Top Trending Coins for Today, January 27: MANTA, ALT, HONK, SCPT, and TET
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The Manta market has maintained its leading position since last week’s analysis, sustaining an upward trajectory throughout the week. In contrast, none of the other coins previously featured in the top trending market list from last week managed to secure a spot this week, except for the Manta market. This can be attributed to the emergence of recently introduced markets, as their increasing popularity may propel them to the top of the list. Without further delay, let us delve into the analysis for this week.
Manta Network (MANTA)
Major Bias: Bullish
On January 18, the Manta market debuted on the chart with an impressive performance. Initially, the price surged dramatically through significant trading activities, reaching a remarkable high of $6,200 from the initial level of around $0.022. Subsequently, the market closed just above the $2.00 price level. The market then proceeded to establish a support level around this point and continued its upward trend, reaching $4.00.
While the previously achieved $6.00 price may serve as a bullish target, it is crucial to acknowledge the declining trade volume. This decline could potentially influence the market to stabilize around the $4.00 price level for a certain period. Monitoring these developments is essential for a comprehensive understanding of market dynamics.
Current Price: $3.72109
Market Capitalization: $908,923,841
Trading Volume: $578,406,015
Altlayer (ALT)
Major Bias: Bullish
The Altlayer market secured the second position on this week’s list of trending markets. This market recently emerged on the chart, making its debut on January 25 with an opening price of $0.0048. Due to substantial trading volume, it achieved an impressive closing price of $0.31 on the same day. After establishing a support level around this threshold, the market has subtly continued its upward trajectory. At present, it is approaching the $0.400 price level.
Current Price: $0.39
Market Capitalization: $412,157,102
Trading Volume: $412,291,340
Honk (HONK)
Major Bias: Indecision
Claiming the third position on our list of trending coins is Honk, a token that has experienced notable price fluctuations in today’s trading activities. However, it managed to recover after establishing a support level of approximately $0.013. Each one-hour trading session reveals significant upper and lower shadows, indicating active participation from both bulls and bears in the market.
Due to the ongoing tug-of-war between bulls and bears today, the market has remained below its performance level for the last seven days. Despite today’s loss of 25%, the market has demonstrated commendable performance over the past week, achieving a remarkable gain of 486%. Presently, the market is undergoing a subtle bullish price recovery.
Current Price: $0.01451
Market Capitalization: $14,512,474
Trading Volume: $11,354,009
Script Network (SCPT)
Major Bias: Bullish
Securing the fourth position on this week’s list of trending coins is the Script Network token, demonstrating a noteworthy price surge of 16.95% within the last 24 hours and an impressive 27.30% increase over the past seven days.
A thorough analysis of the 4-hour chart reveals a sharp upward trajectory in the market, peaking around $0.023. However, a subsequent sharp correction occurred as the Relative Strength Index indicated an overbought condition. The current price has settled at $0.018. At this level, a potential support level may be emerging, as indicated by the price movement on the chart, suggesting the development of a ranging market.
Current Price: $0.018
Market Capitalization: $3,954,973
Trading Volume: $11,354,009
Tectum (TET)
Major Bias: Indecision
The Tectum market has successfully established a robust support level at $26.3. This development is noteworthy, especially considering the persistent bearish trend that originated at the $45.63 price level. While the market initiated an upward turn in the preceding daily session, today’s trading session encountered formidable resistance around the $30 price level, resulting in a sharp decline towards the $26.3 support level.
Upon nearing the support level, the market swiftly rebounded, giving rise to the formation of a hammer candlestick—a bullish signal. However, it’s important to note that the bulls are currently contending with resistance from the bears around the $30.00 price level. The interplay between these forces will likely influence the market’s future direction.
Current Price: $29.16
Market Capitalization: $149,954,973
Trading Volume: $3,163,046
