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More newly launched tokens keep rolling out, displaying typical trendy characteristics. For instance, BIAO has been displaced from the top of this week’s list of trending cryptocurrencies by the ZRO token. While some of these coins will likely gain more traction, the gathered momentum in some markets may soon fizzle out. Let’s analyze each of these markets.
LayerZero (ZRO)
Major Bias: Bullish
The ZRO token tops this week’s list of trending cryptocurrencies, having seen a price increase of 2.59% and a price decline of 21.93% over the past 7 days. The token has a market cap of $795 million and a trading volume of $273 million. As mentioned earlier, the LayerZero token is one of the newly launched tokens on this week’s list of trending tokens. To gain a clearer understanding of price dynamics, we’ll study it on a 30-minute market.
On the price chart, price action can be seen making a smooth U-turn off the support level at $2.800. The last price candle on this chart can be seen breaking the technical price level at $3.00. Also, the 20- and 50-day Exponential Moving Average (EMA) lines can be seen converging below the last three price candles. The Moving Average Convergence Divergence (MACD) indicator lines can be seen rising past the equilibrium level. The last bar of the indicator can be seen regaining a solid green appearance. This suggests that the market may be headed towards the $3.400 price level.
Current Price: $3.215
Market Capitalization: $795 million
Trading Volume: $273 million
7-Day Gain/Loss: 21.93%
Biaoquing (BIAO)
Major Bias: Bullish
After being displaced from the top spot on the list of trending cryptocurrencies, the BIAO token has fallen to the second spot this week. The price of this token has decreased by 26.31%, while it has seen an increase of 25.77% over the past 7 days. The coin has a self-reported market cap of $26.33 million and a trading volume of $8.59 million.
On the price chart, we can see through the line chart that price action has been moving lower. The color of the line graph shows that headwinds are active and are pushing the market lower. However, the terminal point of the line graph can be seen pointing slightly upwards, suggesting that the market may proceed towards the $0.02850 mark.
Current Price: $0.02700
Market Capitalization: $26.33 million
Trading Volume: $8.59 million
7-Day Gain/Loss: 25.77%
Super Trump (STRUMP)
Major Bias: Bearish
The STRUMP token has retained the third spot on this week’s list of trending cryptocurrencies. While the token has shown some consistency in keeping its position, the price movement has been rather unstable. Today, the price of the token has decreased by 2.17%, while it has decreased by 22.83% over the past 7 days. The coin has a market cap of $23.30 million and a trading volume of $3.18 million.
After price activity in the market rebounded upwards off the 50 Fibonacci Retracement level, the 38.20 Fibonacci Retracement level acted as a strong resistance, causing the market to bounce strongly downward. The ongoing session has settled atop the 50-day EMA line. Meanwhile, MACD bars are now appearing pale red below the equilibrium level. This suggests that the 50-day EMA lines may offer strong support, causing an upside correction towards the $0.01500 mark.
Current Price: $0.01263
Market Capitalization: $23.30 million
Trading Volume: $3.18 million
7-Day Gain/Loss: 22.83%
zkSync (ZK)
Major Bias: Bullish
The zkSync token has seen only tiny gains in today’s trading activity, with prices increasing by just 0.28%. This is a minute recovery from the previous price decline of 34.97%. The token has a market cap of $685.67 million and a trading volume of $267.62 million.
This token is also newly launched and, as such, will be analyzed in an hourly market time frame. On the price chart, we can see the token’s price action turning upwards after approaching the $0.1700 price level.
The latest session, as of the time of writing, can be seen appearing as a green doji price candle. However, price action can be seen above the 20-day EMA line. Likewise, the MACD lines are now rising upward and are nearly crossing the equilibrium level. The bars of the indicator are now solid green, suggesting that upside forces may still propel the market towards the $0.1900 mark.
Current Price: $0.1853
Market Capitalization: $685.67 million
Trading Volume: $267.62 million
7-Day Gain/Loss: 34.97%
Bitcoin (BTC)
Major Bias: Bullish
Bitcoin is now trading below the $65,000 price level. The king of coins occupies the last spot on this week’s list of trending cryptocurrencies. Today, the coin has seen a price increase of 0.28% and a price decline of 3.25% over the past 7 days. The king has a towering market cap of $1.27 trillion and a trading volume of $15.21 billion. On the price chart, it can be seen that since price action failed as it attempted to break the $72,000 mark over two weeks ago, the market has been consistently crashing until it broke through the support at the $65,000 mark. The token now trades just above the $64,000 price level.
The last price candle on this chart is green but is hugging the 100-day EMA lines from below. Meanwhile, the 20- and 50-day EMA lines have converged for a bearish crossover above price action. Meanwhile, the MACD lines have fallen below the equilibrium level, but its last bar has a pale appearance. This suggests that headwinds are having a hard time making further progress. At this point, the only saving grace is if more buyers regroup at the $64,000 mark to push the market above the 100-day EMA line. This will further increase the relevance of bullish crypto signals in this market, as the market may resurface above the $65,000 mark.
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