The bulls are in control of today’s session, as seen from the increase in the global market cap. The total cap stood at $3.35T as of press time, representing a 1.79% increase over the last 24 hours, while the trading volume dropped by 7.39% over the same period to stand at $223.12B as of press time.
Bitcoin Price Review
Bitcoin, $BTC, has failed to post gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, the chart shows a bullish Supertrend indicator as the price is trading above the green Supertrend line. This suggests strong upward momentum. Bitcoin is currently testing levels close to $99,000, maintaining higher highs and higher lows indicative of a sustained uptrend.
On the other hand, we see that the Volume Oscillator is showing a -23.97% decrease, this indicates that the recent price move might be occurring on reduced volume, a potential sign of weakening momentum. Bitcoin traded at $98,834 as of press time, representing a 0.2% decrease over the last 24 hours.
4-hour BTC|USD Chart | Source: TradingView
Ethereum Price Review
Ethereum, $ETH, is has also not posted gains today as seen from its price movements as well. Looking at an in-depth analysis, we see that the Ethereum price is trading near the upper Bollinger Band at $3,351, indicating overbought conditions. A pullback could occur if resistance at $3,470 is not breached.
On the other hand we see that the Awesome Oscillator (AO) is still in the green zone, the AO shows declining momentum with smaller histogram bars. This could indicate a possible consolidation or bearish divergence. Ethereum traded at $3,349 as of press time, representing a 0.75% decrease over the last 24 hours.
4-hour ETH/USD Chart | Source: TradingView
Stellar Price Review
Stellar, $STX, is among today’s top gainers as seen from its price movements. Looking at an in-depth analysis, we see that the Stellar price is significantly above the 50, 100, and 200 SMAs, showing strong bullish momentum.
On the other hand, we see that the Money Flow Index (MFI) is at 94.73, the MFI indicates extreme overbought conditions. A correction or consolidation phase is likely. Stellar traded at $0.4409 as of press time, representing a 56.14% increase over the last 24 hours.
4-hour STX/USDT Chart | Source: TradingView
Algorand Price Review
Algorand, $ALGO, is also among the gainers in today’s session as also seen from its price movements. Looking at an in-depth analysis, we see that all three lines (jaw, teeth, lips) are diverging and pointing upward, signaling a strong bullish trend.
On the other hand, we see that the MFI is at 88.94, Algorand is in overbought territory. A cooling-off phase could be anticipated soon. Algorand traded at $0.3115 as of press time, representing a 30.89% increase over the last 24 hours.
4-hour ALGO/USD Chart | Source: TradingView
VeChain Price Review
VeChain, $VET, is also among the gainers in today’s session as also seen from itys price movements. Looking at an in-depth analysis, we see that the the VeChain price is trading well above the cloud, confirming bullish momentum. The cloud’s lagging span suggests strong support near $0.037.
On the other hand, we see that the Volume Oscillator has seen a 35.42% increase in volume supports the recent breakout above resistance at $0.04. VeChain traded at $0.04268 as of press time, representing a 30.83% increase over the last 24 hours.
4-hour VET/USDT Chart | Source: TradingView
Source: https://blockchainreporter.net/daily-market-review-btc-eth-stx-algo-vet/