Today, the value of the cryptocurrency market has significantly increased, as indicated by a 3.38% rise in the total market capitalization. As a result, various alternative cryptocurrencies have seen an increase in their worth.
Today, TRON (TRX), Jupiter (JUP), and Sonic (S) are among the most popular cryptocurrencies that people are talking about. This analysis examines the main reasons behind their rising popularity and what attracts investors to each of these digital assets.
TRON (TRX)
In the last 24 hours, Tron’s TRX token has experienced a 6% increase, primarily due to anticipation surrounding Justin Sun’s announcement about the updated version of USDD stablecoin. On his platform on January 15th, Sun shared with his 3.7 million followers that this new version will offer an annual percentage yield (APY) of 20%, entirely funded by the Tron Decentralized Autonomous Organization (DAO). The interest for this yield is said to be pre-deposited into a publicly accessible address.
The growing anticipation for the possible debut of the USDD 2.0 stablecoin has sparked a surge in TRX’s trading actions. In fact, over the last 24 hours, this activity has jumped by 38%, surpassing a value of $900 million.
This upward trend seems robust due to increased trading activity accompanying the rise in the asset’s value, suggesting active market engagement and heightened investor curiosity. This implies that the price surge may be backed by substantial buying actions, making it potentially longer-lasting.
Should the upward trend for TRX continue, its value might climb up to around $0.27. Conversely, if there’s less demand (buying pressure), TRX’s price could dip towards $0.21.
Jupiter (JUP)
Currently, JUP is a popular altcoin on the rise: it’s trading at around $0.79, and its price increased by 1% within the past day. Yet, analysis from its daily chart indicates that the coin’s price increase may be due to the overall market surge rather than heightened demand for JUP itself. This theory is supported by its current Elder-Ray Index of -0.03, which suggests a negative trend.
This tool assesses the influence of bulls and bears in the market by examining high and low prices against an exponentially weighted moving average (EMA). If the value is below zero, it signifies that bears are currently controlling the market, pointing towards potential price drops and a bearish market direction.
If the overall market trend weakens, the value of JUP might decrease from its recent highs and dip to around $0.63. On the contrary, if the uptrend persists, it may surpass $0.81 and potentially reach as high as $0.95.
Sonic (prev. FTM) (S)
Today marks the completion of Fantom’s rebranding to Sonic, with its listings now updated on multiple exchanges. This transformation has catapulted its newly titled S token (previously known as FTM) into a prominent position among the hottest investment options.
Currently, the value of the altcoin stands at $0.80, marking an 11% rise over the last 24 hours. In just one day, its trading activity has skyrocketed by a staggering 603%, reaching approximately $93 million in volume.
If the demand for purchasing increases, the value of S might surge up to $0.94. However, if the bullish sentiment weakens, the price could decline to $0.61 instead.
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2025-01-16 17:30