Trending Cryptocurrencies for January 6, 2024: SEI, BONK, SOL, BTC, and ARB

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RESULTS

This week’s list of trending cryptocurrencies has arrived as intriguing as ever, with major shifts occurring both on this list and by examining the price behaviors of each of these tokens. However, today’s trading activities, as of the time of writing, have indicated some degree of loss. To gather more insight, let’s take a more critical look at each of the markets.

Sei (SEI)

Major Bias: Bearish

The Sei market has experienced about a 12.26% price decline while recording an 18.64% price increase over the week. As of the time of writing, the token has a market capitalization of approximately $1.50 billion and a $652 million trading volume. Price action on the SEI daily market has been hugging the uppermost limit of the Bollinger Bands. However, in the past two sessions, it can be seen that a long-overdue downward rebound has occurred.

This caused the token to now trade below the $0.6991 mark. The ongoing session reveals that bulls may be exerting some pressure, as indicated by the corresponding price candle’s lower shadow. The Moving Average Convergence Divergence (MACD) indicator lines are still above the equilibrium level but are now approaching crossover. Therefore, it appears that the support at the $0.6365 mark is relatively strong, and an upside correction towards the $0.7000 mark may be realized.

Current Price: $0.6710
Market Capitalization: $1.50 billion
Trading Volume: $652 million
7-Day Gain/Loss: 18.64%

Bonk (BONK)

Major Bias: Bearish

The BONK token stands in the second spot on this week’s list of the most sought-after cryptocurrencies. But as of the time of writing, BONK has recorded a 10.20% price decline and a more significant 29.10% price decline over the past 7 days. Meanwhile, it has a market capitalization of $646 million and a trading volume of $108 million. Bonk’s price action has been trending slightly downwards since it peaked on December 14.

The massive bullish characteristics that were displayed had triggered selling pressure, keeping the price action in a downward-sloping channel. The ongoing session has brought the token to now trade below the 61.80 Fibonacci Retracement level. Meanwhile, the MACD indicator is gradually suggesting that bearish pressures are weakening. Nevertheless, a rebound will only occur if more buyers enter the market. Therefore, traders can still brace for impact at the $0.000009250 mark.

Current Price: $0.000001025
Market Capitalization: $646 million
Trading Volume: $108 million
7-Day Gain/Loss: 29.10%

Solana (SOL)

Major Bias: Bearish

Solana stands in the third position on this week’s list of trending coins. It seems like this token is undergoing a catastrophic re-entry into lower levels. Today, the token has experienced an 8.62% reduction in today’s trading, while it has printed an 11.37% price decline over the past 7 days. It has a market capitalization of roughly $40 billion and has seen a trading volume of $2.81 billion.

Price action in the SOL daily market had previously ranged between the $100 and $110 marks. However, today’s trading activity has seen price movement break the transient support formed at the $100 mark, plunging the market even below the $95 mark. With price action now below the middle limit of the Bollinger Bands, it could be suggested that prices may further seek the $90 support. Another indication supporting this opinion is the strong bearish momentum in this market, as suggested by the MACD indicator lines and bars.

Current Price: $93.86
Market Capitalization: $40 billion
Trading Volume: $2.81 billion
7-Day Gain/Loss: 11.37%

Bitcoin (BTC)

Major Bias: Bearish

The king of crypto (Bitcoin) has arrived at the fourth position on this list of trending cryptocurrencies. With its price barely standing above the $43,500 level, it has seen a price decline of 0.68% in today’s trading activity and a price increase of 3.40% over the past 7 days. It also has a towering market capitalization of $852.48 billion and a trading volume of $26.85 billion.

On the price chart, price action is still above the Bollinger Band MA. Although the ongoing session is bearish, trading activities are still above the middle limit of the Bollinger Bands, indicating that price action may still regain bullish traction. Meanwhile, the lines of the MACD indicator seem to be trending slightly downward. Also, the appearance of a short red price candle below the equilibrium level signals that price action may push against the middle limit of the Bollinger Bands at the $43,250 mark.

Current Price: $43,551
Market Capitalization: $852.48 billion
Trading Volume: $26.85 billion
7-Day Gain/Loss: 3.40%

Arbitrum (ARB)

Major Bias: Bearish

And in the last position on this week’s list of trending cryptocurrencies is the ARB token. This token is the second to have printed the most significant price decline today, recording an 11.88% price reduction. Meanwhile, it has gathered profits of 16.41% over the past week. It has a market cap of $2.20 billion and a trading volume of $1.27 billion.

On the price chart, price movements have exhibited significant bearish characteristics during today’s trading session. This has corrected the token’s price movement below $1.7940. Furthermore, the MACD lines are now approaching a bearish crossover above the equilibrium level. Also, the bars of the MACD indicator lines suggest that bullish momentum is on the decline. Consequently, this suggests that price action may be eyeing the $1.600 mark shortly.

Current Price: $1.7462
Market Capitalization: $2.20 billion
Trading Volume: $1.27 billion
7-Day Gain/Loss: 16.41%

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