The cryptocurrency market continues its upward momentum, with a total market capitalization increasing by $50 billion in the past 24 hours. As market sentiment remains bullish, multiple altcoins are starting to attract investor attention.
Currently, the most watched altcoins include Plume (PLUME), Keeta (KTA), and Mubarak (MUBARAK).
PLUME
The RWA cryptocurrency Plume (PLUME) is currently one of the most popular altcoins. Its current trading price is $0.19, having risen by 12% in the past 24 hours, showing strong market performance.
However, despite PLUME's recent rise, its declining trading volume indicates that this increase reflects more of the broader market's volatility rather than actual demand for this altcoin. As of the time of writing, PLUME's market capitalization is $75 million, down 11% in the past 24 hours.
When the price rises while trading volume declines, it usually indicates a weakening market momentum and reduced buyer participation. This makes the upward trend of PLUME lack sustainability and increases the risk of a price pullback. If a price adjustment occurs, PLUME's value may fall back to $0.17.
PLUME Price Analysis.
On the other hand, the new demand recovery for PLUME may push its price to a historic high of $0.21.
KTA
KTA is currently a hot altcoin attracting much attention, with a sharp increase in buying demand as the overall market rises, the token's price surged by 57% in the past 24 hours. During Wednesday's Asian morning trading session, KTA's price briefly climbed to $0.18, hitting a historic high. Although the price subsequently fell by 10%, as of the time of writing, KTA is still fluctuating around $0.16, but traders' enthusiasm for accumulation remains strong.
However, technical indicators show that KTA may have entered the overbought zone. Its Relative Strength Index (RSI) has reached 81.18, well above 70, indicating that the current market is overheating and a price pullback may occur. RSI is an indicator that measures whether an asset is overbought or oversold; a value above 70 suggests that prices may be too high and face downward risks, while below 30 indicates the possibility of a rebound.
Currently, the RSI of KTA indicates that it is in a severe overbought state and may pull back to $0.15 in the short term. If this support level is broken, the price could further drop to $0.12.
KTA Price Analysis.
However, if the upward trend continues, KTA may return to its historical peak or even surpass it.
MUBARAK
The newly launched BNB-based meme coin MUBARAK is performing actively today, with a current trading price of $0.12, despite a 27% drop in the past 24 hours.
From the hourly chart, the Balance of Power (BoP) indicator shows negative sentiment in the market towards this altcoin. Currently, this indicator is -0.51, indicating significant selling pressure and a pessimistic investor sentiment.
BOP (Balance of Power) is an indicator that measures the comparison of buying and selling forces in the market. When BOP is negative, it means that selling pressure dominates, indicating a bearish market sentiment, and prices may continue to decline.
If the current negative trend continues, MUBARAK may break the support level of $0.11 and decline further. If this key support is breached, the price could further drop to $0.09.
MUBARAK Price Analysis.
Conversely, if new demand enters the market, MUBARAK may rise above $0.13.
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