Trading activity across the crypto market has once again slowed over the past 24 hours. This has contributed to a significant decline in the total market capitalization, which has dropped by over $50 billion.
Amid this downturn, some altcoins have noted rallies, drawing attention from traders and investors.
B3 (Base)
The newly launched B3 token is one of the most talked-about altcoins today. Its rally has extended by another 162% in the past 24 hours.
The setup of its Directional Movement Index (DMI) on a four-hour chart shows that buying pressure exceeds selling activity among B3 traders. At press time, its positive directional index (+DI) (blue) rests above its negative directional index (-DI) (orange).
The DMI measures the strength of a trend by comparing the price movements in an upward direction (+DI) and downward direction (-DI). When an asset’s +DI is above its -DI, it suggests that the prevailing market trend is bullish, with upward price movement gaining strength.
If B3’s uptrend strengthens, its price could break above the resistance at $0.016 and attempt to revisit its all-time high of $0.019.
However, its price could slip to $0.011 if bearish trends gain momentum.
Solayer (LAYER)
Solayer is a re-staking protocol built within Solana. Its native token, LAYER, is a trending altcoin today because of its just-concluded genesis airdrop conducted on Tuesday.
According to the project, the genesis drop will grant immediate access to tokens for the initial claimants. Following this, users can claim additional tokens over the next six months through a mechanism known as “Epochs.”
However, with some token recipients selling their holdings, LAYER is under slight downward pressure. Its value has declined by 4.21% over the past 24 hours. At press time, the altcoin trades at $1.12.
If token selloffs continue, LAYER will extend this price drop and trade below $1 at $0.92.
On the other hand, if selling activity is reduced and buying pressure spikes, this bearish projection will be invalidated. In that case, LAYER’s price could break above $1.13 to trade at $1.21.
Berachain (BERA)
Since its launch, Berachain’s BERA has had a lackluster performance, struggling to gain momentum amid challenging market conditions. Currently trading at $5.49, it has experienced an 8.4% decline in price over the past 24 hours.
At press time, BERA’s Relative Strength Index (RSI), assessed on a four-hour chart, is below the 50-neutral line at 39.48. This momentum indicator measures an asset’s oversold and overbought market conditions.
At 39.48, BERA’s RSI indicates that the altcoin is in a neutral to slightly oversold condition, suggesting potential for downward momentum or an eventual price reversal if the trend weakens further.
If the downtrend continues, BERA could trade at $3.93.
However, if it witnesses a bullish reversal, its price could rally to $8.11.
Disclaimer
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