XYO Network (XYO), Movement (MOVE), and Jupiter (JUP) Emerge as Top Trending Cryptocurrencies Amid Market Decline

The cryptocurrency market has extended its decline, with the total market capitalization dropping by another 1% today.

The cryptocurrency market has seen a further 1% decline in total market capitalization, extending the downturn observed over the past week.

However, amidst this overall bearish trend, several altcoins have managed to generate interest for different reasons. Here are the top trending cryptocurrencies today.

1. XYO Network (XYO)

XYO is the native token of XYO Network, a decentralized location data network. The token’s 33% surge 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 largely attributed to Tuesday’s launch of its XYO Layer One blockchain network. The hype around this launch and the anticipation of increased utility for XYO have led to a surge in demand for the token, which is also evident in the 1138% increase in its trading volume.

Should demand continue to gain momentum, it could drive XYO’s price past the resistance at $0.024 and toward the next resistance level at $0.029. On the other hand, if selling activity resumes, the token’s price could fall to the support level at $0.019.

2. 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. The acquisition is part of the platform’s strategy to support promising DeFi projects and promote financial inclusion.

Moreover, market speculation has been fueled by a now-disclaimed rumor suggesting that Movement was among the blockchain networks in talks with the Elon Musk-led Department of Government Efficiency (DOGE). This rumor also contributed to the strong demand for MOVE tokens.

If this uptrend persists and demand remains high, MOVE’s price could break above the next resistance level at $0.87 and continue to trade toward the resistance at $1.08. However, a resurgence in profit-taking activity would drive MOVE’s value down to the support level at $0.71.

3. 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.

If the sellers remain in control and selling pressure continues to build, they could drive JUP’s price below the support level at $1 to trade at $0.95. Conversely, if the buyers regain market control, JUP’s price could rally to the next resistance level at $1.22.