Why These Altcoins Are Trending Today — January 29

The cryptocurrency market has extended its decline, with the total market capitalization dropping by another 1% today. 

Amid this decline, certain altcoins — XYO Network (XYO), Movement (MOVE), and Jupiter (JUP) — have managed to attract attention for various reasons. Here is a look at these top trending cryptocurrencies today.

XYO Network (XYO)

XYO powers XYO Network, a decentralized location data network. The 33% spike in value has made it a trending asset today. At press time, it trades at $0.021.

XYO’s double-digit rally over the past 24 hours is driven by Tuesday’s launch of its XYO Layer One blockchain network. The hype around blockchain’s launch has led to a surge in the demand for XYO, evidenced by the 1138% hike in its trading volume.

If demand gains more momentum, it could drive XYO’s price past the resistance at $0.024 and toward $0.029. On the other hand, if selling activity resumes, the token’s price could fall to $0.019.

Movement (MOVE)

MOVE is another altcoin trending today. It currently trades at $0.81, up 12% over the past 24 hours.

This surge comes after the Trump family-backed DeFi platform, World Liberty Financial, purchased $2 million worth of MOVE tokens on Tuesday. Additionally, market speculation has intensified following a now-disclaimed rumor suggesting that Movement was among the blockchain networks in talks with the Elon Musk-led Department of Government Efficiency (DOGE).

If this uptrend persists, MOVE’s price could break above $0.87 to trade at $1.08. However, a resurgence in profit-taking activity would drive MOVE’s value down to $0.71.

Jupiter (JUP)

JUP trades at $1.11 at press time, recording a 7% decline over the past 24 hours. Its negative Balance of Power (BoP) of -0.14 confirms the surge in selling pressure. 

This indicator measures the strength of buyers versus sellers by analyzing price movements within a given period. When BOP is negative, sellers are in control, exerting downward pressure on the asset’s price and signaling potential bearish momentum.

If the sellers remain in control, they could drive JUP’s price below $1 to trade at $0.95. Conversely, if the buyers regain market control, JUP’s price could rally to $1.22.