Trending Cryptocurrencies for December 23, 2023: BONK, SOL, XMAS, INJ, and OP

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RESULTS

Most of the coins that appeared on this listing of trending cryptocurrencies last week have been replaced by mostly new ones. The only coin that has shown significant dominance is the Bonk token, remaining in the top spot without displacement. Let’s have a closer examination of each token on this list.

 Bonk (BONK)

Major Bias: Bearish

The Bonk token holds the top spot on the weekly list of the trending cryptocurrencies. Despite this, available metrics reveal a nearly 11% price decline today and a more significant 27.52% decline over the week. Additionally, this token has a market capitalization of $1.1 billion and a 24-hour trading volume of $278.65 million.

On the daily chart, the token’s price action shows a decline after peaking near the $0.00003000 level. The market has started a downward correction, but it remains above the 21-day Moving Average (MA) lines. Simultaneously, the Stochastic Relative Strength Index (RSI) indicator lines are intertwined in the oversold region, suggesting potential downward movement towards the $0.00001573 mark.

Current Price: $0.00001824
Market Capitalization: $1.1 billion
Trading Volume: $278.65 million
7-Day Gain/Loss: 27.52%

Solana (SOL)

Major Bias: Bearish

Unlike the Bonk token, which gathered negative traction, Solana has managed to gather significant positive traction. Its price has soared through the $90 mark to trade very close to $95. While it experienced a 4.22% price decline, it gained a tangible 27.52% over the week. Solana has a market capitalization of $40.40 billion today and a trading volume of $4.44 billion.

On the daily chart, there’s been a moderate downward correction, but the ongoing session remains significantly above the 21-day MA line. The RSI indicator lines are still projected upwards, with a minor deflection in the leading RSI line. However, this deflection corresponds to the moderate downward correction seen on the price chart. Therefore, traders can still anticipate a revisit of the $100 price level.

Current Price: $94.93
Market Capitalization: $40.40 billion
Trading Volume: $4.44 billion
7-Day Gain/Loss: 27.52%

Elon Xmas (XMAS)

Major Bias: Bullish

The Elon Xmas token holds the third spot on this week’s list of trending cryptocurrencies. As of the time of writing, the token has experienced a price decline of 16.19% in the last 24 hours but has recorded a profit of 39.56% over the past 7 days. Furthermore, the token has a self-reported market capitalization of just $2.95 million with a daily trading volume of $2.30 million.

Reviewing the available price chart, it is evident that this market recently had a dip, but currently, its market seems to be looking up. The token is currently trading at $0.003400. However, a closer look at this chart reveals that the market still has an upside focus. Therefore, it could be projected that its prices in this market may soon resurface above the $0.003500 price level.

Current Price: $0.003400
Market Capitalization: $2.95 million
trading Volume: $2.30 million
7-Days Gain/Loss: 39.56%

Injective (INJ)

Major Bias: Bullish

The Injective token has secured the fourth position on this week’s list of trending cryptos. Available metrics reveal that the token’s price has declined by 1.33% in the last 24 hours but has gathered a much larger fraction of a 31.13% price increase over the past 7 days. Meanwhile, it has a market capitalization of $3.33 billion and a trading volume of $268.32 million as of the time of writing. As revealed through the token’s daily price chart, a downward correction occurred in this market over the past two sessions.

However, it appears that bulls are attempting to apply the brakes, as a moderately sized price candle showed off the green set of the Guppy Multiple Moving Average (GMMA) lines. Consequently, there seems to be a refocusing of the market at the $40 level. Nevertheless, it should be noted that the GMMA lines have started appearing pale green, indicative of declining bullish momentum. At this point, traders may have to trust their instincts and hope that the upside correction will extend through the $41 mark.

Current Price: $39.89
Market Capitalization: $3.33 billion
Trading Volume: $268.92 million
7-Day Gain/Loss: 31.13%

Optimism (OP)

Major Bias: Bullish

The Optimism token ranks 5th on this week’s list of most sought-after tokens, despite experiencing the most positive traction, both in the last 24 hours (30.15%) and over the past 7 days (53.06%). It has achieved a market capitalization of $3.02 billion and a trading volume of $1.17 billion. Considering the price activity on the daily chart, it suggests that bulls may have exhausted their energy, as the previous session seems quite hyperextended, considering the size of the corresponding price candle.

The ongoing session has shown a bearish reaction to the sudden price surge in the previous session. Nevertheless, the downward correction still looks quite dwarfed considering the gains printed in the previous session. On the contrary, the MACD indicator lines and bars maintain a rather positive stance, as the bars of this indicator continue to support bullish anticipations. The mentioned indicator bars are still solid green, while their lines are still trending generally upwards. Traders can still hope for the market to bounce back towards $3.50.

Current Price: $3.22
Market Capitalization: $3.02 billion
Trading Volume: $1.17 billion
7-Day Gain/Loss: 53.06%

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