representing a 70% increase over the past seven days. On the daily chart, the altcoin continues to hit highs with no resistance in sight. There is a high probability that the SUI price will go up to $4 at this point.
However, traders may need to be careful. If SUI is overbought, some owners may want to take profits. In that case, the altcoin could drop to $2.63.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
