Trending Coins for May 18, 2024: GME, PEPE, BEFI, PANDA, and BTC

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RESULTS

This week’s list of trending coins has arrived with a mostly new set of coins showing their trendy characteristics. It should be noted that bearish sentiment persists in the crypto market. Consequently, this has resulted in most of the coins on this list either printing a bearish correction or being on a bearish trend. Let’s take a closer look at each of these coins.

GameStop (GME)

Major Bias: Bearish

The GameStop token is taking the lead on this week’s list of trending coins and for all the right reasons. The token can be seen printing a price increase of 60.44%. Meanwhile, the price of the token had rallied by a massive 3785% over the past 7 days. Its market cap was $134.62 million as of the time of writing, with a trading volume of $176 million.

The price chart for this token shows that the market is taking a deep dive, which has been ongoing for four trading sessions now. The last price candle on this chart is on the verge of falling below the last green Guppy Multiple Moving Average (GMMA) lines. Also, the Stochastic Relative Strength Index (SRSI) lines can be seen trending downward towards the oversold region. The current trend indicates that the market may further decline to the $0.004250 mark.
Current Price: $0.004582
Market Capitalization: $134.62 million
Trading Volume:$176 million
7-Day Gain/Loss: 3785%

Pepe (PEPE)

Major Bias: Bearish

Pepe has moved from the 5th position in the previous week to the second spot on this week’s list of trending coins. It has printed a price increase of 6.14% today while increasing 44.64% over the past 7 days. Meanwhile, it has a market cap of $4.81 billion and a trading volume of $3.68 billion.

The token has seen some decent upside moves in recent sessions, which saw it break a technical resistance at the $0.00001000 mark. However, it appears that headwinds have caused a downward correction, pushing the market back below the $0.00001000 price level. Nevertheless, the token continues to trade above most of the GMMA indicator lines. Likewise, the SRSI indicator lines are still falling towards the oversold region in a manner that seems moderately exaggerated. At this point, traders can only hope for a rebound at the $0.00000900 mark.
Current Price: $0.00000934
Market Capitalization: $4.81 billion
Trading Volume: $3.68 billion
7-Day Gain/Loss: 44.64%

BeFI Labs (BEFI)

Major Bias: Bearish

The BeFI Labs token stands in the third spot on this week’s list of trending coins. As of the time of writing, the BeFI Labs token has seen a further price descent of 6.22% in 24 hours, and a more significant price decline of 32.04% over the past seven days. Additionally, its market cap stands at $4.43 million with a trading volume of $5.17 million.

The price chart reveals that the market is on a straight downward trend. This can be perceived as price candles having been forming below the GMMA indicator lines for quite some time. The downward-sloping trend line further highlights the prevalent trend in the market. The SRSI indicator lines can be seen approaching a bearish crossover. This will eventually strengthen bearish anticipation and validate the use of bearish crypto signals targeting the $0.0500 mark.

Current Price: $0.08829
Market Capitalization: $4.43 million
Trading Volume: $5.17 million
7-Day Gain/Loss: 32.04%

PandaSwap (PANDA)

Major Bias: Bearish

The PandaSwap token has arrived on this week’s list as the fourth coin. It has only printed minimal price increases during today’s trading session. Meanwhile, the token has seen a price decline of 16.84% over the past 7 days. The token also has a market cap of $6.55 million and a trading volume of $3.71 million.

The token’s price activity has remained subdued below the GMMA indicator lines for the past five sessions. Meanwhile, the ongoing session has produced additional price declines, pushing the market further below the GMMA indicator lines. However, the trajectory of the SRSI indicator lines maintains the opinion that price action may still recover towards higher marks. This can be seen as the indicator line maintains an upward path towards the oversold region. Traders can hope that the market crosses above the $0.008942 threshold, as this will open the door for more upside moves for the market.

Current Price: $0.007310
Market Capitalization: $6.55 million
Trading Volume: $3.71 million
7-Day Gain/Loss: 16.84%

Bitcoin (BTC)

Major Bias: Bullish

The king of cryptocurrencies, BTC, has taken the fifth spot on this week’s list of trending coins. Bitcoin’s price has increased by 0.29% as of the time of writing. Meanwhile, the token has seen an overall price decline of just 0.1% over the past 7 days. The crypto’s market cap was $1.22 trillion, with a trading volume of $24.21 billion.

The price chart has revealed that this market is gradually approaching a previously broken technical resistance at the $70,000 mark. The current session, as of the time of writing, has seen a minor downward correction. As a result, price action still hovers around the $67,000 mark. In addition, the market continues to trade above the GMMA lines. This keeps bulls at an advantage as the market maintains fair chances of extending the upside correction through the $67,000 and toward the $69,000 mark.

Current Price:$67,000
Market Capitalization: $1.22 trillion
Trading Volume: $24.21 billion
7-Day Gain/Loss: 0.1%

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