Trending Coins for Today, June 11: CHITCAT, BNB, PEPE, MATIC, and XLM

The ongoing battle between the SEC and Binance seems to have significantly affected the cryptocurrency sector. This seems to be the reason why most of the coins on this week’s list of trending coins are on a downtrend. Let’s zoom in to see how these cryptos may fare shortly.

ChitCAT (CHITCAT)

Major Bias: Bullish

The ChitCAT token seems to be the only coin on this week’s trending coin list to have considerably shaken off the aforementioned unfavorable fundamentals. This coin has a market capitalization of $1,124,652 and has recorded a trading volume of $21,600,584. Also, it has seen a 7-day profit of 30.32% while recording a gain of 27.61% within 24 hours. Recently, this token had retraced near a support price level of $0.1669. However, price action in this market recorded from the downward correction to retrace the above the $0.2000 price level to reach the $0.2111. Meanwhile, the current price mark now stands above the 9- and 21-day Moving Average lines (MAs). Nevertheless, the RSI curves are still falling toward the oversold zone. Since prices are above the MA lines, traders can hope for a retracement of at least the $0.2320 mark.

Current Price: $0.2111
Market Capitalization: $1,124,652
Trading Volume: $21,600,584
7-Day Gain/Loss: 27.61%

Binance Coin (BNB)

Major Bias: Bearish

The current face-off between the SEC and Binance has severely impacted the price of the Binance Coin. And although the coin has come in second on this week’s list of trending coins, its price action hasn’t benefited from the traffic that it has gathered. Despite this, the BNB token has a market capitalization of $37,026,584,385 and a trading volume of $984,314,869. Meanwhile, it has witnessed a significant decrease in the price of 22.43% over the past seven days, while today alone, it has recorded a further loss of 8.78%. On the daily chart, it has fallen rapidly through multiple support levels after its price action hit support at $305.00. Furthermore, the last price candlestick on this chart is far below the 9 and 21-day MA lines and is already testing the $229 price mark. At the same time, the Moving Average Convergence Divergence indicator keeps revealing that downward momentum is rather strong, as the bars of this indicator continue to appear solid red. Consequently, we may still retrace the $230 mark.

Current Price: $238
Market Capitalization: $37,026,584,385
Trading Volume: $984,314,869
7-Day Gain/Loss: 22.43%

Pepe (PEPE)

Major Bias: Bearish

Pepe Coin has dropped two places from its previous position at the top of this week’s list of trending coins on CoinMarketCap. Pepe coins have also had their fair share of the current market trend. Consequently, this has caused its displacement from the top of this week’s list. Pepe coin has a market capitalization of $370,234,779, and a 24-hour trading volume of $242,870,801. Also, this token has experienced a price decline of 29.24% in the past 7 days and a 24-hour decrease of 18.23%. Over the past two trading sessions, price action in the market fell hard through the Fibonacci Retracement level of 78.60 at the price mark of $0.000001056. Currently, the price of this token is attempting to stabilize at $0.0000009333. Nevertheless, this attempt may be very weak as price action remains very far below the 9 and 21-day MA curves, which suggests that the price may retrace lower price marks. In addition, the MACD indicator also agrees with the opinion of more downward retracements as its bars remain red. Traders can anticipate that price action may retrace the $0.0000009000.

Current Price: $0.0000009333
Market Capitalization: $370,234,779
Trading Volume: $242,870,801
7-Day Gain/Loss: 29.24%

Polygon (MATIC)

Major Bias: Bearish

Polygon’s price has fallen more steeply very recently and in the ongoing trading session. Polygon has a market capitalization of $5,398,018,397 and a 24-hour trading volume of $985,824,329. Meanwhile, this token has experienced a price decline of 35.61% in the past 7 days and a decline of 26.04% in the past 24 hours. A very sharp downward retracement occurred in the ongoing session through the support of the $0.7000 and $0.6000 marks. Consequently, this has plunged prices further below the 9- and 21-day MA lines. Considering the MACD indicator, we can see that downward momentum is very strong. The last indicator bar on this indicator has grown longer, indicating stronger downward momentum. Therefore, a retracement toward the $0.5000 mark is likely to occur.

Current price: $0.5769
Market capitalization: $5,398,018,397
Trading volume: $985,824,329
7-Day Gain/Loss: 35.61%

Stellar (XLM)

Major Bias: Bearish

The last token on this week’s list of trending coins is Stellar. The XLM token has a trading volume of $93,518,492 and a market capitalization of $2,184,051,270. This coin has also failed to impress buyers as its price has reduced by 6.70% in 24 hours and 12.54% over the past 7 days. This implies that half of the XLM price decline occurred within 24 hours, indicating that the downtrend has become stronger today. Extending the scope of our analysis to the daily chart confirms the earlier stated inference. The last price candle took a large step down towards the support level at the $0.07988 price mark from $0.08880. Consequently, price action seems to have taken on a more bearish tone. Examining the MACD indicator, it could be seen that at such a significant fall, downside momentum seems to still be at its initial stage. This implies more downward retracement may occur in this market towards the $0.07500 price mark.

Current price: $0.08120
Market capitalization: $2,184,051,270
Trading volume: $93,518,492
7-Day Gain/Loss: 12.54%

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