Why These Altcoins Are Trending Today— February 6

The crypto market remains relatively quiet on Thursday, with minimal activity, as many traders remain on the sidelines.

Despite the overall lack of momentum, a few altcoins have managed to stand out, drawing investors’ attention.

Sui (SUI)

Layer-1 coin SUIis among today’s trending altcoins. It has caught investors’ attention because of a recent development within its network. On February 3, the Sui Foundation announced that the Sui Bridge now supports wrapped Bitcoin (wBTC), and its users can seamlessly transfer wBTC from Ethereum to Sui.

However, SUI’s price performance has remained lackluster due to the broader market downturn. It currently trades at $3.44, noting a 5% price drop in the past 24 hours.

An assessment of SUI’s price movements on a daily chart reveals that it has traded below its 20-day Exponential Moving Average (EMA) since January 22.

An asset’s 20-day EMA measures its average trading price over the past 20 days. It gives more weight to recent price data, making it more responsive to price changes than the simple moving average. When an asset’s price falls below this key moving average, it is a bearish signal, suggesting that the asset is experiencing downward pressure in the short term.

If SUI’s decline continues, its price could plummet to $3. If the bulls fail to defend this critical support, the coin’s price could fall further to $2.10.

SUI Price Analysis. Source: TradingView

On the other hand, if SUI’s buying pressure strengthens, it could drive its price toward its all-time high of $5.35.

Fartcoin (FARTCOIN)

Solana-based meme coin FARTCOIN is another altcoin trending today. It has noted a 27% price decline over the past 24 hours and now trades at $0.50.

At press time, the meme asset lies below its Super Trend indicator, highlighting the surge in selloffs among market participants.

This indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility. As with FARTCOIN, when an asset’s price trades under the Super Trend line, it signals bearish momentum, indicating that the market is in a downward trend and selling pressure is dominant.

As selling pressure gains momentum, FARTCOIN will extend its decline and fall to $0.16, its next major support level.

FARTCOIN Price Analysis. Source: TradingView

Conversely, its price could rally to $1.05 if the bulls regain market control and drive demand.

Hyperliquid (HYPE)

Layer-1 coin HYPE is on investors’ radar today because its network Hyperliquid continues outperforming Ethereum in revenue. According to data from DefiLlama, Hyperliquid’s 24-hour revenue stands at $1.46 million, while Ethereum’s is at $542,231.

This signals a spike in user activity on the Hyperliquid blockchain. However, the performance of its native coin, HYPE, remains seemingly muted due to broader market troubles. At press time, the altcoin trades at $25.82, noting a 1% price fall in the past 24 hours.

If the market headwinds persist, HYPE’s price could drop to $25.08.

HYPE Price Analysis. Source: TradingView

On the other hand, a rebound could propel its price toward $27.11.

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