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This week’s list of the top five trending coins consists of a completely different set of coins compared to the previous week. Topping this week’s list from positions 1 to 3 are AUCTION, followed by CYBER, and then BEAM. While other coins are also gaining traction, let’s examine each of the top trending coins below.
Bounce (AUCTION)
Major Bias: Bearish
The Bounce token has experienced a notable price movement in the past 24 hours. The token’s price dipped by 60.22%, while the overall market declined by 32.82% over the past week. This indicates that most of the downturn in this market occurred within the last 24 hours. The token has a market capitalization of $156.02M and a trading volume of $1.54B.
Looking at the price chart, it appears that the market has only recently regained momentum. However, the recent price drop within two sessions has wiped out a significant portion of the previous gains. Consequently, trading activity is now occurring below the 20-day moving average (MA) line, with other price candles also positioned beneath it. Additionally, the sharp decline has resulted in a downward crossover in the Stochastic Relative Strength Index (RSI). The movement of the lead line in this indicator suggests that bearish momentum remains strong, making it likely that the market may soon approach the $20.00 mark.
Current Price: $23.56
Market Capitalization: $156.02M
Trading Volume: $1.54B
7-Day Gain/Loss: -32.82%
Cyber (CYBER)
Major Bias: Bullish
The Cyber token holds the second spot on this week’s list of trending coins. It recorded a price increase of 8.64% in the past 24 hours and a 24.35% gain over the past seven days. The token has a modest market cap of approximately $60M, with a trading volume of $67.12M.
The token’s price action suggests that the market has potential for modest gains. The most recent price candle on the chart is already testing the 50-day MA as a resistance level. Additionally, the Stochastic RSI lines have formed another crossover in the oversold region, with the lines now trending upwards. Given this trajectory, traders can anticipate further gains, though likely below the $2.00 price level.
Current Price: $1.539
Market Capitalization: $60M
Trading Volume: $67.12M
7-Day Gain/Loss: +24.35%
Beam (BEAM)
Major Bias: Bearish
Taking the third spot is the Beam token, which has recorded a 6.28% price increase over the past 24 hours and a 30.78% gain over the past seven days. This coin has a market capitalization of approximately $400M and a trading volume of $143.04M.
On the price chart, the market appears to be rebounding from resistance at the 50-day MA. As a result, the ongoing session is represented by a red price candle, indicating selling pressure. Additionally, the Stochastic RSI lines have begun falling from the 100-level threshold, suggesting a potential downtrend. Given this setup, it seems unlikely that price action will successfully break the $0.00900 resistance, as downward momentum appears to be increasing.
Current Price: $0.008117
Market Capitalization: $400M
Trading Volume: $143.04M
7-Day Gain/Loss: +30.78%
Cheems (CHEEMS)
Major Bias: Bearish
Securing the fourth spot on this week’s list of trending coins is the CHEEMS token. It has experienced a 0.69% price decline over the past 24 hours, despite recording a 30.78% increase over the past seven days. The market has a capitalization of $280.53M and a trading volume of $34.55M.
From a broader perspective, the market appears to be in an uptrend, even in recent sessions. As a result, price action remains above all moving average (MA) lines on the chart. However, in line with the earlier statistics, the last price candle has appeared red, indicating a minor retracement. Meanwhile, the Stochastic RSI lines are hovering in the overbought region, with a slight downward trajectory toward the 80 mark. Despite this, given that price action is still above the 20-day MA, it seems likely that the token has the potential to reach the $0.0000015500 price level shortly.
Current Price: $0.000001502
Market Capitalization: $280.53M
Trading Volume: $34.55M
7-Day Gain/Loss: +30.78%
Maverick Protocol (MAV)
Major Bias: Bullish
Taking the final position on this week’s list of trending coins is the Maverick Protocol (MAV) token. It has recorded a 2.91% price increase over the past 24 hours and a 7.91% gain over the past seven days. The token holds a market capitalization of $40.70M, with a trading volume of $15.32M.
The MAV token appears to have limited upside potential for now. Price action has rebounded off the 20-day MA, using it as a support level, but it has been unable to break through the 50-day MA resistance. The most recent price candle tested the 50-day MA but has since retraced below this technical landmark. Nevertheless, the overall market sentiment remains bullish at the time of writing. Meanwhile, the Stochastic RSI lines are in the overbought region and have recently formed an upside crossover at the terminal level of the indicator. Given that the RSI indicates overbought conditions, traders should anticipate gains below the $0.1000 price level.
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