Top Trending Coins for Today, October 8: BTC, PERP, AVAX, MANA, and AXS
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In the cryptocurrency market over the past week, many top-ranking assets exhibited a subdued performance, with some managing to maintain market stability and avoid declines. In contrast, Bitcoin and Avalanche have notably stood out, as bullish traders within these markets propelled them to attain new, higher price levels. Let’s now take a closer look at each of these tokens individually.
Bitcoin (BTC)
Major Bias: Bullish
October holds promise for the Bitcoin market, having successfully identified a higher support level at the $27,000 price zone. Bitcoin has now firmly established itself within this $27,000 range, poised to explore new price territories. Toward the week’s conclusion, Bitcoin briefly breached the $28,000 price threshold. Currently, the market endeavors to solidify support at the $28,000 price level, resulting in a period of relative stability as demand and supply engage in a tug-of-war around this price point.
Throughout the week, the market has managed to achieve a 2.89% gain, positioning it as a prominent performer among the week’s top trending crypto markets. However, due to the ongoing struggle at the $28,000 price level, Bitcoin currently registers a modest 0.2% loss.
Current Price: $27,942.39
Market Capitalization: $545,085,184,930
Trading Volume: $6,789,531,388
Perpetual Protocol (PERP)
Major Bias: Indecision
During the previous week, Perpetual Protocol experienced substantial market volatility driven by bullish momentum. The bulls successfully propelled the market out of consolidation at the $0.400 price level, achieving a peak at $1.328, although this surge was subsequently followed by a robust bearish phase. Nonetheless, the bulls managed to establish support around the $0.600 price level. Their ability to maintain this position contributed to their ranking as the second-highest trending coin on CoinMarketCap.
Throughout the current week, the market has steadfastly clung to the $0.600 price level. When examining the market using the Bollinger Bands indicator, we observe that the price action is currently in close proximity to the lower band, potentially indicating some pressure on the existing bullish position. However, the trade volume indicator is displaying a flat reading, suggesting that the market may continue to move sideways in the upcoming week.
Current Price: $0.568
Market Capitalization: $37,633,726
Trading Volume: $4,754,417
Avalanche (AVAX)
Major Bias:Bullish
Similar to Bitcoin, Avalanche experienced substantial upward momentum during the past week. In fact, during the most recent daily trading session, the price surged dramatically, pushing well beyond the Bollinger Bands and reaching a peak near the $12.00 price mark. It became evident that the market was exhibiting signs of overbuying, as indicated by the Bollinger Bands indicator. Subsequently, a robust retracement occurred. As the market retraces to lower levels, it is probable that the bulls will establish the $10.00 price level as a higher support level to the previous support level, facilitating the continuation of the bullish trend.
Current Price: $10.138
Market Capitalization: $3,608,909,224
Trading Volume: $180,198,633
Decentraland (MANA)
Major Bias: Indecision
The Decentraland market has consistently maintained a tight price range around the $0.300 level. However, toward the end of September, bullish forces attempted to drive the market higher, seeking a significant price movement. Unfortunately, this bullish move lacked the necessary trading volume to sustain it, resulting in a retracement back to the $0.30 price level, which also serves as the market’s equilibrium point.
A closer examination using the Bollinger Bands indicator reveals that the upward price push had a limited impact on the upper band. The relatively low trading volume prevented the bulls from fully realizing this upward potential. It’s possible that a few large-scale traders (major stakeholders) are accumulating positions with the hope of initiating a bullish trend. In any case, these market dynamics have positioned Decentraland favorably in the rankings for this week.
Current Price: $0.2969
Market Capitalization: $564,222,015
Trading Volume: $14,052,626
Axie Infinity (AXS)
Major Bias: Indecision
The situation with Axie Infinity closely resembles that of the Decentraland market. Axie Infinity has witnessed robust and noteworthy bullish performances throughout September, allowing the bull market to swiftly ascend to the $4.500 price mark. Following the peak at $5.1 in mid-September, the bull market has made multiple attempts to rally further. However, as volatility has waned, the market is now consolidating around the crucial $4.5 price level. At present, the Bollinger Bands are converging around this price point, potentially contributing to the establishment of $4.5 as either a support or a resistance level.
Current Price: $4.49
Market Capitalization: $633,922,994
Trading Volume: $16,152,692
