Why These Altcoins Are Trending Today — April 22

The crypto market has extended its winning streak for another day, with the total market capitalization surging by $62 billion over the past 24 hours. 

This momentum has lifted the broader market and drawn attention to some altcoins, including DeepBook (DEEP), Hyperliquid (HYPE), and Sui (SUI). 

DeepBook (DEEP)

DEEP’s price has climbed by 32% over the past day. This double-digit surge comes as South Korea’s largest crypto exchange, Upbit, announced the listing of the DEEP/KRW trading pair on its platform early Tuesday.

The listing news has triggered a sharp spike in DEEP’s trading activity. The token’s trading volume has soared to $280 million at press time, marking a 1,584% increase in the past 24 hours.

When an asset’s price and trading volume climb simultaneously, it signals growing investor interest and confidence. The price rise reflects increased demand for DEEP, while the surge in trading volume indicates that more traders actively participate in its spot markets. 

This combination suggests a strong bullish sentiment, with the potential for continued upward momentum if the trend persists. In this scenario, the token’s price could climb to $0.143.

DEEP Price Analysis. Source: TradingView

On the other hand, if demand stalls, DEEP could reverse current gains and fall to $0.116.

Hyperliquid (HYPE)

HYPE is another altcoin trending today. It has gained a modest 1% over the past day and trades at $18.21 at press time. 

The token’s climbing Relative Strength Index (RSI) highlights the surge in buying pressure among market participants. As of this writing, this is at 63.55 and is in an upward trend. 

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a price decline. On the other hand, values under 30 indicate that the asset is oversold and may witness a rebound.

HYPE’s RSI readings suggest buying pressure is stronger than selling among traders. Moreover, the asset is not yet overbought territory, meaning there is still room for further upside. In this case, HYPE could rise above $18.87. 

HYPE Price Analysis. Source: TradingView

Conversely, a dip in accumulation could push the token’s price down to $16.23.

Sui (SUI)

Layer-1 (L1) coin SUI is an altcoin that has caught traders’ attention today. It has registered a 2% surge and currently trades at $2.30. 

As of this writing, readings from SUI’s Moving Average Convergence Divergence (MACD) show its MACD line (blue) resting atop its signal line (orange). This bullish sign hints at the possibility of further price rallies.

The MACD indicator measures an asset’s price trends and identifies potential reversal points. When set up this way, it indicates bullish momentum, suggesting that buyers are in control of the market. If SUI buyers strengthen their grip on the market, its price could close above $2.57.

SUI Price Analysis. Source: TradingView

Conversely, if sell-offs commence, SUI could drop to $2.