Trending Coins for Today, August 6: WLD, XRP, XBALD, YGG, and CAKE

This week’s market analysis of trending coins features mostly newly launched crypto. Also, most of these coins are rather bearish and still maintain the possibility that lower price levels may be reached. Let’s dive into the analysis.

Worldcoin (WLD)

Major Bias: Bearish

The Worldcoin has retained the first position on the trending coins list from last week. It seems to be a mystery, though, how it remained at the top spot since its market looks rather bearish. This coin has a market capitalization of $250 million and a trading volume of $80 million today. But over the week, WLD has recorded losses of 8.97%. And today alone, it has seen an 8.13% price reduction.

On the market chart, it is revealed that price action recently broke down a medium-term support level. Furthermore, looking at the indication on the Moving Average Convergence Divergence (MACD), it appears too likely that a further downward correction may occur. The last bar of the MACD indicator can be seen regaining a solid red appearance. Additionally, the lines are still falling below the equilibrium level. So, traders can prepare for a further correction towards the $2.080 mark.

Current Price: $2.111
Market Capitalization: $250 million
Trading Volume: $80 million
7-Day Gain/Loss: 8.97%

XRP

Major Bias: Bearish

XRP claims the second spot on this week’s trending coins list, moving one place up from the third position. Nevertheless, this token has a bearish mark with a market capitalization of $33 billion and a trading volume of $1.5 billion. Furthermore, this token has recorded an 11.36% loss over the week and a 5.56% loss within 24 hours. Ever since price action in this market poked through the $0.8000 level, the market fell under the hands of a downward force.

This has been the trend in this market since the 20th of July and has led to price action breaking down the support at the $0.700 price level. At this point, price action seems to be heading towards even lower support. The Relative Strength Index Indicator has touched down in the oversold region and seems lifeless.  At the same time, price action continues to push the lowest limit of the Bollinger Bands. This indicates that price action may fall toward the $0.600 mark.

Current Price: $0.6237
Market Capitalization: $33 billion
Trading Volume: $1.5 billion
7-Day Gain/Loss: 11.36%

XBALD

Major Bias: Bullish

The XBALD token has appeared in the fourth position on the trending coins list for this week. The token has a self-reported market capitalization of $78,622 and a trading volume of $7.2 million. During the week, this token has witnessed a 73.61% loss but a more overpowering gain of 231.62% in the past 24 hours. Also, the daily chart of this token shows that upside momentum has gone awry today. However, considering the terminal of the line graph, it could be seen that bears have turned their attention to this market and are beginning to cause serious upset. At this point, traders can foresee the price in this market retreating toward the $0.000006000 price mark.

Current price: $0.000007862
Market Capitalization: $78.622
Trading Volume: $7.2 million
7-Day Gain/Loss: 73.61%

Yield Guild Games (YGG)

Major Bias: Bullish

The Yield Guild Games token is in the third position but seems to have gathered the most gains this week. This token has seen a price increase of 60.63% today alone, while it has gathered 148.51% profit over the week. Additionally, it has a market capitalization of $112 million and a 24-hour trading volume of $308 million. Coming to its daily market, it can be seen that its price action is reaching for the moon as it started an upside rally three days ago. While that seems amazing, what’s more is that the intensity of the upside retracement has been increasing.

The last price candle on this chart can be seen pushing prices far beyond the uppermost limit of the Bollinger Bands. Meanwhile, the Stochastic RSI lines can be seen rising into the overbought region, with the leading line already at the pick level. Consequently, it is likely that this market will soon draw the attention of bear traders. But as it stands, YGG’s price may approach the $0.4500 mark.

Current price: $0.4314
Market capitalization: $112 million
Trading volume: $308 million
7-Day Gain/Loss: 148.51%

PancakeSwap (CAKE)

Major Bias: Bearish

PancakeSwap has appeared in the 5th position on this week’s list of trending coins. However, this market seems to have lost direction as its price action continues to consolidate. Nevertheless, it has a market capitalization of $316 million and a trading volume of $14 million. Due to lowered volatility, there has only been a very minimal loss of 0.83% over the week, while the token has witnessed more significant losses of 1.06% within 24-hours.

On the daily chart, it could be seen that price action has significantly reduced volatility, judging by the width of the Bollinger Bands indicator. Also, price activities in this market seem more like they’re occurring in a straight line below the Fibonacci Retracement level of 100. Furthermore, the Stochastic RSI lines are plunging downward into the oversold region. This suggests that price action in this market isn’t ready to see the upside; rather, more price decline may be experienced towards the $1.380 mark.

Current Price: $1.489
Market Capitalization: $316 million
Trading Volume: $14 million
7-Day Gain/Loss: 1.06%

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