Bulls are in control of today’s market session, with the global market cap sitting 0.6% above its previous 24-hour mark, as the total cap stands at $1.67T as of press time. The fear and greed index is 74, as greed dominates markets. The global trading volume is 3,8% up in 24 hours, at $56.22B as of press time.
Bitcoin Price Analysis
The Bitcoin price has plunged by 0.05% in the last 24 hours to trade at $43.6K. Looking at BTC/USD charts, the Relative Strength Index indicator is moving south, showing bear activity on the Bitcoin price as it looks to continue its plunge in the near future.
The MACD indicator is also in the red zone in attribution to today’s bearish activity on the Bitcoin price. The Bollinger bands are now moving at a close distance to each other each other, showing low volatility levels on Bitcoin. This comes as trading activities drop, with BTC’s trading volume dropping by 13% within the last 24 hours.
Ethereum Price Analysis
Ethereum has, however, posted slight gains, trading at $2,288, representing an increase of 0.1% over the last 24 hours. ETH/USD charts show the Relative Strength Index indicator is heading south, indicating that Ethereum price bears are in swing despite the slight pump.
As a result of today’s price action, the MACD indicator is headed towards the green zone. Bollinger bands are presently rather close to one another, indicating that Ethereum is facing low volatility. This follows a day of reduced trading activity, with a 17% decline in the volume of Ethereum trades.
Arbitrum Price Analysis
The Arbitrum price is also having a bullish session, posting gains of 2.6% in the last 24 hours to trade at $1.38 as of press time. The Relative Strength Index indicator is moving south, showing accumulating selling pressure Arbitrum (ARB) as holders might be looking to sell for profits that have seen the token trade 24% from its previous 7-day price.
The MACD indicator is in the green zone in attribution to the surge as the Bollinger bands diverge away from each other, showing high volatility levels on ARB.
Optimism Price Analysis
Optimism has pumped by 10% in the last 24 hours to trade at $3.5 as it emerges among today’s top gainers. Looking at OP/USDT charts, the Relative Strength Index indicator is moving north while in the overbought region, showing bull dominance on the Optimism price.
The MACD indicator is also in the green zone abcking the bullish prospects on the Arbitrum price. The Bollinger bands are diverging, showing high volatility levels on OP. However, with the token being now overbought, prospects of a correction remain large as holders might look to sell for profits.
Pepe Price Analysis
The Pepe price has plunged by 3.6% in the last 24 hours to trade at $0.000001405 as the meme coin failed to take the stage in today’s bull market. The Relative Strength Index indicator is moving south, showing bearishness on the meme coin.
The MACD indicator is also in the red zone in attribution to today’s bearish activity on the Pepe price.
Raydium Price Analysis
Raydium (RAY) is another gainer today, having jumped by 6.7% in the last 24 hours to trade at $1.6. Looking at RAY/USDT charts, the Relative Strength Index indicator is moving south as it approaches an exit from the overbought region, showing mounting selling pressure on the token as a correction looms in the short-term
The Bollinger bands are diverging, showing high volatility levels on the RAY price. This can be attributed to increasing trading activities that have seen the token’s trading volume surge by 13% in the last 24 hours.
Source: https://blockchainreporter.net/daily-analysis-btc-eth-arb-op-pepe-ray/