Trending Cryptocurrencies for August 17, 2024: BTC, TON, SDEX, NOT, and SOL

There has been some interesting movement in this week’s list of trending cryptocurrencies. Bitcoin has retained the top spot from last week, while Toncoin moved to the second position on this week’s list. The SDEX token has also made an appearance on this week’s list. Let’s take a more detailed look at each of these coins below.

Bitcoin (BTC)

Major Bias: Bearish

Bitcoin has been able to retain the top spot on this week’s list of trending cryptocurrencies. The token has recorded a price increase of 2.59% at the time of writing while experiencing a price decline of 1.37%. Its market capitalization is $1.17 trillion, with a trading volume of $20 billion.

The price chart indicates that the market has targeted the $60,000 price mark. The ongoing session remains below the middle limit of the Bollinger Bands but appears as an extension of the upside rebound that occurred in the previous session. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines continue to rise into the overbought region after avoiding a bearish crossover. Price activity has the potential to soon rise past the $60,000 threshold, which could result in further price increases toward the $62,000 mark at least.

Current Price: $59,465
Market Capitalization: $1.17 trillion
Trading Volume: $20.10 billion
7-Day Gain/Loss: -2.59%

Toncoin (TON)

Major Bias: Bullish

Based on trendiness, Toncoin seems to have gained some traction, moving to the second spot on this week’s list of trending cryptocurrencies. The coin has seen just a 0.63% price increase in today’s trading activities, while over the week its price has declined by 2.68%. The market cap at the time of writing is $16.28 billion, while its trading volume is $251.09 million. Price action in the Toncoin daily market has rebounded strongly off the support at the lowest limit of the Bollinger Bands.

Price movement has experienced moderate volatility, as can be seen through the price candles. This helped the market quickly move past the middle limit of the Bollinger Bands. However, the uppermost limit of this indicator presented a strong barrier to upside progress, as price action recoiled off it and has continued a steady downward retracement ever since. The SRSI indicator line also has a downward trajectory in the overbought region, suggesting that more traders may want to use crypto-signals targeting  $6.00 base level.

Current Price: $6.46
Market Capitalization: $16.28 billion
Trading Volume: $251.09 million
7-Day Gain/Loss: -2.68%

SmarDex (SDEX)

Major Bias: Bearish

The SmarDex token has reached the third spot on this list of trending cryptocurrencies but has only recorded a tiny price increase of 0.13% on the day. Over the past seven days, it saw only a price increase of 0.19%. Its market cap at the time of writing was $89.43 million, while its trading volume was just $4.8 million.

Its price chart isn’t displaying any impressive price movement. Similarly, the general trajectory of the Bollinger Bands is downward, while recent trading sessions have mostly shown dash-shaped price candles. These price candles have appeared below the middle limit of the Bollinger Bands. However, contrary to this, the SRSI indicator lines are rising exaggeratedly into the overbought region, suggesting that upside forces are exhausted and price action remains vulnerable to a continued downward correction. Consequently, traders can anticipate a possible price decline below the $0.01000 mark.

Current Price: $0.01144
Market Capitalization: $89.43 million
Trading Volume: $4.8 million
7-Day Gain/Loss: 0.19%

Notcoin (NOT)

Major Bias: Bullish

The Notcoin token has occupied the fourth spot on the list of trending cryptocurrencies for this week. This coin seems to be the second to have seen a more significant price increase today. At the time of writing, Notcoin has seen a price increase of 2.17% while recording a price decline of 11.66% over the past seven days. The cryptocurrency has a market cap of $1.10 billion and a trading volume of $111.19 million.

Recently, Notcoin has been hovering around the $0.01099 price level. This price level lies below the middle limit of the Bollinger Bands indicator. The ongoing session retains a bearish characteristic but has posted only a small price reduction. The SRSI indicator line continues to trend slightly downward from the 80 level. Technically, this market seems to be heading for support at the $0.01000 mark.

Current Price: $0.01070
Market Capitalization: $1.10 billion
Trading Volume:$111.19 million
7-Day Gain/Loss: -11.66%

Solana (SOL)

Major Bias: Bullish

The Solana token has taken the fifth position on this list, descending one step from its position last week. This token has seen a price increase of 2.04% today and a price decline of 8.25% over the past week. The coin also has a market capitalization of $65.76 billion and a trading volume of $1.87 billion.

The recent trading session has produced a steady price downward retracement below the middle limit of the Bollinger Bands indicator. However, as noted earlier, the current session has made a moderate upside deflection. The SRSI indicator line has a sideways trajectory at the 50 mark. This suggests that the market is attempting an upside reversal. Nevertheless, the fact that price action is below the middle limit of the Bollinger Bands presents a challenge for upside forces. The market will have to surpass the $151.38 threshold before more significant bullish expectations toward the $180 mark can be made.

Current Price: $151.38
Market Capitalization: $65.76 billion
Trading Volume: $1.87 billion
7-Day Gain/Loss: -8.25%

Do you want to take your trading to the next level? Join the best platform for that here.