Why These Altcoins Are Trending Today — April 2

1d ago•

bullish:

bearish:

The cryptocurrency market has witnessed a surge in trading activity over the past 24 hours, pushing its total market capitalization up by $50 billion.

As investors seek profitable investments, several altcoins have caught traders’ attention. Among the most talked-about altcoins today are Gunz (GUN), Walrus (WAL), and Berachain (BERA).

Gunz (GUN)

Layer-1 coin GUN is one of today’s trending altcoins. It has bucked the general market rally to record a decline over the past day. GUN trades at $0.056 at press time, plummeting by 24% in the past day.

Since climbing to an all-time high of $0.15 after its launch on March 31, the coin has witnessed significant selloffs, which have put downward pressure on its price. Its plummeting on-balance volume (OBV) confirms this.

This is at -1.77 billion at press time, falling by 413% in three days. The OBV indicator measures an asset’s cumulative buying and selling pressure by adding volume on up days and subtracting volume on down days.

When it falls like this, it suggests that selling pressure is increasing, signaling a bearish trend and weakening price momentum. If this persists, GUN could plummet to $0.052.

GUN Price Analysis. Source: TradingView

On the other hand, a resurgence in GUN demand could invalidate this bearish outlook. In that scenario, the coin’s price could surge to $0.066

Walrus (WAL)

WAL, the native token of the decentralized data storage protocol Walrus, is another altcoin that has caught traders’ attention today. It is trading at $0.57 at press time, up 6% over the past 24 hours.

However, the decline in WAL’s daily trading volume during the preview period presents a negative divergence that hints at a short-term price correction. As of this writing, this totals $221 million, falling 20% in the past day.

When an asset’s price rises while trading volume falls, it indicates a lack of strong conviction behind the price movement. This divergence suggests that WAL’s rally is unsustainable and may reverse if its trading volume does not increase to support the upward trend.

In this scenario, WAL’s price could drop to $0.54. If this support floor fails to hold, the token’s price could dip further to $0.46.

WAL Price Analysis. Source: TradingView

However, a bullish shift in market trends would prevent this from happening. If WAL sees a spike in new demand, it could maintain its rally and rise to $0.61. If it flips this resistance level into support, WAL could extend its gains to reach $0.68.

Berachain (BERA)

BERA is another altcoin that is trending today. It currently trades at $7, recording a 2% price dip in the past day.

On the daily chart, BERA’s Parabolic Stop and Reverse (SAR) indicator has formed a dynamic resistance above its price at $8.98. This highlights the growing selling pressure among BERA traders today.

An asset’s Parabolic SAR indicator also identifies potential trend direction and reversals. The market is in a downtrend when its dots are above an asset’s price. It indicates that the asset’s price is falling, and the decline may continue. If BERA maintains its decline, its price could fall to reach $6.11.