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Bitcoin has continued to stay in the spotlight despite the steep price dive it experienced recently. The NEIRO family has also made it to this week’s list of trending coins. Meanwhile, the Solana and Toncoin tokens haven’t been left out, as they have also made it to this week’s list. Let’s examine each of them in more detail below.
Bitcoin (BTC)
Major Bias: Bearish
Bitcoin has seen a price increase of roughly 1%, according to available metrics. This was enough to keep the king of cryptocurrencies in the top position on this week’s list of trending coins. However, Bitcoin has experienced a price decline of 2.34% over the week. It also possesses a market cap of roughly $1.20 trillion, while its trading volume is $22.01 billion.
The price chart for Bitcoin reveals that the market has continued its downward retracement towards the $60,000 price level. As a result, trading activity continues to occur below most of the Exponential Moving Average (EMA) curves. The Stochastic Relative Strength Index (SRSI) lines continue to rise into the overbought region. The behavior of the SRSI indicator may largely be due to the significant price pump that occurred off the $55,000 mark two sessions ago. At this point, traders can anticipate that the support at the $60,000 mark will hold, and the market may challenge the $65,000 mark from there.
Neiro Ethereum is a newly launched token that has quickly made it to the limelight, securing the second spot on this week’s list of trending coins. It has seen a price increase of 22.36% today, with a 66.61% price increase over the past seven days. This token also boasts an impressive market cap of $258 million, while its trading volume stands at $22.65 million as of the time of writing.
Since this coin was recently launched, we shall examine its price movement on a 4-hour price chart. Here, it is revealed that the market has made impressive upside progress so far today. However, the market has seen a continued downward retracement since the previous session. Be that as it may, the token still trades above all the available EMA curves on the chart. The SRSI indicator’s leading line has deflected sideways due to the observed downward retracement. The last price candle on this chart is already testing the technical support level at the $0.2500 mark. If this support holds, the upside correction may resume and crypto signals aiming at the $0.3000 price level may be useful.
Current Price: $0.2562
Market Capitalization: $258 million
Trading Volume: $22.65 million
7-Day Gain/Loss: 66.61%
Baby Neiro Coin Sol (BABYNEIRO)
Major Bias: Bearish
The Baby Neiro token is following closely behind Neiro Ethereum, taking the third position on the list of trending cryptocurrencies this week. It has recorded a 53% price increase today, with a 65.75% price increase over the past seven days. The market cap of the token is a self-reported $924,742, with a significantly larger trading volume of $2.8 million.
The available price chart is just a line chart, providing limited information about the market’s direction. However, it can be perceived that the market has been notably volatile recently. Nevertheless, more recent price activity reveals that the price appears more settled above the $0.00009000 mark. It seems traders can anticipate an upside correction of the stated support towards the $0.0001000 price level.
Current Price: $0.00009200
Market Capitalization: $924,742
Trading Volume: $2.8 million 7-Day Gain/Loss: 65.75%
Solana (SOL)
Major Bias: Bearish
Solana has retained its position from last week as the fourth coin on this week’s list of trending coins. This market hasn’t seen much movement in today’s trading but has managed to achieve an overall price increase of just 0.67%. Over the past 7 days, the SOL token has seen only a 1.07% price increase. It has a market cap of $77.71 billion and a trading volume of $2.29 billion as of the time of writing.
The price chart shows that price action is extending its downward retracement for the second consecutive session, placing the price just above the 100-day EMA curve. Meanwhile, the SRSI indicator lines maintain their upward trajectory, with the leading line already past the 50 level of the indicator. The only visible sign is that the distance between the two lines has reduced. Therefore, it is logical to anticipate that an upside retracement may resume in this market.
Toncoin stands in the fifth spot on this week’s list. Based on available metrics, this coin has seen a price increase of 1.45% today and an 8.51% price increase over the past seven days. It also boasts a market capitalization of $16.77 billion, while its trading volume is $483.44 million.
On the daily price chart, it appears that the 50-day EMA curve is providing strong resistance to price movement. This has resulted in a strong downward contraction of price. The last price candle is even about to yield to bearish forces. Nevertheless, this coin continues to trade above most of the EMA lines. The SRSI indicator lines have continued rising into the overbought region. Market participants can only hope that the support at the 100-day EMA holds for price action to resume its upward correction through the $7.00 mark.
Current Price: $7.12
Market Capitalization: $16.77 billion
Trading Volume: $483.44 million
7-Day Gain/Loss: 8.51%
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