Top Trending Coins for Today, July 23: ARKM, BOND, WBT, XRP, and BTC
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The current compilation of trending coins for this week predominantly comprises newly emerged tokens, potentially making their debut a couple of days ago. Nonetheless, they have displaced several of the more established and popular cryptocurrencies in the market, asserting their dominance in the top positions on the weekly list. Some of them have even knocked Pepe off the list of the top five Trending coins for the just-concluded week.
Arkham (ARKM)
Major Bias: Bearish
Arkham has secured the leading position on this week’s list of trending coins, displacing XRP, which held the top spot in the previous top five trending market price analyses. While experiencing a slight price decline of 5.35% in the past 24 hours and a more substantial decrease of 20.85% over the past 7 days, the token maintains a noteworthy 24-hour trading volume of $88,766,916 and a market capitalization of $22,555,453.
Notably, the 1-hour chart indicates the potential for further upside in this market. Despite the significant price dip observed in the past 24 hours, the price action has now fallen below the 20-day moving average. Additionally, with the market ranging or going flat below the sell zone of the Relative Strength Index, it suggests that in the coming week, the market may witness a significant price surge from this level.
Current Price: $0.5918
Market Capitalization: $88,766,916
Trading Volume: $22,555,453
BarnBridge (BOND)
Major Bias: Bearish
It’s intriguing how the BarnBridge token managed to secure the second spot on this week’s list of trending coins, considering its current mild downward correction despite its popularity. BOND exhibits a 24-hour trading volume of $1,600,841 and a market capitalization of $22,748,302. However, a 6.12% decline over the past 7 days was recorded for this market, and in the past 24 hours, the market has made a 0.43% recovery.
A glance at the daily chart suggests a tendency for downside movement in this market. Notably, after testing the resistance formed by the 20-day moving average line in the previous trading sessions, this suggests that bulls lack sufficient strength to pull up an upward retracement of the market.
Current Price: $2.89
Market Capitalization: $22,555,453
Trading Volume: $1,600,841
WhiteBit Token (WBT)
Major Bias: Bullish
Claiming the third spot on this week’s list of trending cryptocurrencies, this token stands out from its higher-ranked counterparts by steadily approaching higher price levels despite experiencing low volatility. WBT reports a market capitalization of $341,025,324 and a trading volume of $10,546,762. While there was a minor price decline of 0.16% today and a slight decrease of 0.24% over the past 7 days, the daily chart demonstrates a retracement of price action towards higher levels, even amidst the lower volatility.
Recently, price action has been relatively flat and sideways, but it remains in proximity to the 20-day moving average. As the market continues eastward, there is, however, a fear that the market might be turning to the downside, as in the Moving Average Convergence and Divergence, there is an upside crossover of the two MA lines. The same is observed on the RSI indicator. This could be an early warning sign for a reversal in the market’s trend.
Current Price: $5.52
Market Capitalization: $341,259,359
Trading Volume: $7,665,344
XRP (XRP)
Major Bias: Bullish
After occupying the top spot on last week’s trending coin list, XRP has descended to the 4th position on this week’s list. The token experienced a slight price reduction of 1.05% today, but it has seen a notable price increase of 5.92% over the past 7 days, indicating a favorable performance during this period. XRP’s market capitalization stands at $38,923,217,431, accompanied by a trading volume of $1,8635,011,947.
Upon inspecting the daily chart, it becomes evident that XRP encountered resistance when its price action approached the $0.8000 mark. Nevertheless, the downward correction appears to be losing momentum, as indicated by the size of the last price candle. Despite this, it’s worth noting that the lines of the Relative Strength Index (RSI) continue to exhibit a slight movement toward the oversold region, suggesting that some caution may still be warranted.
Current Price: $0.007575
Market Capitalization: $125,140,617
Trading Volume: $70,731,932
Bitcoin (BTC)
Major Bias: Bearish
For the past 2-3 weeks, Bitcoin has tenaciously maintained its position in fifth place. However, the cryptocurrency has experienced a 1.63% price decline over the last 7 days while showing a minor increase of 0.07% today. As the king of crypto, Bitcoin boasts a substantial market capitalization of $581,217,985,431, and its current trading volume remains significant.
A careful examination of the daily market reveals that bears have successfully breached the support level at $30,000, with BTC now trading at $29,990. Additionally, price action in this market is situated below the middle limit of the Bollinger Bands, signifying a bearish trend and potentially indicating a move toward lower price levels. The RSI lines also demonstrate low momentum in this market, given the proximity of the lines in this indicator. Moreover, the last price candle exhibits a bearish pattern, albeit with a small body. Given these indicators, traders should be prepared for the possibility of the price descending towards $29,900.
Current Price: $29,893.38
Market Capitalization: $581,038,622,512
Trading Volume: $7,853,716,802
