Top Trending Coins for Today, April 21: BTC, GORILLA, MERL, SPEEDY, and ONDO
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
In anticipation of the Bitcoin (BTC) halving event over the past week, there has been a notable pause observed across the broader cryptocurrency market. However, as the week progressed, a decline became apparent, with market activity slowing in the lead-up to the event. Following the occurrence of the Bitcoin halving, there was a subsequent resurgence in market activity, indicating renewed vitality.
Bitcoin (BTC)
Major Bias: Bullish
In today’s top five trending markets, Bitcoin maintains its leading position, as it did last week, primarily driven by anticipation surrounding the long-awaited halving event. This anticipation has spurred a notable increase in search volume throughout the week, solidifying Bitcoin as the most sought-after market.
Throughout the week, the Bitcoin (BTC) market faced significant bearish pressure, resulting in a downturn below the $65,000 price level. However, the key support level at $60,000 has demonstrated resilience, with bearish pressure showing no significant signs of strength around this level. In today’s market, we observe a rebound in price towards the key resistance level at $65,000, indicating a resurgence of bullish sentiment. While yesterday’s market exhibited indecision, today’s market reflects a noticeable spike in bullish sentiment, with increased pressure on the key resistance level.
Current Price: $64,697
Market Capitalization: $1.3 trillion
Trading Volume: $24 billion
Gorilla (GORILLA)
Major Bias: Bullish
The Gorilla market has experienced a downtrend since March 10, following a peak in price action at $0.0180. The bearish momentum persisted until it encountered a significant bullish support at $0.0040. The resilience displayed by the bulls around this price point has been notable, particularly amidst the turbulence witnessed across the crypto market this week.
Even in yesterday’s market, a bullish trend was evident, bringing prices in alignment with the 20-day moving average, and this momentum has carried over into today’s trading session. However, a notable presence of bears has been observed near a resistance level of $0.006. The emergence of both formidable resistance and support levels suggests a potential consolidation phase in the market.
For a complete shift towards a bullish trajectory, it’s imperative for bulls to solidify their position above $0.006. This will be pivotal in guiding the market towards a sustained bullish course.
Current Price: $1.19
Market Capitalization: $4.8 million
Trading Volume: $1.2 million
Merlin Chain (MERL)
Major Bias: Bullish
The Merlin Chain market, as depicted in the chart utilized for this analysis, appears to have surged yesterday, April 19, possibly leveraging the typical hype associated with newly-entered markets, thereby securing the third position among the most searched markets for today.
Following significant price activity observed in the market yesterday, which saw prices soaring from $0.4 to a peak of $1.9 within the initial 4-hour session (from a 4-hour chart perspective, commencing around 8:00 am), the market began to stabilize, settling around the $1.22 price level.
Currently, based on the 1-hour chart perspective, the bulls have managed to maintain a slight advantage, retaining their position above the 20-day moving average. This suggests the potential for further robust price movements throughout the week. Bulls are striving to establish a support level around $1.20, with the upper Bollinger Bands indicating a positive response to this bullish activity.
Current Price: $1.22
Market Capitalization: $291 million
Trading Volume: $122 million
Speedy (SPEEDY)
Major Bias: Bearish
Similar to the Merlin Chain market, this particular market also appears to have recently entered the scene, as indicated by the chart data emerging on April 18. Likely fueled by the excitement surrounding new market entries, the market has exhibited considerable volatility, witnessing erratic swings reaching highs of $0.00004 from a starting point of $0.000011. Presently, the market has found stability around $0.000014.
However, it’s worth noting that the presence of upper and lower shadows on the candlesticks, indicative of price action, suggests active engagement from both buyers and sellers in the market. This underscores the ongoing dynamics of supply and demand influencing market movements.
Current Price: $0.0000144
Market Capitalization: $12.7 million
Trading Volume: $0.9 million
Ondo (ONDO)
Major Bias: Bullish
The Ondo market experienced significant volatility throughout this week. Prior to this period, the market had been on an upward trajectory, culminating in a breach of the $1.00 price threshold on Monday. This breakthrough prompted a widespread sell-off as investors reacted to the market surpassing this crucial price point. Both the bullish momentum of the previous week and the subsequent bearish trend of this week contributed to the heightened volatility.
As the week progressed and the weekend approached, the intensity of the volatility began to subside, a trend notably reflected in the behavior of the Bollinger Bands indicator.
In today’s trading session, bullish sentiment has dominated the market, leading to a resurgence in prices as buyers entered the fray around the $0.75 price level. This upward movement has prompted a response from the upper Bollinger Bands, indicating a shift in market dynamics.
Current Price: $0.84
Market Capitalization: $1.1 billion
Trading Volume: $186 million
