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.

XYO Price Analysis. Source: TradingView

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).

MOVE Price Analysis. Source: TradingView

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.

JUP Price Analysis. Source: TradingView

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.