The bear are in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.27T as of press time, representing a 0.96% decrease over the last 24 hours, while the trading volume also jumped by 28% over the same period to stand at $62.11B 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, we see that Bitcoin is currently trading near the lower band of the Bollinger Bands, suggesting increased volatility and potential oversold conditions. The upper band sits at $66,496.23, while the lower band is at $64,626.10. A breach of these levels could signal further directional movement.
On the other hand, we see that the Awesome Oscillator (AO) is showing diminishing positive momentum with a recent transition into red bars, indicating a potential bearish shift. If this downward momentum continues, further price declines may be expected. Bitcoin traded at $64,346 as of press time, representing a 1.75% increase over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, has failed to post gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, we see that the Alligator lines are in a slight downward trend, with the price crossing below the moving averages. This indicates a potential trend reversal or pause in the bullish momentum. The moving averages are showing minor divergence, which could lead to further consolidation in the near term.
On the other hand, we see that the Money Flow Index (MFI) is currently at 28.95, signaling oversold conditions. This suggests that there may be a potential for a bullish reversal as the price corrects itself. Ethereum traded at $2,638 as of press time, representing a 0.17% increase over the last 24 hours.
FTX Token Price Review
FTX Token, $FTT, is also among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the FTX Token price has recently shot above the Ichimoku Cloud, but it is now showing signs of retracement. The cloud below may act as a strong support zone if the price continues to fall.
On the other hand, we see that the Relative Strength Index (RSI) is at 69.50, near overbought territory, which could indicate that a retracement or consolidation phase is likely. A break below 70 could confirm this. FTX Token traded at $2.09 as of press time, representing a 26.4% increase over the last 24 hours.
Ethena Price Review
Ethena, $ENA, is also among the gainers in today’s session as also seen from the price movements. Looking at an in-depth analysis, we see that ENA has been in a strong uptrend, as indicated by the Supertrend indicator. The support from the Supertrend lies at $0.3613, suggesting the trend is intact. However, the price is nearing resistance and may experience some consolidation before moving further.
On the other hand, we see that the ADX (Average Directional Index) is at 43.31, indicating that the current trend is relatively strong but not at an extreme level. A reading above 50 would signal a strong trend. Ethena traded at $0.4116 as of press time, representing a 14.24% increase over the last 24 hours.
Mina Price Review
Mina, $MINA, 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 MINA is currently trading above its key moving averages (50, 100, and 200), signaling bullish momentum. The 50 SMA acts as immediate support, located at $0.475.
On the other hand, we see that the Volume Oscillator shows a minor decrease in volume, indicating that traders may be waiting for more confirmation before taking new positions. Mina traded at $0.604 as of press time, representing a 13.43% increase over the last 24 hours.
Source: https://blockchainreporter.net/daily-market-review-btc-eth-ftt-ena-mina/