Trending Cryptocurrencies for February 3, 2024: JUP, MEMEAI, ZETA, MANTA, LQTY

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RESULTS

cryptocurrencies Newly launched cryptocurrencies have been gaining traction since the start of the year. This trend has propelled less-known tokens to the forefront, displacing more prominent ones in the list of most sought-after coins. By carefully studying this list, we observe that even an older but recently launched token, MANTA, has been displaced from the top spot and now occupies the 4th position. Let’s explore how this market may unfold shortly.

Jupiter (JUP)

Major Bias: Bullish

Despite having a relatively short trading history, the Jupiter token has surged to the top of today’s list of trending cryptocurrencies. The token has experienced a 7.54% price decline today and a more significant fall of 64.20% over the past seven days. With a trading volume of $413.09 million and a market cap of $772.92 million, it has quickly gained attention.

As mentioned earlier, the token was recently launched, so it has a limited trading history. Therefore, we’ll analyze its price action in a 1-hour time frame. It’s evident that the token’s price hasn’t deviated significantly from its launch price, indicating low volatility. However, there has been a steady but minimal upward movement in price action, with the ongoing session showing signs of wanting t o cross above the 21-day Moving Average (MA) curve. Simultaneously, the Moving Average Convergence Divergence (MACD) lines have converged below the equilibrium level, suggesting the potential for the market to reach the $0.6000 mark.

Current Price: $0.5785
Market Capitalization: $772.92 million
Trading Volume: $413.09 million
7-Day Gain/Loss: 64.20%

Meme AI (MEMEAI)

Major Bias: Bullish

The Meme AI token holds the second spot on this list. As of press time, the token has recorded a 17.52% price increase in today’s trading activity while experiencing a price decline of 16.42% over the week. The coin’s market cap stands at $994,330 thousand, with a trading volume of $3.38 million.

The price action of this token has remained under the 21-day MA line in recent sessions. However, the ongoing session has seen a considerable price increase, suggesting that buyers may be entering the market in more significant numbers. Simultaneously, the MACD indicator has displayed an upside crossover, supporting the possibility of price action climbing further towards the $3.000 mark.

Current Price: $3.004
Market Capitalization: $994.330
Trading Volume: $3.38 million
7-Day Gain/Loss: 16.42%

ZetaChain (ZETA)

Major Bias: Bearish

ZetaChain token occupies the 2nd spot on the list of trending cryptocurrencies. Its price has fallen by an additional 18.94% within 24 hours, but there has been a remarkable 156.84% increase over the past seven days. While its trading volume is around $118.27 million, the token’s self-reported market capitalization is $333.41 million.

Price movement in the ZetaChain market seems to have found support at the 38.20 Fibonacci Retracement level. Although the price action remains below the 21-day MA line, the MACD indicator bars are pale red, indicating some weakness in downward forces. Nevertheless, the MACD lines are yet to deliver a bullish crossover. This suggests that traders may maintain their target at the support level of $1.300.

Current Price: $1.408
Market Capitalization: $333.41 million
Trading Volume: $118.27 million
7-Day Gain/Loss: 157.84%

Manta Network (MANTA)

Major Bias: Bullish

Manta Network has claimed the fourth spot on the list of trending cryptocurrencies. Considering the available metrics, it appears that the market has been undergoing a steady downward correction. The token witnessed an additional price decline of 2.65% after a 19.47% fall over the week. Furthermore, it has a market cap of $747.72 million and a trading volume of $178.72 million.

Price action in this market has been notably volatile. In the previous session, price action broke through the 61.80 Fibonacci Retracement level as a resistance. Meanwhile, the ongoing session seems to have attempted to extend upside gains but faced serious contractions. As a result, the market bulls are still below the 61.80 Fibonacci Retracement level. The MACD lines are still oriented upwards, suggesting that prices may increase towards the $0.001600 mark.

Current Price: $0.001476
Market Capitalization: $747.72 million
Trading Volume: $178.72 million
7-Day Gain/Loss: 19.47%

Liquidity (LQTY)

Major Bias: Bullish

Liquidity is the only token that has been in existence for quite a while and has appeared on this list in the 5th spot of this week’s top 5 trending cryptocurrencies. The available metrics show that the token hasn’t seen much movement, with a price reduction of 1.51% and a 0.69% increase over the past 7 days. The token has a market cap of $121.60 million and a trading volume of $11.87 million.

The price action of this token has been hovering around the 21-day MA line for about seven sessions. The ongoing session has introduced a minimal downward correction to the market, placing the token’s price at the same level as the 21-day MA curve. The MACD indicator lines continue trending upward, with bars remaining above the equilibrium level and solid green in appearance. This suggests that upside forces are capable of causing further significant price moves in this market. As a result, traders in this market might want to keep using crypto signals with the $1.400 mark as a target.

Current Price: $1.285
Market Capitalization: $121.60 million
Trading Volume: $11.87 million
7-Day Gain/Loss: 0.69%

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