Trending Coins for Today, May 7: PEPE, DOGE, FLOKI, SUI, and ARB

On this week’s top 5 most searched coins on CoinMarketCap, most of the coins here are all in a downtrend. Also, most of these coins are newly launched, and over the past seven days, they have gained significant traction. Let’s take a closer look at these markets.

Pepe (PEPE)

Major Bias: Bearish

The Pepe coin is a coin that was recently launched. The coin had gained significant traction over the week but has been heavily bearish in the past 24 hours. Furthermore, to analyze this market, it was expanded to a 45-minute time frame, which gave a better view of price movement. Although the major bias for this market remains bearish, it could be seen that price action has started retracing an important price level at the $0.000003002 price mark. Also, it could be observed that the Stochastic Relative Strength Index (RSI) indicator is still trending downward. The leading line of the RSI is pointing to a gradual building up of upside momentum, which may see price action eventually breaking the $0.000003002 resistance.

Current Price: $0.000002956
Market Capitalization: $1,142,130,940
Trading Volume: $2,510,777,225
7-Day Gain/Loss: 773.42%

Dogecoin (DOGE)

Major Bias: Bearish

Dogecoin price action has been bearish over the past 7 days. Having recorded a loss of 5.60%, this coin seems ready for another downward retracement. Price activities in this market have been occurring below the $0.0810 price mark in recent times. Even, attempts made to break this resistance have failed. Price action in the market continues to occur below the middle limit of the Bollinger Bands indicator. In addition, the Stochastic RSI indicator lines have even performed a bearish crossover while still under the 40 mark. Consequently, this suggests that the price action market may at least retrace the $0.0733 price level.

Current Price: $0.0770
Market Capitalization: $10,676,721,069
Trading Volume: $418,731,259
7-Day Gain/Loss: 5.60%

FLOKI (FLOKI)

Major Bias: Bullish

This is another recently launched coin. The coin has recorded a significant amount of loss during the past 24 hours. Nevertheless, its major bias remains bullish due to a more significant gain that was also recorded during the previous trading session on the daily market. As previously mentioned, the last price candle here on this chart, indicates that sellers haven’t done enough damage to price action. The market on the daily chart still looks bullish, since the current price level remains above the middle band of the Bollinger Bands indicator. Also, it could be seen that the RSI curves are still on an upside trajectory. Consequently, this suggests that price action may still retain its upside focus toward the $0.000005000 price mark.

Current Price: $0.004723
Market Capitalization: $423,850,987
Trading Volume: $306,832,702
7-Day Gain/Loss: 20.65%

Sui (SUI)

Major Bias: Bullish

Zooming down on the Sui market, one can see that price action is already on the path to regaining some upside traction. However, this coin was also recently launched, so the only way to properly examine this market is by studying it in a shorter time frame. Looking at the SUIUSDT 45-minute market, the last price candle has poked through the Bolinger Bands’ MA. Consequently, it appears that more upside momentum may set in in this market. Meanwhile, an upside crossover can be seen on the RSI indicator, which supports the idea of price action gaining further upside traction. At this point, it is more likely for price action to further retrace the 1.3600 mark.

Current Price: $1.33
Market Capitalization: $690,441,139
Trading Volume: $561,845,272
7-Day Gain/Loss: 71.08%

Abitrum (ARB)

Major Bias: Bearish

Abitrum was displaced from the top spot but was able to settle in the top 5 spots on this week’s list. Despite being in the top 5 most searched coins, Abitrum’s price action continues to retrace the lower price mark. It could be seen that the last price candle has pushed the price even below the lowest band of the Bollinger Bands. Meanwhile, the Stochastic RSI lines keep falling sharply into the oversold zone. Therefore, indications coming from technical indicators still suggest that the market may visit a lower price mark near the $1.1700 price mark.

Current price: 1.2431
Market capitalization: $1,576,491,610
Trading volume: $484,476,715
7-Gay Gain/Loss: 7.53%

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