Top Trending Coins for Today, May 6: ARB, CAKE, ETH, SHIB, and APT
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At the end of the week in the top-trending crypto market, we noticed that bulls were losing grip on their various demand levels. For the past few weeks, the selling pressure has made the buyers of the various markets find refuge at the support levels. As the bears push the price more into the demand zone, it is very likely that the various markets are preparing to rally as a response to being oversold.
Arbitrum (ARB)
Major Bias: Bearish
Arbitrum tokens still maintain a considerable top position on the ranking table. Generally, across the crypto market for the week, most markets need to deal with massive price depression, and the ARBUSD market is also not left out in the struggle. But the market was able to tighten its grip on the demand level. The $1.298 price level has continued to be a brick wall against the bear market. Although the current market sentiment for the Arbitrum token is bearish, it is very likely that, at this level, the market will soon turn to the upside.
Current Price: $1.297
Market Capitalization: $1,659,257,896
Trading Volume: $421,057,649
PancakeSwap (CAKE)
Major Bias: Bearish
In the previous week, precisely on April 24, the PancakeSwap market saw a significant move in a bearish direction. It was not until May 1 that the bulls became powerful enough to block the advances of the bear market at the $2.490 price level. However, over the weekend, Cake buyers could not keep their grip on the support level, and the market slid to $2.32, which is the year’s four-month low price. The Bollinger Bands indicator portrays market volatility as still on the high side. Therefore, we can expect the bulls to take over the market anytime soon.
Current Price: $2.30
Market Capitalization: $460,441,079
Trading Volume: $69,450,925
Ethereum (ETH)
Major Bias: Bullish
In the previous week, Ethereum broke the $2000 price mark. After reaching the resistance level of $2139, the bear market was triggered. On April 19, the entire daily session for the day was full of selling activities, with not much sign of a bullish presence in the market. It appears the traders are taking their profit. The massive selling continued until the third day when the price settled at $1845. This price level became the basis for the bull market as they tried to turn the market around. On May 5, the daily trading session also saw the bulls take complete dominance of the session. The trading session for that day was completely bullish. However, at the $2000 price mark, the bear market was triggered again, but because the price action is still above the 20-day moving average, the market is still bullishly biased.
Current Price: $1932
Market Capitalization: $232,719,128,524
Trading Volume: $10,950.334.666
Shiba Inu (SHIB)
Major Bias: Bearish
The Shiba Inu market failed to hold its position above the $0.00001127 price level, and then it eventually dropped below the price level. The market then found refuge at the $0.00001014 price level on April 21. Then, the struggle for market dominance continued at this level for the rest of the month and the first week of May. However, on May 6, the market began to go in favor of the bears as the bulls lost their grip again. Currently, the market ranges sideways in the bearish zone.
Current Price: $0.00000970
Market Capitalization: $5,725,171,321
Trading Volume: $172,468,207
Aptos (APT)
Major Bias: Bearish
The Aptos market had a very bullish market at the beginning of the year. The market broke out of indecision on January 9 at the $3.77 price level. The bulls drove the market to the height of the $20.40 price level. It touched this psychological level twice before taking up a downward trend. On March 10, the bear market was cut short at the $9.91 price level, and ever since then, this price level has held strong against the bear market until today. Today’s trading session is significantly bearish, but the bulls have lost grip on the support level. In fact, the bear market is gaining momentum at this level.
Current Price: $9.15
Market Capitalization: $1,788,232,300
Trading Volume: $123,286,546
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