Why These Altcoins Are Trending Today — February 10

Amid the overall market pullback, some altcoins have emerged as the most searched assets, drawing attention from investors and traders alike. Among the trending assets today are Berachain (BERA), Central African Republic Meme (CAR), and Bittensor (TAO).

Berachain (BERA)

Berachain’s native token, BERA, is one of the altcoins trending today. It currently trades at $5.03, noting a 60% drop since its launch price just four days ago.

Since it surged to its post-airdrop high of $15 on February 6, BERA has been on a decline. With the waning buying pressure in the market, the new Layer-1 coin could extend this drop. 

Its negative Chaikin Money Flow (CMF) confirms the strong selling activity among BERA holders. At press time, this indicator is below the zero line at -0.26.

This indicator measures an asset’s buying and selling pressure over a set period by analyzing both price and volume to determine market strength. When CMF is below zero, it indicates that selling pressure is dominant, suggesting bearish momentum and a potential price decline.

If the dip continues, BERA’s value could plunge to $3.93.

On the flip side, if demand soars, the coin’s price could break above resistance at $5.44 and rise to $8.11. 

Central African Republic Meme (CAR)

Today, Central African Republic President Faustin-Archange Touadéra announced the launch of an official meme coin, CAR. Following the announcement, he released a video reaffirming the region’s pro-crypto stance.

However, BeInCrypto finds that two out of four Deepware AI models have flagged the video as potentially fake, driving speculations about the token’s authenticity. 

As doubts intensify, CAR’s value has continued to plunge. It currently trades at $0.13, having shed 83% of its value since it launched. If traders continue to sell their CAR holdings, the price of the meme coin could decline further to an all-time low of $0.0001. 

However, if market sentiment shifts and traders begin to accumulate, CAR’s price could climb to 0.22.

Bittensor (TAO)

AI-based asset Bittensor (TAO) is one of the altcoins trending today. It has bucked the broader market trend, climbing by almost 10% in the past 24 hours.

Its rising Balance of Power (BoP) on a daily chart shows that the price hike is backed by actual demand for the token. At press time, this indicator is in an upward trend at 0.54. 

The BoP measures the strength of buyers versus sellers by comparing the closing price to the price range over a given period. When it is positive, accumulation is dominant among market participants.

If TAO traders continue to buy the altcoin, its price could extend its gains and climb above $400 to trade at $452.20.

On the other hand, a surge in selloffs will invalidate this bullish projection. If TAO traders start taking profits, the token’s price could drop to $355.80.