Top Trending Coins for Today, February 11: DYM, GORILLA, MAVIA, DRAGON, and JUP
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The current selection of trending markets this weekend reveals an intriguing trend: newly launched markets are emerging as dominant contenders at the forefront. Likely leveraging their individual hype and significant trading volumes characteristic of newly launched markets, these assets have rapidly risen to prominence, securing coveted positions among the top five most sought-after cryptocurrencies of the week.
Dymension (DYM)
Major Bias: Indecision
The Dymension token leads this week’s trending cryptocurrencies with an 88% surge in price and a 5.95% increase today. With a market cap of $1.10 billion and a 24-hour trading volume of $240.99 million, Dymension, launched around February 7th, is gaining significant traction, reflecting the market’s appetite for upward movement.
Currently, the price action appears to be stabilizing within the $7.00 and $8.00 price channels, indicating a consolidation phase in the market. Analysis of the 1-hour chart presents a crypto signal pointing to market consolidation. This phase suggests that a significant price level may emerge around the 20-day moving average, as the price action aligns harmoniously with this indicator.
Current Price: $7.695
Market Capitalization: $1.1 billion
Trading Volume: $184 million
Gorilla (GORILLA)
Major Bias: Bullish
This week, the Gorilla token has excelled, claiming second place among trending cryptocurrencies. Today alone, it surged by 20.79%, adding to a remarkable 117% increase over the past week. Its market cap stands at $5.84 million, with a trading volume of $3.58 million. Notably, on the daily chart, price action gained significant momentum upon reaching the $0.002029 support level.
While the market has been trending downward since last year, bullish momentum gained traction as bulls established support around the $0.002 price level towards the end of January. This surge in bullish sentiment propelled the price to test the $0.008 level on the initial day of the rally. The repeated testing of this level highlights persistent bearish sentiment. The prevalence of spinning top candlesticks in recent chart patterns may reflect this sentiment. Consequently, with demand aligning closely with supply, we anticipate either a consolidation phase or a potential reversal.
Current Price: $0.007
Market Capitalization: $5 million
Trading Volume: $1.7 million
Heroes of Mavia (MAVIA)
Major Bias: Bullish
Upon reviewing the chart, it’s evident that this market is currently experiencing a bullish trend, characterized by consistent higher lows and higher highs. The Bollinger Bands confirm this upward trajectory by outlining a clear price channel. However, caution is warranted, as the market appears to be approaching a significant resistance level. The sharp surge in price on February 9th tested the $9.00 price level, potentially signaling it as the next key barrier. Unlike the preceding markets, this one exhibits clear bullish tendencies, with a notable gain of approximately 24.64% in the last 24 hours. Nevertheless, it’s important to anticipate potential resistance as the market nears the $9.00 threshold.
Current Price: $7.25
Market Capitalization: $217 million
Trading Volume: $147 million
DragonCoin (DRAGON)
Major Bias: Bearish
Within this week’s list of trending markets, DragonCoin stands out as the singular bearer of bearish sentiment. Today, the token sustains its downward trajectory, experiencing a notable price decline of 28.04%, with approximately a 72% loss over the past 7 days. Despite these challenges, DragonCoin maintains a self-reported market cap of $1.210 million, juxtaposed with a noteworthy trading volume of $3.90 million. Notably, analysis of the chart signals a significant support level around the $0.00000000002 price point. This support level may potentially serve as a bounce spot for the market, given its historical significance as the battleground between bulls and bears on January 27th.
Current Price: $0.000000000012
Market Capitalization: $956,574
Trading Volume: $2.6 million
Jupiter (JUP)
Major Bias: Bearish
The Jupiter market was displaced from its top spot last week, now occupying the 5th position on the list of trending markets. Failure to breach the $0.65 price level led to a downward trajectory. Despite attempts by bulls to rally the market upwards, the momentum proved unsustainable, reinforcing bearish sentiment and further price declines. However, at the $0.50 price level, the market appears to have found support, resulting in sideways movement and indicating a significant support level.
Current Price: $0.51
Market Capitalization: $688 million
Trading Volume: $213 Million
