Why are these altcoins trending April 16th?

! The broader crypto market plummeted over the past 24 hours. Total market capitalization has lost $40 billion during this time due to risk aversion Despite the decline, some altcoins still attract attention. Among the tokens that are gaining the most attention today are ZKsync (ZK), DeepBook (DEEP) and WalletConnect Token (WCT)

ZKsync (ZK)

ZKsync (ZK) is one of the hottest altcoins today after a serious security incident. On Tuesday, this layer-2 Ethereum scaling solution announced that the governance wallet had been compromised

The attacker took advantage of the vulnerability to mint 111 million unclaimed ZK tokens, valued at around $5 million. In response to this incident, ZK price plummeted as traders sold off their assets

In particular, daily trading volumes have skyrocketed by nearly 250%, indicating an increase in selling pressure from market participants

When the price of an asset falls and trading volumes increase so sharply, this usually indicates a panic sell-off and can forecast further price declines. In this case, ZK could return to its all-time low of $0.039, the price at which it briefly traded after the security incident on Tuesday.

! ZK price analysis | Source: TradingViewOn the other hand, if ZK records a positive movement in market sentiment, the price can rise to $0.08.

DeepBook (DEEP)

DEEP is another altcoin that is making headlines today. It has bucked the overall downtrend of the market and recorded a 4% gain in the last 24 hours

The altcoin has been on an upward trend for the last 7 days, with gains of up to 69%. On the daily chart, the Relative Strength Index (RSI) rising shows that DEEP's bullish momentum is supported by actual demand

At the time of writing, the RSI is at 62.42, implying buying pressure overcoming selling activity. If this trend continues, DEEP can extend its rally to $0.109.

DEEP Price Analysis | Source: TradingView However, once profit-taking activity begins, DEEP may lose some of its gains and slide to $0.045.

WalletConnect Token (WCT)

WCT — a newly launched altcoin — is another name that is catching investors' attention today. It went against the overall downtrend of the market and recorded a 12% price increase in the last 24 hours

However, indicators from the RSI suggest that WCT may be overbought and a price correction is likely. At the time of writing, this momentum indicator is at the level of 81.39 – a threshold usually associated with buyers starting to burn out

If buying pressure stalls, WCT could lose some of its upward momentum and fall to $0.57.

WCT Price Analysis | Source: TradingViewConversely, if the bulls continue to hold strong control of the market, they could push WCT price to new highs in the coming days.

You can see the coin price here.

Disclaimer:*** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

• Whales sell $1.8 billion in ETH when price fails to recover
• TOP 3 trending altcoins featured today – April 15
• Will altcoin season come when Bitcoin's dominance rate stagnates?

Minh Anh

@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width: 728px; height: 90px; } }