Top Trending Coins for Today, April 30: ARB, CAKE, SHIB, RNDR, and SOLVE
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This week, across the trending crypto market, we discovered that it may be likely that a bull cycle is loading as the bearish trend appears to be fading out at the various demand price levels of the trending markets. Despite the general depression in the market, Arbitrum continues to maintain its top position on the list. Shiba Inu was also able to keep a place among the top 5 trending coins, while we see some newcomers on the list of the top 5 trending coins.
Arbitrum (ARB)
Major Bias: Bullish
Arbitrum began its bullish trend on April 12 at the $1.167 price level, and this trend took the market to an all-time high of $1.800 on April 18. At this point, a bear market started forcing the price into a slow decline. The bear market faced a number of hurdles on its way, which has slowed the decline in the price of the market. The ongoing struggle between buyers and sellers has kept the market ranging sideways around $1.3924. From the indicators perspective, the market is bearish. The price is below the 20-day moving average, although it is ranging below it. Arbitrum is likely to begin another bullish cycle as the price channel narrows.
Current Price: $1.36
Market Capitalization: $1,741,240,123
Trading Volume: $204,934,543
PancakeSwap (CAKE)
Major Bias: Bearish
PancakeSwap started the year with a very steady and progressive bull market that took the price to the 4-month high of $4.733 on February 9. The bear market was triggered at this level; however, progress was slow because traders were still willing to buy. This made the market slide into a consolidation trend. Between mid-March and early April, demand and supply got even as both bulls and bears struggled for control of the market. These activities are causing a symmetrical triangle formation on the chart. When the market behaves in such a way as this, the possibility for either a bullish price breakout or a bearish price breakout is 1:1, and we see the market choosing to move in the bearish direction. However, at $2.6, traders were willing to buy again, and the market resumed its bullish recovery even though this price level might be a four-month low.
Current Price: $2.68
Market Capitalization: $533,275,263
Trading Volume: $31,007,684
Shiba Inu (SHIB)
Major Bias: Bearish
At the $0.00001161 price level, the bearish cycle was triggered on April 19. However, the brief bearish trend seems to be facing a strong brick wall at $0.00001017 as bullish activities peg the price at the level. The tug-of-war gets intensified at the level, and neither bulls nor bears could push or pull the price. This could be the resulting decrease in the volume of trade. Previously, an increase in liquidity or the volume of trade in the bear market led to its sharp decline. SHIB is more likely to break out in a bullish way because, in the Moving Average Convergence and Divergence (MACD) indicator, the negative histograms are now showing signs of bullish activities and a possibility for recovery.
Current Price: $0.00001023
Market Capitalization: $6,028,343,394
Trading Volume: $63,655,521
Render Token (RNDR)
Major Bias: Bullish
This is a newcomer among the top-trending cryptos for the week. Towards the end of last year, the indecision in the market reached a very significant level, such that the demand level and the supply level came very close to each other due to indecision and a lack of interest among traders. Before the middle of January, the market had a great break out to the upside, and by February 7, the price had risen to $2.1482 from $0.4225. This $0.4225 was the point of indecision at which the market struggled for a long period of time. After the bullish price was checked at $0.4225, traders began taking their profit on investment; however, this did not make the market decline too much as bulls were able to keep the new demand level at $0.987. This same demand level formed the basis for the new bull market that took the price to $2.477. The liquidity in the bull market increased significantly. Currently, the market may face a retracement as strong bullish sentiment has sent the market into the overbought region.
Current Price: $2.45
Market Capitalization: $899,929,659
Trading Volume: $146,413,266
Solve (SOLVE)
Major Bias: Bearish
The Solve market is another newcomer that has made it to the near top of the list for this week. The market hits its four-month high on February 19, as it almost reaches the threshold of the $0.06 price level. Its bullish cycle started in early January at the $0.02 price level. Currently, the bulls are able to conserve their bullish position in the market around the $0.03 price level while they attempt to break the key resistance level. Looking at the volume of trade in today’s market in comparison to the price action, it looks like the volume of trade is on the low side when compared to the bearish move for today’s trading session.
Current Price: $2.47
Market Capitalization: $15,071,809
Trading Volume: $1,311,759
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