Why Are These Altcoins Are Trending Today, October 18?

Today, October 18, several altcoins are seeing mild price increases, suggesting that many could finish the week on a positive note. Interestingly, while some tokens have managed to hold their ground, not all of today’s trending altcoins are performing similarly.

The top three for today are Solidus Ai Tech (AITECH), Turbo (TURBO), and Dog Food Token (OISHII). Here’s why these altcoins are trending and what could be next for their prices.

Solidus Ai Tech (AITECH)

AITECH is one of the top trending altcoins for the second consecutive day. Yesterday, BeInCrypto suggested that AITECH’s price might undergo a slight decline. As of this writing, the price has lost 3% of its value in the last 24 hours.

According to the daily chart, the altcoin has fallen below the 20-day Exponential Moving Average (EMA). Typically, when the cryptocurrency’s price rises above this indicator (in blue), it gives more credence to an upswing. 

But a decline indicates otherwise. As such, AITECH’s value risks undergoing another decline. Furthermore, the token is around the same spot as the 50 EMA (yellow), suggesting an extended downturn to $0.082.

Read more: 10 Alternative Crypto Exchanges After Bybit Exits France

However, the altcoin’s price might rebound if bulls push it back above the 20 EMA. if that happens, AITECH could jump to $0.12.

Turbo (TURBO)

Turbo’s emergence as one of the trending altcoins marks its third consecutive appearance and is trending today due to increasing investor interest. Over the past 30 days, TURBO’s price has surged by 100%, making the AI-themed meme coin a token to watch closely.

However, its value has dropped by 5% within the last 24 hours. The daily chart shows that bulls are defending the $0.10 support so the crypto can escape another downturn. If sustained, TURBO’s price can bounce and move toward $0.015, which would represent a 47% price increase.

On the contrary, the altcoin might not be able to reach this point if bears push bulls out of the way. If that happens, TURBO might decline to $0.0079.

Dog Food Token (OISHII)

Out of the top altcoin trading today, Dog Food Token is the only one with a significant price increase over the last 24 hours. Within the mentioned period, OISHII, built on Ethereum, experienced an astonishing 565% price surge. 

This remarkable increase is the key reason why it is trending. According to the daily OISHII/WETH pair,  the Awesome Oscillator (AO), which measures historical price movements with recent ones, is positive. This positive reading suggests rising momentum with OISHII despite the massive increase.

Should momentum stay bullish and buying pressure increases, then OISHII’s price could break the resistance a $0.14. If that happens, the altcoin’s price could rally to $0.18. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

In the event that profit-taking climbs, this prediction might be invalidated, and OSHII could sink to $0.084 or as low as $0.054 in a highly bearish scenario.