Why These Altcoins Are Trending Today — December 13

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As a seasoned crypto investor with a knack for spotting trends and a flair for timing my entries, these recent developments have caught my keen eye. The resurgence of Velodrome Finance (VELO) and Fartcoin (FARTCOIN), along with the debutante Aerodrome Finance (AERO), has stirred quite an intriguing mix in the market.

Following a period of stability, it appears that various alternative cryptocurrencies are picking up speed. Some of these altcoins have managed to recoup part of their recent declines in the last 24 hours. Interestingly, two out of the top three trending altcoins today have experienced an increase in price compared to yesterday.

It’s worth noting that the causes for the rise in prices for VELO, FARTCOIN, and AERO seem to share some commonalities. As per CoinGecko data, these are among the altcoins in question.

Velodrome Finance (VELO)

Velodrome Finance is a market-making platform automatedly constructed within the Optimism network. Currently, its unique token, VELO, is gaining attention due to Binance‘s announcement that it will be available for immediate trading. This increased interest has also placed VELO among the popular altcoins currently trending as a result.

After Binance’s announcement, the price of VELO skyrocketed by an impressive 125% in just a short time frame. Prior to the reveal, VELO was trading at less than fifteen cents. But now, following the announcement, its value has escalated to thirty-three cents.

Additionally, it’s worth noting that the Relative Strength Index (RSI) has risen, suggesting a bullish trend in the cryptocurrency at hand. If buying pressure persists, there’s potential for VELO to climb as high as $0.44. However, if altcoin holders choose to cash out due to the price surge, the trend could reverse, potentially causing its value to drop.

Fartcoin (FARTCOIN)

On December 12th, Fartcoin was among the popular alternative cryptocurrencies, and it’s back on that list today. Yesterday, BeInCrypto announced that the meme coin based on Solana surpassed a market capitalization of $500 million, which caused it to trend as an altcoin.

Currently, due to a 25% rise in its price, the market value now stands at approximately $655 million, indicating that there’s been ongoing interest and demand for this token among buyers. On a daily timeframe, it appears that the altcoin has established a robust support level around $0.20.

Without any obstacles in the foreseeable future, it appears that the value could keep increasing. If this trend persists, FARTCOIN’s price may surge towards $1 and potentially reach a market capitalization of $1 billion.

Alternatively, should the overall meme coin market experience a downturn, there’s a possibility that the value could drop to around $0.34.

Aerodrome Finance (AERO)

As an analyst with a keen eye for market trends, I find it intriguing to observe the parallel trajectory between AERO and VELO. It’s important to note that both these tokens share a common origin – they were developed by the same team behind Velodrome. However, unlike Velodrome’s Automated Market Maker (AMM) being built on Optimism, Aerodrome Finance operates on Base, which is Coinbase’s layer-2 network. This subtle difference might be contributing to their shared movement in the market.

Consequently, Aerodrom Finance finds itself among the popular altcoins due to the listing of its sister token on Binance. However, unlike VELO, the price of AERO dipped by 2.50% over the past 24 hours.

As a crypto investor, I’m noticing that from a technical standpoint, the Money Flow Index (MFI) on the AERO 4-hour chart is indicating a rise in its reading.

An increase in MFI (Money Flow Index) suggests growing demand or buying pressure. If this demand persists, the value of the altcoin may approach $3. However, should the demand weaken, the price might drop down to $1.79.

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2024-12-13 18:47