There are two schools of thought in determining the price of Trend X.
By way of intrinsic value:
This typically involves on-chain metrics, project metrics and financial metrics of Trend X, collectively known as fundamental analysis
. The law of supply and demand, tokenomics, use case, project roadmap as well as regulations and governance involved would affect the value of Trend X from a long term perspective.
By way of price action:
Primarily analyzed via candlestick chart patterns and technical indicators such as MACD, RSI and the bollinger bands, technical analysis
forecasts the price of Trend X on the basis that history tends to repeat itself. As the candlestick charts are a general representation of the emotion of the market, news announcements and community sentiment can be significant price action drivers for Trend X as well.
HODLers tend to prefer the long term nature of fundamental analysis, whereas short term traders tend to rely on technical analysis more. In reality, both analyses may combine and create interesting scenarios for Trend X and the cryptocurrency market as a whole.