Why These Altcoins Are Trending Today — January 31

The crypto market has shifted from bearish to bullish in the second half of the week, improving overall conditions for altcoins. This shift in sentiment has driven strong gains for select assets fueled by rising demand.  

BeInCrypto has identified three altcoins that have gained significant traction today and are also trending as investors have redirected their focus toward them.

Stellar (XLM)

XLM is trading within a symmetrical triangle pattern, currently priced at $0.419. A breakout in the upward direction could trigger a rally toward $0.58. Investors are closely monitoring price action to determine whether XLM can sustain its momentum and confirm a bullish trend.

For this breakout to be validated, XLM must first flip the $0.48 resistance into a support level. The altcoin’s 7% rise over the past 24 hours has boosted investor confidence, increasing optimism for a potential breakout. Continued buying pressure will be crucial in sustaining this uptrend.

However, failure to secure support at $0.416 could weaken market sentiment. If XLM loses this level, it may become vulnerable to a drop toward $0.35, invalidating the bullish outlook and extending its consolidation phase.

Lido DAO (LDO)

LDO is experiencing bullish momentum today after successfully breaking out of an ascending triangle pattern. This technical breakout has strengthened investor sentiment, positioning the altcoin for further gains. The increased buying pressure has helped LDO gain traction in the market.

LDO has surged 15% in the last 24 hours, signaling a strong breakout attempt. However, the breakout will only be confirmed if LDO manages to flip $2.20 into a support level. Doing so could pave the way for a rally toward $2.61, increasing investor profits. This potential surge has made LDO one of the most trending tokens today.

If LDO fails to breach $2.20, the altcoin could remain stuck below this barrier. Continued consolidation above the $1.82 support level would invalidate the bullish outlook, delaying further upside potential and keeping LDO in a range-bound movement.

Litecoin (LTC)

Litecoin surged 12% in the past 24 hours, gaining momentum from the news that the SEC is considering Canary Capital’s spot LTC ETF filing. This development has kept Litecoin trending across crypto social media, fueling speculation about further price gains.

If investor interest translates into sustained demand, Litecoin could climb to $147. However, this would require LTC to breach and flip $136 into a support level. Successfully doing so would reinforce bullish momentum and increase the likelihood of continued price appreciation.

However, Litecoin has historically struggled to breach $136. If this resistance level holds strong again, LTC may face a pullback. A failure to break above this barrier could push the altcoin down to $117, invalidating the bullish outlook and triggering renewed selling pressure.