Top Trending Coins for Today, May 19: GME, PEPE, BEFI, PANDA, and BTC
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A fresh wave of contenders crashed onto the crypto scene this week, but a shadow hangs over the market. The general crypto market has continued to experience a bit of a slowdown lately. Consequently, most of the cryptocurrencies featured in this list are either undergoing a bearish correction or following a downward trend. Let’s delve into the specifics of each of these coins.
GameStop (GME)
Major Bias: Indecision
The GameStop token has surged to the top of the trending list this week, driven by an impressive 60.44% price increase. However, a closer examination suggests a potentially concerning narrative. Over the past week, the token experienced a meteoric rise of 3785%, but recent charts indicate a possible reversal. Traders quickly capitalized on the market surge to the $0.025 price level during a continuous two-day bullish run. The Relative Strength Index (RSI) shows a sharp rise, with prices entering the overbought region. This hyper-bullish momentum triggered a swift bearish response, resulting in a similarly strong downward trend.
However, the intervention of bulls at the $0.0042 price level established a support level, providing a glimmer of hope that the market might soon resume its upward momentum. This support level has sustained the upward trend, thanks to the timely bullish intervention.
Current Price: $0.0051
Market Capitalization: $134 million
Trading Volume: $176 million
Pepe (PEPE)
Major Bias: bearish
Pepe the meme frog token has made a significant splash, jumping from fifth to second place on this week’s trending list. It boasts a respectable 6.14% daily gain and a 44.64% increase over the past seven days. However, a reality check reveals its market cap is $4.81 billion, with a trading volume of $3.68 billion.
Earlier optimism saw Pepe break through a key technical barrier at $0.00001000. Unfortunately, strong headwinds have since pushed the price back below this level. Despite this setback, Pepe remains above the 20-day moving average, providing a glimmer of hope. Although solid ground has not been secured yet, recent candlestick patterns show lower shadows, indicating that bulls are responding around $0.0000089, which is above the 20-day moving average. While the optimism of some bullish traders may be slowing down the bear market around $0.000009, we should keep watch and expect developments in the coming days.
Current Price: $0.166
Market Capitalization: $602 million
Trading Volume: $8.3 million
BeFi Labs (BEFI)
Major Bias: Bearish
BeFi Labs token claims the dubious honor of third place on this week’s trending list, but for all the wrong reasons. It has experienced a week of relentless selling, with the price plunging 6.22% in the last 24 hours and a staggering 32.04% over the past seven days. Adding insult to injury, its market cap sits at a meager $4.43 million, despite a trading volume of $5.17 million.
For several weeks, the market has been trending downward continuously. However, as it hits the $0.10 price level, the bearish trend is facing some resistance, with traders beginning to show a bullish bias. This crypto signal could mean the end of the relentless bearish momentum. The Relative Strength Index (RSI) has been consistently in the oversold region for several weeks. This signal from the RSI might encourage traders to adopt bullish sentiments.
Current Price: $0.083
Market Capitalization: 4.4 million
Trading Volume: $5.2 million
Panda Swap (PANDA)
Major Bias: Indecision.
PandaSwap claws its way onto this week’s trending list at number four, but don’t expect fireworks. Today’s price action has been lukewarm at best, with minimal gains. To make matters worse, the past week has been downright bearish, with the token shedding a significant 16.84%.
Despite the lackluster performance, PandaSwap maintains a market cap of $6.55 million and a trading volume of $3.71 million. This suggests some underlying interest, but whether that translates into future price increases remains to be seen. Currently, the PandaSwap market is consolidating. While the current price sits at $0.0072, it’s unclear if this represents a support level or a potential point of resistance. There’s a possibility the price could fall toward $0.01 if the bearish sentiment continues. PandaSwap appears to be consolidating for now, but will it rise or fall from this point?
Current Price: $0.0081
Market Capitalization: $6.5 million
Trading Volume: $3.7 million
Bitcoin (BTC)
Major Bias: Indecision
The undisputed heavyweight champion, Bitcoin, unexpectedly lands at number five on this week’s trending list. Despite its dominance, Bitcoin’s price action has been relatively tame, with a modest gain of 0.29% today. Over the past week, it has shown an even more muted performance, with a slight price dip of just 0.1%.
Nevertheless, Bitcoin remains a titan, boasting a colossal market cap of $1.22 trillion and a robust daily trading volume of $24.21 billion. Its inclusion on the trending list hints at a potential future movement for the king of crypto. Will Bitcoin reignite its bullish flames or settle into a period of consolidation? Currently, the bullish momentum has positioned the price action at a key resistance level, around $67,000. Breaking through this level will be critical, as it may encourage more traders to adopt a bullish sentiment, potentially causing the price to surge further.
Current Price: $66,712.32
Market Capitalization: $1.2 trillion
Trading Volume: $24 billion
