Why are these altcoins trending on June 10th?

In the past 24 hours, cryptocurrency trading activity has increased sharply, as evidenced by a 1.6% increase in the total crypto market capitalization.

The renewed interest from investors has brought several altcoins into the spotlight, among which Axelar (AXL), Hyperliquid (HYPE), and Keeta (KTA) stand out as the top trending assets today.

Axelar (AXL)

Axelar (AXL) jumped 85% to a monthly high of $0.59 today after being listed on Upbit — South Korea’s largest exchange.

This event has triggered a new wave of demand, causing the daily trading volume of the token to rise to the sky by nearly 4,000%, reaching $332 million.

When both prices and trading volumes rise sharply, it usually indicates great interest from investors and that market activity is more active. This is often a sign of increased confidence in the asset or expectations of future returns.

If this trend continues, AXL could extend its rise to the sky and reach the price range of 0.6 dollars.

AXL 1 Day Price Chart | Source: TradingViewHowever, if profit-taking intensifies, AXL could lose its recent gains and plummet to $0.47.

Hyperliquid (HYPE)

Hyperliquid (HYPE), the governance token of the decentralized perpetual contract exchange Hyperliquid, is another trending altcoin today. HYPE is currently trading at $41.29, rise to the sky 11% over the past day.

On the daily chart, the Relative Strength Index (RSI) is rising, indicating buying pressure from HYPE traders. At the time of writing, the momentum indicator is at 69.01.

The RSI indicator measures the overbought and oversold conditions of an asset. It ranges from 0 to 100. Values above 70 indicate that the asset is overbought and may decrease in price, while values below 30 indicate that the asset is oversold and may recover.

With 69.01 and rising, HYPE market participants are leaning towards buying more than selling. If this continues, the price could return to an all-time high of $42.25.

1 Day HYPE Price Chart | Source: TradingViewOn the other hand, if demand slows down, the HYPE may drop to $37.59.

Keeta (KTA)

Keeta (KTA) another altcoin that is trending today. It went against the overall market’s upward momentum when it recorded a 19% price drop in the past day. At the time of writing, the altcoin is trading at $1.3, oscillating between the $1.4 resistance and the support formed at $1.2.

If selling pressure continues and the price decline of KTA goes deeper, it may test this support level. If it doesn’t hold, the downtrend will continue and the value of KTA could drop to 1.16 dollars.

KTA 1 Day Price Chart | Source: TradingViewConversely, if the bulls regain the upper hand, they could push the token past the $1.4 resistance and head towards the all-time high of $1.72.

Dinh Dinh