Top Trending Coins for Today, October 22: BTC, RLB, XRP, SOL, and LOOM
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In this week’s list of the top 5 trending cryptocurrencies, Bitcoin, often referred to as the ‘king coin,’ has emerged as the frontrunner by surpassing the $30,000 threshold. This noteworthy bullish performance within the Bitcoin market holds the potential to influence various other cryptocurrencies, primarily because Bitcoin functions as a benchmark and a leading indicator for the entire cryptocurrency market. Additionally, within this week’s list of prominent trending assets, we observe the inclusion of other well-known cryptocurrencies such as XRP and Solana.
Bitcoin (BTC)
Major Bias: Bullish
Throughout the week, Bitcoin exhibited a noteworthy gain of approximately 12%, constituting a significant portion of its overall price appreciation over the past 30 days. This bullish surge commenced at the week’s outset, with Bitcoin trading at a support level of $26,721.80.
As the week progressed, the bullish momentum garnered substantial traction, with an objective to reach the $30,000 price threshold. Initially, the market appeared one-sided, with bullish sentiment prevailing. However, upon approaching the $30,000 milestone, profit-taking activities triggered a bearish phase, resulting in a retracement to approximately $28,282.55.
Nevertheless, the market managed to find support at this level, facilitating a subsequent rally back to the $30,000 mark. An analysis of the Relative Strength Index (RSI) suggests a potential retracement, given that the RSI line currently resides at 74, signifying overbought conditions. The sustainability of this bullish trend is contingent on the $28,282.55 support level’s ability to endure.
Current Price: $30,000
Market Capitalization: $586,054,010,542
Trading Volume: $11,667,160,732
Rollbit Coin (RLB)
Major Bias: Bullish
In the second position, we find Rollbit Coin, which has demonstrated a remarkable performance with a gain of approximately 4.59% over the past 35 hours and an impressive 32.23% increase in the last 7 days. It is worth noting that, despite its commendable performance, Rollbit Coin has experienced relatively low trading volume since August.
The market has exhibited considerable volatility, with the trading range fluctuating between $0.1000 and $0.2000. However, there are signs that this heightened volatility is gradually subsiding. Furthermore, the bullish trend appears to be targeting the $0.2000 price level.
It is important to acknowledge that there is a possibility of a bearish trend emerging as the market approaches the $0.2000 price point, given the historically low trading volume.
Current Price: $0.1719
Market Capitalization: $566,697,074
Trading Volume: $6,336,031
XRP (XRP)
Major Bias: Indecision
In the third position, we find the XRP market. The market’s notable feature securing its place in the third position is its resilience at the $0.5000 price level. Following its peak at $0.96 on July 13, a bearish trend emerged, leading XRP to the $0.500 price point, where it has maintained a consistent range.
Despite this narrow price channel, XRP has managed to achieve a modest gain of 7.6% over the past 7 days. Notably, the price action remains above the 20-day moving average. However, the narrow price range has resulted in a state of equilibrium, with both bulls and bears maintaining a balanced standoff.
Current Price: $0.524
Market Capitalization: $27,999,917,124
Trading Volume: $681,809,370
Solana (SOL)
Major Bias:Bullish
In mid-July, the market witnessed a decline to $20, marking the commencement of a bearish phase. Subsequently, the market remained in consolidation from late August through September. However, come October, a bullish trend emerged, with the objective of revisiting the mid-July peak at $32.
This week, the Solana market experienced a substantial surge in buying activity, propelling the market towards the $32 mark. Nevertheless, as the price approached the psychological level of $30, signs of a potential retracement emerged. The Bollinger Bands indicator began to exhibit diverging bands, and the Relative Strength Index indicated overbought conditions, raising the possibility of a retracement.
However, if a support level could be formed at price levels in proximity to the $30 threshold, this could play a pivotal role in sustaining the ongoing bullish trend.
Current Price: $29.45
Market Capitalization: $27,999,917,124
Trading Volume: $681,809,370
Loom Network (LOOM)
Major Bias: Indecision
Loom Network has secured the fifth position in this week’s list of trending coins, primarily attributed to its substantial liquidity during a bearish market phase. This bearish movement has notably heightened market volatility, evident in the widened Bollinger Indicator’s bandwidth.
Over the past 30 days, Loom Network has impressively gained 67.50%. However, during the past 7 days, due to the pronounced bearish sentiment, the market has nearly relinquished the entirety of those gains, experiencing a decline of 67.33%. The current market volatility suggests the potential for a bullish resurgence.
Nonetheless, as the volume of trade indicators’ histograms exhibits a declining trend, a consolidation phase may materialize should the bulls fail to capitalize on the present market volatility.
Current Price: $0.11198
Market Capitalization: $136,700,062
Trading Volume: $221,105,812
