Top Trending coins for Today, February 11: BTC, ETH, BNB XRP and ADA
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In the new year, the general direction of the crypto market changed to the upside, with some of the coins experiencing hyper-bullish movement. This aggressive movement sent most of the market into the overbought zone. The price continues to linger in the overbought zone due to the market conditions. However, currently, it is looking like the bullish momentum is reducing. We shall examine the top five coins according to the coin market cap ranking.
Bitcoin
The long-term price consolidation trend in the Bitcoin market reached a climax on January 8th, when the bulls finally broke bearish resistance, kicking off the bull market. The market continues to gain momentum on a daily basis, claiming some major resistance levels. Currently, the price of the king coin is settling above the $23,000 price level. Looking at the Bollinger Bands indicator, we can expect more bullish action as the price is still within the boundaries. But for now, the bears have become strong enough to halt the bullish progress. The MACD and the RSI indicators are showing a price correction from overbought territory. But because the market is ranging, the indicator lines are also moving horizontally.
Current Price: $23,375
Market Capitalization: $451,494,484,557
Trading Volume: $15,563,869,085
Ethereum
From the 1st day of January to the 16th day of January, the Ethereum market has been continuously bullish with daily increasing momentum. But at the $1600 price level, the bull market went on a brief recess. They later secured a support price level of $1513 to capture the $1600 price level. The bears seem strong at the key resistance level, but once again the bulls achieved another higher support level, which became the basis for the current price. According to the indicator, in the second half of January, the price corrected itself back into the buy zone from overbought territory. Once again, Ethereum bulls are coming back into the market, and we should expect another bull run.
Current Price: $1,669.03
Market Capitalization: $204,328,357,527
Trading Volume: $5,842,044,362
Binance Coin (BNB)
In the first half of January, the market was bullish. This bull market, however, was followed by a flat market, due to supply pressure. From the outlook of the market so far, the bulls are going to push the price up again. The bullish candle from the 1st of February to the 3rd of February is very significant. And the bulls have taken the market above the $325 resistance level, which has been the area where the selling pressure is coming from. But according to the Bollinger band indicator, the price is slightly outside the bands. That means it is in the overbought zone. There is the likelihood that the market may range above the $325 price level before continuing to trend upward.
Current Price: $330.41
Market Capitalization: $52,176,835,464
Trading Volume: $437,280,988
Ripple (XRP)
The $0.4 price level is a key price level in the XRP market. The sellers around this zone are very aggressive. However, they were not strong enough to push the market to the downside; instead, they caused the market to move erratically along the $0.4 price level. Towards the end of January, the bull market lost ground above the $0.4 price level, but this bearish victory was immediately followed by a bullish move that brought the price back into the price consolidation trend.
Current Price: $0.4115
Market Capitalization: $41,153,685,784
Trading Volume: $583,542,709
Cardano
The bullish trend has been very progressive. The market is experiencing higher lows and higher highs. That is a typical characteristic of an upwardly trending market. However, as the market approaches the $0.4 price level, the bulls appear to be losing momentum. Despite the fact that the market is struggling above $0.4. A reason for Cardano bulls to be concerned here is that with the doji candle that represents today’s market, the upward direction of the price may change in the next session.
Current Price: $0.4
Market Capitalization: $13,801,462,687
Trading Volume: $266,953,399
