Why These Altcoins Are Trending Today — April 28

6h ago•

bullish:

bearish:

The crypto market is cooling today. The total market capitalization is down by nearly $30 billion over the past day. This suggests a broader slowdown in momentum as investors take a more cautious stance.

Amid the general cooldown, several altcoins have managed to draw attention. Some of them include Monero (XMR), XDC Network (XDC), and ai16z (AI16Z).

Monero (XMR)

Privacy coin XMR is one of today’s trending altcoins. It has bucked the broader market dip to record 15% gains over the past day. Its value surged by over 40% during early Asian trading hours, briefly surpassing $390, a level last seen in August 2021.

In an X post, on-chain researcher ZachXBT noted that XMR’s sudden uptick today may be linked to a major hack. According to ZachXBT, 3,520 Bitcoin (BTC), worth around $330.7 million, was drained from a wallet and swapped for XMR.

Meanwhile, XMR might be gearing up to shed some of its double-digit gains. Readings from its Relative Strength Index (RSI) show that the altcoin is overbought and due for a price correction. As of this writing, the momentum indicator is at 81.06.

This indicates that XMR is significantly overbought and could experience a short-term decline. Once buyers exhaust themselves, XMR’s price could fall to $246.50.

XMR Price Analysis. Source: TradingView

However, if buying pressure gains momentum, it could drive the token’s value up to $280.61.

XDC Network (XDC)

XDC is another altcoin trending today. Its value is up 7% over the past 24 hours and currently trades at $0.079.

During the review period, XDC’s trading volume totals $30 million, rising 16% over the past day. When an asset’s price and trading volume climb together, it signals strong market interest and confirms the validity of the price movement.

This combination suggests that XDC’s rally is supported by genuine buying pressure rather than low-volume speculation. If this continues, its price could reach $0.084.

XDC Price Analysis. Source: TradingView

On the other hand, if demand craters, XDC could reverse its current uptrend and fall below $0.078, and toward $0.074.

ai16z (AI16Z)

AI16Z, at $0.27, is up 18% today. Demand for the altcoin has soared over the past week, pushing its value by 97% in the last seven days.

On the daily chart, AI16Z’s climbing Chaikin Money Flow (CMF) index reflects the surging demand for the altcoin. As of this writing, the momentum indicator rests above the zero line at 0.11.

A positive CMF reading like this indicates that buying pressure outweighs selling pressure, suggesting asset accumulation. This is a bullish signal reflecting strong investor confidence and demand for AI16Z. If this persists, AI16Z price could rally to $0.42.