Top Trending Coins for Today, August 3: BTC, CARL, NEIRO, ETH, and ONDO
Estimated Reading Time: 5 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
With Bitcoin, the flagbearer of the general crypto market, performing poorly this week, most of the crypto market has followed suit. This has caused some of our strong contenders on the list of top trending markets to lose their positions. Their places have been taken by entirely new markets entering the top five trending markets, as the dynamic crypto market reshuffles, allowing room for these new entrants. Bitcoin, the king coin, undoubtedly retains its top position. Without further ado, let us delve into the proper analysis.
Bitcoin (BTC)
Major Bias: Bearish
In the last daily session of the Bitcoin market, we observed a very strong bearish candlestick, indicating that the session was dominated by sellers, resulting in a significant downward price shift. However, today the market shows signs of stabilizing around $61,000. This price action suggests potential exhaustion in the bearish trend and a possible price reversal. Given the strength of the bearish market yesterday, a strong bullish rally may occur once traders start buying.
From the perspective of the 4-hour chart, the bearish market is currently breaking the support level at $61,507. This critical point’s breach may trigger further selling pressure. Traders should monitor if the market breakdown below $61,000 threshold or even wait until it reaches and reacts to the $60,000 level before making any trading decisions. It is important to consider that Bitcoin is currently very volatile.
Current Price: $60,825
Market Capitalization: $1.2 trillion
Trading Volume: $33 billion
Carl (CARL)
Major Bias: bullish
In the second position on the list is the Carl market. While most markets are nosediving, this market has maintained stability towards the weekend, managing to achieve marginal gains and making several attempts to test higher price levels. According to data on CoinMarketCap, the market has gained approximately 22% over the past seven days. However, in the last 24 hours, it has sustained a loss of about 48%.
Despite this recent decline, the market’s crypto signals indicate it is primed for upward action. We anticipate a bullish movement as the market prepares to push higher.
Current Price: $0.000258
Market Capitalization: $ 264,730
Trading Volume: $3.25 million
Neiro (NEIRO)
Major Bias: Indecision
In the third position on the trending market list is the Neiro market. This appears to be a new entrant in the crypto market, as historical data indicates that it is relatively young. Characteristics typical of newly launched markets, such as high volatility and strong price swings, are evident. These traits are due to the market attracting speculation, hype, and early investor activity, making it very active and securing its position on the trending market list.
The market, which triggered bearish sentiment at the $0.07 price level, has found support around the $0.011 price level after a price dip. This suggests the market may be preparing for a bounce. Traders should watch for a break above the $0.0157 resistance level, as this may signal an early price pump.
Current Price: $0.014
Market Capitalization: $140 million
Trading Volume: $20.8 million
Ethereum (ETH)
Major Bias: Bearish
The Ethereum market is following the bearish price decline pattern of the Bitcoin market. Similar to Bitcoin, yesterday’s trading session was dominated by bearish activities, with the candlestick resembling a marubozu candlestick. However, the bears could not push their agenda as strongly as they did the previous day. Currently, the price action has reached the $3,000 level, suggesting a potential bullish rebound given the strength of yesterday’s bearish market, though the price remains pegged at this threshold.
Traders should wait and observe whether the market turns bullish or bearish before making any decisions. If the price breaks below the $3,000 threshold, there is another potential bounce spot around the $2,800 level. Additionally, the market is unlikely to continue its bearish trend, as indicated by the Bollinger Bands on the daily chart and the Relative Strength Index on the 4-hour chart, both suggesting that the market is currently oversold. Therefore, a bounce from this threshold is likely.
Current Price: $2,942.65
Market Capitalization: $354 billion
Trading Volume: $17 billion
Ondo (ONDO)
Major Bias: Bearish
The Ondo Finance market is exhibiting behavior similar to the Ethereum market. Yesterday’s trading session was also dominated by bearish activity, although the bears were not able to exert as much influence as the previous day. The Bollinger Bands indicator and the Relative Strength Index (RSI) suggest that the market is oversold. The RSI is now below the 30 level, indicating that the downward trend may not continue. As the upper standard deviation of the Bollinger Bands diverges upward, it shows that bearish activity is increasing current market volatility. Consequently, a bullish rebound may be stronger, potentially rallying the price back into the bullish zone. Investors should stay alert to catch the market when a clear trend emerges.
Current Price: $182
Market Capitalization: $85 billion
Trading Volume: $ 2.4 million
