The bears are in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.05T as of press time, representing a 1.37% increase over the last 24 hours, while the trading volume jumped by 6.36% over the same period to stand at $74B as of press time.
Bitcoin Price Review
Bitcoin, $BTC, is posting gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, the chart shows Bitcoin trading within the Bollinger Bands, with recent price action touching the lower band, indicating that the price might be in an oversold condition. The price bouncing off the lower band could suggest a potential short-term upward correction.
On the other hand, we see that the Awesome Oscillator (AO) indicator is showing a negative value, but it is transitioning from red to green bars, which could indicate a weakening of bearish momentum. Bitcoin traded at $58,462 as of press time, representing a 0.26% increase over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, is also making gains in today’s session as seen from its price movements in today’s session. Looking at an in-depth analysis, we see that the chart utilizes the Alligator Indicator, which is currently showing a slight bearish alignment, with the red (lips), green (teeth), and blue (jaw) moving averages spread out in a downtrend formation. The price is below the Alligator’s mouth, suggesting bearish momentum.
On the other hand, we see that the Woodies CCI indicator shows a slightly negative value, indicating that the market sentiment is bearish. The indicator is oscillating around the -34 level, which suggests weak selling pressure. Ethereum traded at $2,622 as of press time, representing a 0.21% increase over the last 24 hours.
Injective Price Review
Injective, $INJ, 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 Ethereum chart, the INJ/USDT chart shows the Alligator Indicator with a bearish alignment. The moving averages are positioned to suggest ongoing bearish pressure, though the lines are beginning to converge, which might indicate an upcoming consolidation phase.
On the other hand, we see that the Money Flow Index (MFI) is around the 47.13 level, suggesting a neutral to slightly bearish sentiment. The MFI hasn’t yet entered the oversold territory (below 20), which might imply that there is still some room for selling pressure before a potential reversal. Injective traded at $19 as of press time, representing a 4.18% increase over the last 24 hours.
THORChain Price Review
THORChain, $RUNE, 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 chart shows Thorchain trading just above the Ichimoku Cloud, which is typically a bullish signal. The price breaking above the cloud suggests a potential continuation of the uptrend. The cloud (Senkou Span A and B) provides support around $3.501 to $3.607, while the price is currently testing resistance around $3.853.
On the other hand, we see that the Money Flow Index (MFI) is at 53.34, indicating that the market is neither overbought nor oversold. This neutral level suggests that the price could move in either direction depending on market sentiment. THORChain traded at $3.86 as of press time, representing a 5.2% increase over the last 24 hours.
Fantom Price Review
Fantom, $FTM, is also another gainer in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the chart displays a Supertrend Indicator, which is currently giving a buy signal as the price trades above the green line at $0.3481. The price is above the Supertrend support, indicating bullish momentum.
On the other hand, we see that the Volume Oscillator is showing a decrease in volume by -12.00%, which might suggest weakening momentum in the current price movement. Traders should be cautious if the price action is not supported by increasing volume. Fantom traded at $0.3947 as of press time, representing a 6.27% increase over the last 24 hours.
Source: https://blockchainreporter.net/daily-market-review-btc-eth-inj-ftm-rune/