The cryptocurrency market faced a challenge yesterday as Bitcoin (BTC) struggled to break the $70,000 barrier. However, other cryptocurrencies were able to keep their positions as the top trending altcoins today.
Some of these coins demonstrated strong performance, while others gained traction for varying reasons despite not performing exceptionally well. As of October 22, the leading three altcoins trending on CoinGecko are Scroll (SCR), Solidus Ai Tech (AITECH), and KOALA AI (KOKO).
Leading today’s altcoin trends is Scroll with its native token, SCR. On Monday, October 21, Scroll, an innovative zero knowledge rollup built on Ethereum, unveiled the launch of SCR. According to their official release, this launch also includes an airdrop for contributors and community members.
“We’ve set aside 55,000,000 SCR tokens (5.5% of the total supply) for participants who have actively engaged with the Scroll ecosystem through their on-chain activities in our Sessions Program. Of this allocation, 40,000,000 SCR (4% of the total supply) will be proportionately distributed among on-chain participants who have gathered 200 or more Marks as of October 19, 2024,” the project stated.
Scroll’s trendiness can be attributed to the ongoing debate regarding its airdrop distribution. On X (formerly Twitter), a number of early supporters are expressing dissatisfaction after spending thousands of dollars on the chain, only to receive SCR tokens that are valued considerably less.
For instance, a user going by the name Picolas Cage pointed out that this distribution has cost the project a six-figure DeFi user.
Read more: 10 Best Crypto Exchange Reviews for October 2024
At launch, SCR was priced around $1.70. However, its price has declined within the last 24 hours and is currently trading at $1.24. It may be premature to forecast SCR’s future price movements since it seems to still be finding its price level.
Solidus Ai Tech (AITECH)
This marks AITECH’s third appearance on BeInCrypto’s trending altcoins list. Despite a modest 3% drop in price over the past 24 hours, it continues to trend due to heightened market interest in the project.
The daily chart shows that the Relative Strength Index (RSI) has fallen below the 50.00 neutral threshold, indicating a bearish momentum for the token, which may exacerbate the recent downward trend.
If the current trend persists, SCR’s price could potentially retract from $0.094 to $0.080. Conversely, should buying pressure increase, the forecast may be overturned, possibly allowing the trending altcoin’s value to rise to $0.12.
KOALA AI (KOKO)
KOALA AI is another altcoin that has been featured in the past. As was the case previously, KOKO is trending due to its impressive price surge.
In the last 24 hours, KOKO’s price has skyrocketed by 125%, now trading at $0.0000067. The daily chart indicates that the Bollinger Bands (BB) are widening, reflecting a heightened volatility surrounding the cryptocurrency.
However, since the upper band of BB has touched KOKO’s price, it suggests an overbought situation, which could point to a potential decline. In contrast, had the lower band come into play, it would indicate an oversold condition.
Read more: Which Are the Best Altcoins To Invest in October 2024?
Given the present circumstances, the altcoin’s price could drop by 20% to $0.0000055. However, if bulls continue their buying momentum, it may maintain its upward trajectory and potentially reach $0.0000084.
Disclaimer
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