Why These Altcoins Are Trending Today — November 8

The top trending cryptos today include a project that has recently seen a notable exchange listing and another two that have previously appeared on this list. Interestingly, the prices of two out of these have increased in the last 24 hours, while the last seems to be lagging behind.

According to CoinGecko, the top trending altcoins today include Drift (DRIFT), Notcoin (NOT), and Grass (GRASS).

Drift (DRIFT)

DRIFT, the governance token of the Solana-based decentralized exchange Drift Protocol, is trending due to an exchange listing. 

Today, November 8, South Korean-based exchange Upbit announced that it would list DRIFT at 18:00 KST, disclosing that the token will be paired with Bitcoin (BTC), USDT, and the Korean Won (KRW).

Following the recent development, Drift’s trading volume surged by 500%, with its price jumping 88%. Currently trading at $0.95, this strong reaction mirrors the performance of other tokens that have been listed on Upbit in the past.

On the daily chart, the Bollinger Bands (BB) has expanded, indicating a rise in volatility around the altcoin. However, the upper band of the BB has also touched DRIFT’s price. When this happens, it means that the cryptocurrency is overbought. It also aligns with the position of the Relative Strength Index (RSI).

As of this writing, the RSI reading is 77.05, and usually, when the indicator is above 70.00, it means it is overbought. Therefore, DRIFT’s price risks retracement in the short term. Given this outlook, DRIFT’s price could drop to $0.70.

Read more: 10 Best Altcoin Exchanges In 2024

Drift Daily Analysis. Source: TradingView

On the flip side, if buying pressure continues to be intense and profit-taking does not come in, the altcoin might climb higher. In that scenario, it could jump above $1.

Notcoin (NOT)

Unlike DRIFT, Notcoin is not part of the top trending cryptos due to a price increase. Instead, it is one of the few altcoins that has failed to perform well in the last 24 hours.

As of this writing, Notcoin’s price is $0.0063, representing a 16.69% decrease in the last 24 hours. Despite the decline, NOT had formed a falling wedge on the daily chart. 

A falling wedge is a chart pattern formed by drawing two descending trendlines: one connecting the highs and the other connecting the lows. It is considered a bullish reversal pattern, often signaling that after a period of decline, the price may soon break out to the upside.

Notcoin Daily Analysis. Source: TradingView

Considering this position, Notcoin’s price could climb toward $0.013 in the short term. However, if the price breaks below $0.0060, this might not happen. Instead, NOT might decline to $0.0056.

Grass (GRASS)

If there is one crypto that has appeared on the trending altcoins list almost every day since last week, it is GRASS. Today, again, the native token of the Decentralized Physical Infrastructure Network (DePIN) project is on the list.

As it has done in previous times, Grass is trending due to its price performance. In the last 24 hours, the altcoin’s value has risen by 31.81%, making it one of the best performers out of the top 100.

On the 4-hour chart, the Moving Average Convergence Divergence (MACD) is positive. This MACD reading indicates that the momentum around GRASS is positive. If sustained, then GRASS’ price could climb much higher than $3.33.

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

Grass 4-Hour Analysis. Source: TradingView

But if GRASS holders decide to take profit, this prediction might not come to pass. In that scenario, it could drop below $2.50.