Top Trending Coins for Today, August 6: SHIB, YGG, WLD, XRP, and CAKE
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For this week’s top five hot markets, we have one newcomer featured on the list. Its outstanding performance this week has secured it a strong position among the top five trending coins. Although general bullish sentiment is on the rise, it is important to note that some of these coins are currently showing a bearish trend and may still have the possibility of falling to lower price levels. Let’s begin the examination of these top markets.
Shiba Inu (SHIB)
Major Bias: Bearish
The Shiba Inu market witnessed an explosion of investors’ interest in the past 24 hours. The hyper-bullish situation in the market triggered a strong response from the bear market as investors began to take profits from the high of $0.00001054. As a result, the market incurred a loss of 6.08%. However, the performance of the market during the week has earned it a place at the top of this week’s trending markets. Shiba Inu’s 10.12% gain for this week has placed it at the top. It retains its bullish bias as the market remains above the 20-day moving average.
Current Price: $0.00000935
Market Capitalization: $5,464,381,117
Trading Volume: $563,875,331
Yield Guide Games (YGG)
Major Bias: Bullish
The Yield Guide Games (YGG) has witnessed a massive price pump of 34.48% with a trading volume of $672,947,867 in the last 24 hours. The market has also seen a staggering 223.02% gain in the past 7 days. The outstanding performance has placed it in the second position in this week’s trending market. The market started moving in a bullish direction on August 3.
The bullish price gained massive momentum in the subsequent daily trading sessions. Before this massive bullish move, the market had been ranging sideways around the $0.150 price level. We noticed that bearish sentiment is also being triggered in the bear market, which is why the Bollinger Bands are diverging. Long-term trade position holders are taking profits, but the market still maintains strong bullish sentiment.
Current Price: $0.544
Market Capitalization: $144,087,669
Trading Volume: $672,947,864
Worldcoin (WLD)
Major Bias: Bearish
Worldcoin is a newly launched market. It gained entrance into the crypto market towards the end of July. The price of the market reached a massive height on the same day it was launched. From the $0.1 price level, it reached a high of $7.662 before it settled at the $2.24 price level. Since then, the market has been consolidating, and the $2.00 price level has been strengthened as the market support level.
Therefore, it is likely we will see a bounce from this level, as the bearish pressure has forced the market to this key demand level. But because we have a decline in the volume of trade, the price rally may be slowed down. However, the market is all set for bullish action.
Current Price: $2.01
Market Capitalization: $240,086,048
Trading Volume: $62,290,981
XRP (XRP)
Major Bias: Bearish
On this week’s list of hot coins, XRP is in the 4th slot, maintaining the same position it held last week. With a market value of $33 billion and a trading volume of $861,686,269, this cryptocurrency still shows a bearish trend. Additionally, this token has experienced weekly losses of 11.36% and 24-hour losses of 5.56%. Since this market’s price action broke through the $0.8000 barrier, a downward force has been affecting it.
Since July 20th, this has been the market’s pattern, and as a result, the price action has broken through the $0.700 price level’s support. Price action currently seems to be moving in the direction of even lower support. The Relative Strength Index Indicator has reached the oversold area, but the market appears to be undecided around the edge of the oversold territory. At the same time, the price movement seems to have found a solid ground around $0.6205. A bounce may occur from here.
Current Price: $0.007575
Market Capitalization: $125,140,617
Trading Volume: $70,731,932
PancakeSwap (CAKE)
Major Bias: Bearish
On this week’s list of hot currencies, PancakeSwap is listed in fifth place. However, as evidenced by the market’s continued price consolidation, it appears to have lost direction. Despite this, it has a market value of $316 million and a trading volume of $14 million. Reduced volatility has resulted in a very slight loss of 0.56% over the past week, but it has recovered by 0.40% in the past 24 hours. According to the breadth of the Bollinger Bands indicator on the daily chart, price action has experienced a significant decrease in volatility. Additionally, price movements in this market appear to be moving more directly downward.
Current Price: $1.50
Market Capitalization: $316,986,989
Trading Volume: $14,158,129
