Top Trending Coins for Today, April 8: ARB, DOGE, CAKE, SHIB, and LUNC
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This week, across most of the crypto market, the bears gained momentum and the prices fell. However, at each of the markets, traders were not willing to trade below their various demand levels. This has eventually resulted in flatness or prolonged indecision in the market as the bulls held strongly to their various demand lines. The forces of demand and supply are matched at the various support levels of the trending crypto markets. If the bulls can defend their strongholds well, they will eventually wear out the selling pressure.
Arbitrum (ARB)
The Arbitrum market, according to the 4-hour chart, hits a major supply line at the $1.816 price level on Wednesday. Then, for the rest of the week, the number of traders willing to sell at that price exceeds the number of buyers. For the rest of the 4-hour session until today, the market retained a considerable amount of bullish sentiment, but the bears had the upper hand. However, at $1.1878, the bulls are forming a stronghold, and it is possible for the selling pressure to wear out at this level as the traders refuse to buy the market below this level.
Current Price: $1.88
Market Capitalization: $1,493,065,501
Trading Volume: $215,289,060
Dogecoin (DOGE)
Recently, the Dogecoin market saw a massive bullish rush that took the market into the $0.100 price zone from the $0.079 price level. This triggered volatility in the market, and there was growing anxiety that the bears may respond to the hyper-bullish market. This was actually what happened. The bear market also reacted accordingly to the bull market, with traders selling heavily. However, the bulls were able to conserve some of the prices, as they are now forming a new higher support level at $0.08264. Traders are likely to come back into the bull market at this level because, according to the indicators, the market is still in the bullish zone.
Current Price: $0.08316
Market Capitalization: $11,471,446,281
Trading Volume: $460,694,190
Pancake (CAKE)
Since the previous week, the Pancake market has kept its movement within the narrow price channel of $3.572 and 3.7879. The market hits the $3.7879 resistance level on the second day of April. After the brief bearish run, the Pancake buyers were able to secure a slightly higher support level at $3.657. This support price level has held strong against the selling pressure. Traders are not ready to buy the market below this price level, and as a result, demand and supply are becoming evenly matched. This is the reason for the flatness of today’s market. Throughout this week, the buyers have kept this demand line strong as they keep cutting short the bearish price. The market is still below the 20-day moving average, and both the Relative Strength Index (RSI) and the Moving Average Convergence and Divergence (MACD) portray the market as being in the bearish zone. But the tide will soon turn if the bulls continue to defend the key support level.
Current Price: $3.6649
Market Capitalization: $684,491,932.
Trading Volume: $28,102,000
Shiba Inu (SHIB)
Shiba Inu’s price consolidation trend began in mid-March when the buyers formed a strong demand line at $0.00001042. This price level acted as a very good brick wall against the strong bearish run issuing from the resistance level of $0.00001133. Since then, the market has been moving within this sideways-ranging price channel. The resistance level is very strong, but the bulls are applying more pressure to the resistance level by forming higher support levels. One higher support level was formed towards the end of March, and another one was formed in early April. Therefore, the resistance level is under pressure. Buyers are not ready to buy the market at prices below $0.00001083. The supply level is likely to soon shift upward a bit.
Current Price: $0.00001091
Market Capitalization: $6,433,232,344
Trading Volume: $106,286,126
Terra Classic (LUNC)
From early February to early March, the LUNCUSD market has been ranging sideways. At the climax of the price consolidation on March 3, the market broke out to the downside. The bearish run caused the price to decline from the $0.0001600 price level to $0.0001200. And after the declining market was salvaged near the threshold of the $0.00012 price level on March 11, the market entered into another price consolidation trend for the rest of the month. In April, the indecision seems to be reaching its climax, and we will witness another decisive movement in the market. In support of this market expectation, the Bollinger Bands indicator is converging. This time, it may be a bullish price break out because, according to the Moving Average Convergence and Divergence (MACD), we already have a bullish crossover below level zero and the two lines are rallying towards crossing out above level zero.
Current Price: $0.000124
Market Capitalization: $732,467,344
Trading Volume: $43,734,126
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