Trending Cryptocurrencies for April 20, 2024: BTC, GORILLA, MERL, SPEEDY, and ONDO

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RESULTS

The completion of the Bitcoin halving event has caused some changes in this week’s list of trending cryptocurrencies. Bitcoin is the only coin that has remained on this list since last week’s analysis. All others seem to have been effectively replaced by new ones and recently launched tokens. Let’s take a more detailed look at each of the markets presented on this week’s list.

Bitcoin (BTC)

Major Bias: Bullish

The Bitcoin halving event has effectively restored the shine of the king of crypto. This has moved the coin from the fourth position last week to the top spot on this week’s list of trending cryptocurrencies. Going by the presented metrics, it could be seen that BTC has printed just minimal losses as of the time of capture. The coin printed a price decline of 0.86% and a price decline of 5.54% over the week. Meanwhile, the coin has a market capitalization of $1.26 trillion and a trading volume of $26.22 billion.

On the daily chart, we can see that the coin has found more permanent support above the $60,000 mark. Since the previous session, the coin has been trading above the $63,000 mark, and the intersecting lines of the Guppy Multiple Moving Average (GMMA) curves. While the current session stays bullish, the Stochastic Relative Strength Index (SRSI) lines are rising upward, signaling that upside momentum is on. Consequently, this points out that the market may head towards the $66,000 mark from here. So setting one’s trade using a bullish crypto signals may be prove gainful soon.

Current Price: $63,995
Market Capitalization: $1.27 trillion
Trading Volume: $26.22 billion
7-Day Gain/Loss: 5.54%

Gorilla (GORILLA)

Major Bias: Bullish

The Gorilla token has arrived in the second spot on this week’s list of trending cryptocurrencies. Unlike BTC, this token has seen more significant price increases today alone. The coin has posted a price increase of 25.05%, and over the past week, it has seen a price increase of just 28.28%. Meanwhile, the coin has a market capitalization of just $4.33 million. Its trading volume, however, surpasses its capitalization figure, landing at $4.82 million.

On the price chart, it is revealed that price action has been lurking around the $0.004000 mark since three sessions ago. The previous session effectively pushed the market upward, while the ongoing session has assisted in continuing the trend. The last price candle here can be seen sitting above the green (GMMA) lines. The SRSI lines continue to rise into the overbought region, despite the significant contractions seen in the ongoing session. Traders can still anticipate a retracement of the $0.00600 mark.

Current Price: $0.005148
Market Capitalization: $4.33 million
Trading Volume: $4.82 million
7-Day Gain/Loss: 25.05%

Merlin Chain (MERL)

Major Bias: Bullish

The Merlin Chain token takes the third spot on this week’s list of trending cryptocurrencies, despite being a newly launched coin. So far, its price has declined by 10.25% in today’s trading activities alone. Meanwhile, the token has only printed a 14.41% price decline over the week. The market capitalization of the coin stands at $282.44 million, with a trading volume of $138.96 million as of the time of writing.

The current session on the price chart, as of the time of writing, is bearish but has managed to advance past the close of the previous session. This has placed the market above the intersecting lines of the GMMA indicator. Simultaneously, the SRSI indicator lines have risen into the overbought region. The leading lines of the indicator are trending sideways at the 99.49 mark. However, there is no sign of a bearish crossover yet. Consequently, this suggests that the market may approach the $1.300 mark in the meantime.

Current Price: $1.1693
Market Capitalization: $282.44 million
Trading Volume: $138.96 million
7-Day Gain/Loss: 14.41%

Speedy (SPEEDY)

Major Bias: Bullish

The token in the fourth spot on this week’s list of trending cryptocurrencies is the Speedy token. This is another recently launched token, but it has been trending significantly ever since. The coin saw a price increase of 1.14% today, while it has seen a price decline of 53.39% over the past week. The coin also has a self-reported market capitalization of $11.52 million and a trading volume of $994.88 thousand.

Its price chart has shown that price action may have decisively surpassed the $0.00001200 mark. Also, the corresponding price candle for the ongoing session seems significantly larger than the one for the previous session. At the same time, the SRSI lines can be seen converging for a crossover around the 29 mark of the indicator. This signals that the market may witness some more push to the $0.00001400 mark.

Current Price: $0.00001311
Market Capitalization: $11.52 million
Trading Volume: $994.88 thousand
7-Day Gain/Loss: 1.14%

Ondo (ONDO)

Major Bias: Bearish

The last coin on this week’s list is the ONDO token. The coin has been able to hang in the 5th spot, despite printing a minimal loss of 0.15% and a 7-day price decline of 3.23% as of the time of writing. The market capitalization of the coin is $1.07 billion, with a trading volume of $178.01 million.

Contrary to what could be seen on the metrics chart, it is revealed that the coin has printed moderate gains in the ongoing session. This seems like an attempt made by upside forces to push the market back upwards. The last green price candle on this chart can be seen placing the price of the token above most of the GMMA indicator lines. Meanwhile, the falling lines of the SRSI indicator are now converging towards each other for a crossover below the 50 levels of the indicator. This signals that, with a bit more effort from upward forces, price action may effectively approach the $0.8500 mark.

Current Price: $0.7755
Market Capitalization: $1.07 billion
Trading Volume: $178.02 million
7-Day Gain/Loss: 3.23%

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