The crypto market has extended its uptrend for another day, adding $50 billion to its total market capitalization in the past 24 hours. As bullish momentum builds, several altcoins are capturing investors’ attention.
Among today’s top trending altcoins are Plume (PLUME), Keeta (KTA), and Mubarak (MUBARAK).
Plume (PLUME)
RWA coin PLUME is one of today’s trending altcoins. It currently trades at $0.19, noting a 12% uptick in the past 24 hours.
However, the decline in its trading volume during that period indicates that PLUME’s rally merely mirrors the broader market rally and is not driven by actual demand for the altcoin. At press time, it was $75 million, falling 11% in the past 24 hours.
When an asset’s price rises while trading volume declines, it suggests weakening momentum and lower buyer participation. This makes PLUME’s rally less sustainable and raises the risk of a potential reversal.
If a price correction occurs, the token’s value could drop to $0.17.
PLUME Price Analysis. Source: TradingView
On the other hand, a resurgence in new demand for PLUME could drive its price to its all-time high of $0.21.
Keeta (KTA)
The layer-1 coin KTA is another trending altcoin. Amid the broader market uptrend, KTA’s price has rallied by 57% over the past 24 hours as buying pressure spikes.
In fact, during Wednesday’s early Asian trading session, the altcoin climbed to an all-time high of $0.18. Although it has since witnessed a 10% correction from this high to trade at $0.16 at press time, traders continue accumulating KTA.
However, readings from its Relative Strength Index (RSI) suggest that the coin might be overbought and due for a correction. The momentum indicator, which tracks an asset’s overbought and oversold market conditions, is at 81.18, confirming the overheated state of the KTA spot markets.
The RSI indicator ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. Conversely, values below 30 suggest that the asset is oversold and may soon witness a rebound.
At 81.18, KTA’s RSI signals that it is significantly overbought and due for a pullback. In this case, the coin’s price could drop to $0.15. If this level fails to hold, the decline could extend to $0.12.
KTA Price Analysis. Source: Gecko Terminal
However, if the uptrend continues, KTA could revisit its all-time high and soar past it.
Mubarak (MUBARAK)
The newly launched BNB-based meme coin MUBARAK is trending today. It is trading at $0.12 and is down 27% over the past 24 hours.
On an hourly chart, its negative Balance of Power (BoP) reflects the negative bias against the altcoin. As of this writing, this indicator stands at -0.51.
The BOP measures the strength of buyers versus sellers in the market. When negative, it indicates that selling pressure dominates, suggesting a bearish trend and potential for further downside.
If this persists, MUBARAK could extend its decline and fall to break below the support at $0.11. The meme coin’s price might fall to $0.09 in this scenario.
MUBARAK Price Analysis. Source: TradingView
Conversely, if new demand enters the market, MUBARAK might rally above $0.13.