Why These Altcoins Are Trending Today — April 16

The broader crypto market has slipped into the red over the past 24 hours. The total crypto market capitalization has shed $40 billion of its value during that period amid risk-off sentiment. 

Despite the downturn, a handful of altcoins are drawing attention. Among the top trending tokens today are ZKsync (ZK), DeepBook (DEEP), and WalletConnect Token (WCT).

ZKsync (ZK)

ZKsync’s ZK is one of today’s top-trending altcoins following a major security incident. On Tuesday, the Ethereum Layer-2 scaling solution reported that its admin wallet had been compromised. 

The attacker exploited the breach to mint 111 million unclaimed ZK tokens, valued at approximately $5 million. In response, ZK’s price has plunged as traders offload their holdings. At press time, the altcoin trades at $0.047, down 4% over the past day.

Notably, the coin’s daily trading volume has soared by almost 250%, highlighting the uptick in selling pressure among market participants. 

When an asset’s price falls while trading volume spikes like this, it often signals panic selling and hints at further declines. In this scenario, ZK could revisit its all-time low of $0.039, where it briefly traded after Tuesday’s breach.

ZK Price Analysis. Source: TradingView

On the other hand, if ZK sees a bullish shift in sentiment, it could climb to $0.08. 

DeepBook (DEEP)

DEEP is another altcoin that is trending today. It has bucked the broader market dip to record 10% gains over the past day.

The altcoin has been on an upward trend in the past seven days, climbing by 69%. On the daily chart, its rising Relative Strength Index (RSI) indicates DEEP’s price surge is backed by actual demand.

This is at 62.42 at press time, signaling that buying pressure exceeds selling activity. Should this continue, DEEP could extend its gains to $0.109.

DEEP Price Analysis. Source: TradingView

However, once profit-taking commences, DEEP could lose some of its gains and plunge to $0.045.

WalletConnect Token (WCT)

The newly launched WCT is another altcoin that investors are paying attention to today. It has defied the general market decline to record a 43% price surge over the past 24 hours. 

However, readings from its RSI signal that the WCT might be overbought and due for a price correction. At press time, the momentum indicator is at 81.39, a position typically associated with buyers’ exhaustion.

If buying pressure stalls, WCT could lose some gains and fall to $0.57. 

WCT Price Analysis. Source: TradingView

Conversely, if the bulls hold on strongly to market control, they could drive WCT’s price to new highs in the coming days.