Bears still have control of the markets, as seen from the global market cap, which has dropped by 2.7% from its previous 24-hour one, as the total cap stood at $1.6T as of press time. The fear and greed index is 56, as the market sentiment remains neutral.
Bitcoin Price Analysis
Bears have dominated Bitcoin (BTC) as it now drops below $40K, with the Bitcoin price at $39.6K as of press time, representing a 3% decrease in the last 24 hours to take the weekly drop to 7%. Bitcoin’s trading volume doubled over the same period to $29.9B. This can be attributed to recent ETF sell-offs that might have triggered investor panic.
An in-depth analysis of 24-hour BTC/USD charts reveals a struggle between bulls and bears. This is seen from the Relative Strength Index on a northern trajectory, showing bull action on BTC. The MACD indicator, on the other hand, is below the zero line with red histograms, showing bear action on the Bitcoin price as well.
Ethereum Price Analysis
Ethereum (ETH), the altcoin king, has also been hit with bear dominance as the Ethereum price stood at $2313 as of press time, representing a 4% decrease in the last 24 hours as the weekly drop stood at 8.2%. The trading volume has jumped by 113% to $13.1B.
An in-depth analysis of 24-hour ETH/USD charts also shows that bears control ETH markets, as shown by the Relative Strength Index indicator, which is currently on a southern trajectory. This asserts selling pressure on the Ethereum price. On the other hand, the MACD indicator is moving in the red zone, backing bearish prospects on the Ethereum price.
Sui Price Analysis
Sui (SUI) has defied the odds to post gains in today’s bear market as the Sui price stood at $1.06 as of press time, representing a 2.5% increase in the last 24 hours to bring the weekly drop to 18.2%. The trading volume has jumped by 94% to $433M.
An in-depth analysis of 24-hour SEI/USDT charts shows a likely pullback on the SUI markets, as shown by the Relative Strength Index indicator is now moving south to show building bear momentum on the Sui price. On the other hand, the MACD indicator is moving in the red zone, backing bearish prospects on the Sui price.
FTX Token Price Analysis
FTX Token (FTT) has also defied the odds as it emerges among the few gainers today. The FTT price stood at $2.8 as of press time, representing an 8.8% increase in the last 24 hours, bringing the weekly drop to 9.8%. The trading volume has jumped by 282% to $64.7M.
An in-depth analysis of 24-hour FTT/USDT charts shows bulls are in control of FTT markets, as shown by the Relative Strength Index indicator is now moving north to show bull dominance on the FTT price. On the other hand, the MACD indicator is moving in the green zone, backing bullish prospects on the FTT price.
Chiliz Price Analysis
Chiliz (CHZ) is our last gainer of the day, as the Chiliz price stood at $0.096 as of press time, representing a 2% increase in the last 24 hours, bringing the weekly drop to 4.7%. The trading volume has jumped by 23% to $133M.
An in-depth analysis of 24-hour FTT/USDT charts shows a struggle between bulls and bears, as shown by the Relative Strength Index indicator is now moving north to show bull action on the Chiliz price. On the other hand, the MACD indicator is reverting towards the red zone, showing bear action on Chiliz as well.
Source: https://blockchainreporter.net/daily-analysis-btc-eth-sui-ftt-chz/