Trading activity has surged as the crypto market gears up for Friday’s White House Crypto Summit. Over the past 24 hours, the total crypto market cap has added $127 billion.
With renewed market interest, several altcoins are gaining investors’ attention today, including Ondo (ONDO), Toncoin (TON), and Bittensor (TAO).
Ondo (ONDO)
RWA-token ONDO is one of today’s trending altcoins. It trades at $1.16 at press time, noting a 15% uptick over the past 24 hours.
On its daily chart, readings from its Elder-Ray Index reflect the bullis bias toward the altcoin. This indicator, which compares the strength of bulls against the bears, is above zero at 0.14.
When an asset’s Elder-Ray Index is positive, its bulls control the market. This indicates that buying pressure is stronger than selling pressure among ONDO holders. It also hints at a potential uptrend continuation as demand pushes the price higher.
If demand continues to soar, ONDO’s price could rally past its immediate resistance at $1.23 to trade at $1.57.
On the other hand, a resurgence in selloffs would invalidate this bullish projection. In that case, ONDO’s price could fall to $1.03.
Toncoin (TON)
Telegram-linked TON is another altcoin trending today. Interestingly, it has bucked the broader market uptrend to record a 0.14% price decline over the past day.
During this review period, its daily trading volume is also down 35%, reflecting the high selling pressure among TON holders. When an asset’s price and trading volume drop simultaneously, it suggests weakening market interest and reduced participation from buyers and sellers.
The trend indicates a loss of momentum in the TON market and hints at more price dips if demand continues to decline. In this scenario, the altcoin’s price could plummet to $2.82. If the bulls cannot defend this level, its price could drop to $2.18.
However, if sentiment becomes bullish and TON demand rockets, its price could reach $3.63.
Bittensor (TAO)
The leading artificial intelligence-based token, TAO, is among today’s most searched altcoins. Amid the general market uptick, its value has also dropped by 1%.
At press time, TAO trades at $289.70, significantly below its Super Trend indicator, which forms dynamic resistance above its price at $414.10.
This indicator measures the direction and strength of an asset’s price trend. It appears as a line on the price chart, changing color based on the current market trend. When green, the market is in an uptrend, while red signals a downtrend.
As with TAO, when an asset’s price trades below the red line of its Super Trend indicator, it is in a bearish trend. This signals that selloffs outweigh buying activity among its market participants. If this continues, TAO’s price could fall to $234.
Conversely, if buyers regain market dominance, they could push TAO’s price toward $349.
The post Why These Altcoins Are Trending Today — March 6 appeared first on BeInCrypto.