Why These Altcoins Are Trending Today — February 3

The crypto market remains under pressure, with Bitcoin (BTC) now trading below the $100,000 mark and Ethereum (ETH) slipping under $3,000. 

As the broader market struggles to regain momentum, certain altcoins are drawing investors’ attention due to notable price movements. 

Sui (SUI)

Layer-1 coin SUI is a trending altcoin today. It currently trades at $3.11, registering a 17% price fall over the past 24 hours. This price point represents its lowest since last November as bearish pressure strengthens.

SUI’s Moving Average Convergence Divergence (MACD) indicator, assessed on a daily chart, confirms the weakening demand for the altcoin. 

As of this writing, the coin’s MACD line (blue) rests below its signal line (orange). When this indicator is set up this way, it indicates bearish momentum. This means that the asset’s price may continue to decline. 

If the downtrend persists, SUI’s price could fall to $2.10. Converesly, if it sees an uptrend, SUI’s price could rally toward $5.35.

Hyperliquid (HYPE)

HYPE is a trending altcoin today because its value has climbed by 3% over the past 24 hours, bucking the broader market trend.

The rise in HYPE’s Relative Strength Index (RSI) highlights the steady growth in the demand for the altcoin. At press time, this momentum indicator is in an upward trend at 50.76

An asset’s RSI measures its overbought and oversold market conditions. At 50.52 and in an uptrend, HYPE’s RSI suggests that the altcoin is gaining bullish momentum but has not yet entered the overbought territory. This indicates a potential continuation of the uptrend if buying pressure persists.

HYPE’s price could break above $24.10 in this scenario to trade at $27.57.

However, if the bears regain market control, they could force HYPE’s price down to $18.50.

Official Trump (TRUMP)

The Donald-Trump linked meme coin is trending today, extending its price decline by another 16% over the past 24 hours. At press time, TRUMP exchanges hands at $17.57.

TRUMP’s double-digit price decline has been accompanied by a 28% uptick in its daily trading volume, reflecting the high selling pressure. 

When an asset’s price falls while trading volume surges, it indicates strong selling pressure, suggesting that traders are offloading their positions aggressively. 

This signals a potential further downside in TRUMP’s price. In this case, its price could drop to $15.78.

On the other hand, if it sees a spike in could, it could push the meme coin’s value toward $22.22.