Trending Cryptocurrencies for May 4, 2024: COST, PANDA, BTC, HOOK and PEPE

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RESULTS

Since Bitcoin resumed trading activities above the $60,000 threshold, other cryptocurrencies have also gained some traction. This has, in a way, introduced some drama into this week’s list of trending cryptocurrencies. Let’s get into the analysis of each of the coins on this list, one after the other.

Costco Hot Dog (COST)

Major Bias: Bullish

The Costco Hot Dog token has taken the top spot on this week’s list of trending coins. The token can be seen to have recorded the most significant price increase as of today, posting an impressive 52.98% price increase and a 251.56% price increase over the past seven days. While the token only has a market capitalization of $46.35 million and a trading volume of $5.93 million.

On the available price chart, we can see that the trading activities have been in the green, which tallies with the available metrics as given above. Nevertheless, the $0.0500 market seems to have been a strong resistance, as the market hasn’t been able to cross that threshold. Trading activities continue below but near the resistance of $0.0500. Should more bullish momentum set into this market, price action may blast through that resistance mark to around the $0.0550 mark.

Current Price: $0.04900
Market Capitalization: $46.35 million
Trading Volume: $5.93 million
7-Day Gain/Loss: 52.98%

Panda Swap (PANDA)

Major Bias: Bearish

The Panda Swap token sits in the second spot on this week’s list of trending cryptocurrencies. As it is, the token has managed to record a 46.86% price increase as of today, while over the past seven days, it has only produced a price increase of just 40.26%. Its market capitalization has hit $11.50 million, while its trading volume is $5.52 million. The token was recently launched, so we could have a good view of its price dynamics. We’ll try to analyze its 4-hour market price chart.

The price chart of this token suggests that price activity in it is a bit choppy. This hints that the market may be somewhat difficult to predict. The price candle representing the previous session can be seen appearing at a considerable height above the Guppy Multiple Moving Average (GMMA) lines. Meanwhile, the ongoing session has produced a considerable downward correction. This allows the token to now trade below two of the green GMMA lines. Also, the Stochastic Relative Strength Index (SRSI) has delivered a downward crossover in the overbought region. Consequently, this hints that the market may extend towards lower price levels around the $0.01000 mark.

Current Price: $0.01111
Market Capitalization: $11.50 million
Trading Volume: $5.52 million
7-Day Gain/Loss: 40.26%

Bitcoin (BTC)

Major Bias: Bullish

Bitcoin has remained on the trending cryptocurrencies list for about three weeks since the last BTC halving occurred. Over the next week, the coin fell below the $60,000 threshold. However, the king has resurfaced above that mark and is now on an upward path. The token has gained an upside traction of 8.51%, while over the past seven days, it has only printed a gain of roughly 2.1%. It also has a market cap of $1.26 trillion and a trading volume of $33.42 billion.

On the price chart, we can see that the market has started rising above the intercalating lines of the GMMA indicator. The bulls are leading in the ongoing session, as they have been over the past two sessions. The SRSI indicator lines have been rising upward ever since the last bullish crossover in the oversold region. Considering the prevalent trend and signs from technical indicators, the market seems set to cross the $65,009 mark soon.

Current Price: $64,126
Market Capitalization: $1.26 trillion
Trading Volume: $33.42 billion
7-Day Gain/Loss: 2.1%

Hook Protocol (HOOK)

Major Bias: Bullish

The HOOK token takes the fourth position on this list. As of the time of capture, the coin has seen a price increase of 5.32%, while it has seen a price decline of 1.48% over the past seven days. The token also has a market cap of $132.52 million and a trading volume of $5.01 million.

On the price chart, it appears that the token is picking up after its price action crashed heavily over recent sessions. There has been an upside rebound over more recent trading sessions. It could be seen that volatility seems to have thinned significantly since price activity crossed the 78.60 Fibonacci Retracement level. However, the market can be seen to have surpassed some green GMMA lines. Also, the SRSI lines have delivered a bullish crossover and remain steeply projected upwards despite the perceived reduced volatility. Therefore, this suggests that the momentum may continue to develop towards the $0.9500 mark.
Current Price: $0.8793
Market Capitalization: $132.52 million
Trading Volume: $5.01 million
7-Day Gain/Loss: 1.48%

Pepe (PEPE)

Major Bias: Bullish

The Pepe coin stands in the last position on the list of trending cryptocurrencies. Meanwhile, the token has also recorded a decent price performance, as its price has increased by 16.76% and 31.46% over the past seven days. Its market cap stood at $3.71 billion as of the time of capture, with a trading volume of $1.32 billion.

On the price chart, the token’s price action has resurfaced above the $0.000007000 mark. Today’s session has printed more decent profits, going by the size of the price candle representing it. The last price candle on this chart can be seen testing the $0.00009000 while standing above the $0.000008000 mark. Also, the SRSI indicator lines can be seen pointed upwards in the overbought region, thereby suggesting that the market may soon touch the $0.000009500 mark.

Current Price: $0.0000087700
Market Capitalization: $3.71 billion
Trading Volume: $1.32 billion
7-Day Gain/Loss: 31.46%

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