This past weekend, several “old” cryptocurrencies made a surprising comeback while some meme coins struggled, with only a few exceptions. As a result, one of the long-standing cryptos has resurfaced in today’s trending altcoins.

This shift has also sparked renewed interest across the market, particularly in tokens that have underperformed in recent months. According to CoinGecko, the top three trending altcoins today are Gigachad (GIGA), Luckycoin (LKY), and MAD (MAD).

Gigachad (GIGA)

Since it was mentioned earlier that most meme coins struggled over the weekend, GIGA is trending not due to a price increase. In fact, its value has actually dropped by 20% over the past seven days.

However, it’s part of today’s trending altcoins because popular meme coin analyst Murad continues to highlight it as one of the best tokens to hold. Additionally, the recent decline has sparked discussions in the market, with many considering GIGA to be at a strong accumulation point.

From a technical point of view, the 4-hour chart shows that the Solana meme coin continues to trade within a descending triangle. While this is a bearish pattern, the token is close to the support at $0.36.  

Should the price fall to this support, there is a chance that bulls might defend this region. If this is the case, then the value might bounce toward $0.055. However, if it drops below the support line, GIGA could decline as low as $0.031.

Luckycoin (LKY)

A surprise entry in today’s altcoin trends is Luckycoin (LKY), a project launched in 2013 and recognized as the world’s first meme coin, from which Dogecoin (DOGE) was forked.

LKY is trending today thanks to impressive price action. Trading at $13.90, its price has surged by 65% in the last 24 hours and 420% over the past seven days. This rapid increase is likely fueled by buying pressure, especially given that the altcoin has a limited total supply of just 12.07 million coins.

With such a low supply, even modest buying pressure can drive significant price movements. However, according to the 1-hour chart, LKY’s price could see a notable pullback. This is largely due to the drop in the Relative Strength Index (RSI) reading.

As seen below, the RSI, which measures momentum, has fallen below the neutral 50.00 line. If the rating continues to drop, then LKY could decrease below $10. On the flip side, if buying pressure increases again, then the altcoin could move toward $20.

MAD (MAD)

Last on the list is MAD, which also appeared on the trending altcoins analysis last week. The altcoin is part of today’s list because its price has increased by 73% in the last 24 hours and 332% in the last seven days.

This price rise, alongside a rise in volume, indicates that the market seems to have great interest in MAD. As of this writing, MAD’s price is $0.000045. Meanwhile, the daily charts show that bulls have defended the price from dropping below $0.000036.

With increasing volume and accumulation, the altcoin is likely to climb higher. If that is the case, then MAD can rise to $0.000080. However, a decline below the support could invalidate the prediction, and the token could drop to $0.000032.

The Sandbox (SAND) continued its bullish trend, hitting a new yearly high of $0.86 during Monday’s early Asian session. However, it has since pulled back by 14%, trading at $0.76 at press time.

Despite the recent surge, on-chain and technical indicators suggest that the much-anticipated $1 price target remains unlikely for now. Here’s why.

The Sandbox’s Long-Term Holders Book Profit

SAND’s price hike over the past week has prompted its long-term holders to move their previously dormant tokens around. This is reflected in the surge in the token’s age-consumed metric, which measures the movement of long-held coins. According to Santiment, this skyrocketed to a two-month high of 33.19 billion on Sunday. 

This metric’s rally is notable because long-term holders are not in the habit of moving their coins around. Therefore, when they do, especially during periods of price uptick, it hints at a shift in market trends. Significant spikes in age-consumed during a rally like this suggest that long-term holders are offloading, possibly leading to increased selling pressure.

Notably, the rise in SAND’s Exchange Flow Balance over the past 24 hours confirms the selling activity. According to Santiment, this metric, which measures the net difference between the amount of an asset sent to exchanges and the amount of an asset withdrawn from exchanges over a specific period, has climbed by 162%. 

This reflects an increase in the amount of SAND tokens being deposited to exchanges. It signals that holders are preparing to sell, possibly leading to downward price pressure.

On the daily chart, SAND’s Relative Strength Index (RSI) stands at 87.18, indicating overbought conditions. The RSI measures whether an asset is oversold or overbought, ranging from 0 to 100. Values above 70 signal that the asset is overbought and could face a decline, while values below 30 suggest it is oversold and might rebound.

With an RSI of 87.18, SAND is signaling overbought conditions, putting it at risk of a near-term pullback. If a decline occurs, its price could drop to $0.72. Increased selling pressure at this level may push SAND further down to $0.61, distancing it even more from the sought-after $1 target.

On the other hand, the SAND token price may reclaim its year-to-date high of $0.86 if the selling pressure wanes. This will invalidate the bearish thesis above.

The meme coin mania of the past few weeks pushed Shiba Inu’s (SHIB) price to an eight-month high of $0.000030 on November 12. Due to this hike, a significant portion of SHIB’s supply is now profitable.

However, as market sentiment shifts, many Shiba Inu holders are now opting to secure their gains by selling their SHIB coins.

Shiba Inu Holders Sell For Profit

According to IntoTheBlock’s Global In/Out of the Money indicator, 829 trillion SHIB coins held by 851,000 addresses, which comprise 62% of all the meme coins holders, are “in the money.”

An address is considered “in the money” when the current market price of the asset it holds is higher than the average acquisition cost of the tokens in that address. This indicates that the holder would realize a profit by selling their holdings at the prevailing market price.

On the other hand, 82.39 trillion SHIB coins held by 398,000 addresses are “out of the money.” These are addresses that currently hold their coins at a loss. 

With 62% of all its holders now in profit, there has been a resurgence in profit-taking activity. This is reflected in SHIB’s declining Chaikin Money Flow (CMF). As of this writing, this indicator is at 0.08, trending downward toward the center zero line.

The CMF measures the market’s buying and selling pressure. When it falls toward the zero line, it signals weakening buying momentum, indicating that market participants are losing conviction in the uptrend.

Additionally, the setup of SHIB’s moving average convergence divergence (MACD) indicator confirms this bearish outlook. At press time, the coin’s MACD line (blue) rests below its signal line (orange).

This indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it indicates a bearish trend and confirms the reversal of an uptrend. It suggests that selling pressure is increasing, and the asset’s price could decline further.

SHIB Price Prediction: A Decline To $0.000020?

SHIB is trading at $0.000025, marking a 4% decline in the last 24 hours. It remains above key support at $0.000022. If SHIB falls below this support, its price could drop further to $0.000020.

On the other hand, if profit-taking activity relaxes and the meme coin witnesses a resurgence in new demand, it will break above resistance at $0.000026 to reclaim its eight-month peak of $0.000030.