Trending Cryptocurrencies for December 9, 2023: JTO, IMX, SOL, EDU, and ADA

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RESULTS

This week’s list of trending cryptocurrencies is overwhelmingly green, with almost all the cryptocurrencies showing notable price increases. While some have experienced more significant gains than others, these tokens still hold the potential for further increases as today’s trading activities unfold. Let’s delve into each of them.

Jito (JTO)

Major Bias: Bullish

Jito has claimed the top spot on this week’s list of trending cryptocurrencies, despite being newly launched. It has witnessed a remarkable 104% price increase in the past seven days, with an additional 20% today. As of the time of writing, it boasts a market capitalization of $391 million and a trading volume of $1.22 billion. Given its recent launch, examining its price movements in a smaller time frame, like 30 minutes, may provide valuable insights.

The price chart indicates an upward path despite reduced volatility, typical of newly launched tokens. The Moving Average Convergence Divergence (MACD) indicator suggests weakening downward forces, visible in the pale red bars below the equilibrium level. The last price candle has pierced through the middle band of the Bollinger Bands indicator, while the contracting Bollinger Bands indicate potential movement toward the $3.90 mark.

Current Price: $3.4321

Market Capitalization: $391 million

Trading Volume: $1.22 billion

7-Day Gain/Loss: 104%

Immutable (IMX)

Major Bias: Bullish

The Immutable Token (IMX) secures the second spot on this week’s list, with a 4.51% increase today and a more significant 12.00% gain over the past week. With a market capitalization of $2.1 billion and a trading volume of $114.50 million, IMX exhibits a bullish outlook on the daily market.

The ongoing session has propelled prices past the highest band of the Bollinger Bands indicator. Additionally, the MACD indicator has just displayed a bullish crossover above the equilibrium level. Despite notable profits, the relatively young crossover suggests further upside momentum, potentially pushing prices toward the 1.7500 mark.

Current Price: $1.6759

Market Capitalization: $2.1 billion

Trading Volume: $114 million

7-Day Gain/Loss: 12.00%

Solana (SOL)

Major Bias: Bullish

Despite appearing in the third position on this week’s list of trending cryptocurrencies, Solana has showcased significant performance in its price movements. The token has surged an additional 3.71% and recorded a 21.66% gain in the past week. Moreover, its market capitalization has expanded to $31.63 billion, with a trading volume of $3.34 billion.

On the daily chart, SOL has notably surpassed the $70 threshold, trading above the $74.00 mark. While today’s trading activities have resulted in minimal losses, indicated by a red price candle with a tiny body, the token still maintains its position above the upper band of the Bollinger Bands indicator. This underscores the upside potential in the market. Additionally, the MACD indicator lines continue to exhibit an upward trajectory, with bars growing taller.

Current Price: $74.67

Market Capitalization: $31.63 billion

Trading Volume: $3.34 billion

7-Day Gain/Loss: 21.66%

Open Campus (EDU)

Major Bias: Bearish

EDU token holds the fourth position on this week’s list, witnessing a 3.75% price increase in the last 24 hours and a 17.36% gain over the past seven days. With a market cap of $172.27 million and a trading volume of $58.34 million, EDU’s price movements have followed an upward trajectory since bouncing off support near the $0.3551 mark. However, the market experienced a moderate downward correction after testing the $0.8000 mark.

Despite this correction, the current price remains above the upper limit of the Bollinger Bands. While it might appear as a correction back into the Bollinger Bands, the MACD indicates that the momentum in this market remains undeterred and may continue upward. This is evident in the bullish characteristics retained by the bars and lines of the MACD, suggesting the market might still aim for the $0.8000 mark.

Current Price: $0.7418

Market Capitalization: $172.27 million

Trading Volume: $58.34 million

7-Day Gain/Loss: 17.36%

Cardano (ADA)

Major Bias: Bullish

Lastly, on this week’s list of trending cryptocurrencies is Cardano. However, this token isn’t the one with the lowest gains. Cardano has gained additional traction of magnitude, with a 24.19% increase and a 49.02% surge over the past 7 days. Additionally, it has a market cap of roughly $20.30 billion and a trading volume of $1.90 billion. The token’s price action is ramping up very rapidly, surpassing an annual high as the price rises to a level last seen in 2022.

Bulls can be said to be charging right into bearish territory as price activity keeps rising outside the uppermost limit of the Bollinger Bands indicator. Similarly, the MACD indicator lines are running upwards to reflect the dominant trend in this market. Although the $0.6000 mark seems to have constituted a significant resistance, as the price candle corresponding to the ongoing session has retracted after touching the resistance, considering the bulls’ dominance, we can assume that prices may still cross the $0.6500 mark.

Current Price: $0.5916

Market Capitalization: $20.30 billion

Trading Volume: $1.90 billion

7-Day Gain/Loss: 49.02%

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