Today’s market session seems bullish as the global market cap rose by 1% in the last 24 hours to stand at $1.75T as of press time. The trading volume has also risen 8% to 68B as of press time.
Bitcoin Price Review
Looking at the 2-hour BTC/USD charts, the Supertrend indicator is below the price action, which usually suggests a buy signal. However, the Coppock Curve has turned downwards, suggesting a potential decrease in momentum on the *BTC*.
The recent price candles show a slight pullback, which could indicate a consolidation phase or the beginning of a downturn if the price breaks below the cloud. The Bitcoin price is currently at $46.9K as of press time representing a 0.6 increase in 24 hours.
Ethereum Market Analysis
Ethereum’s (ETH) price movement is also in an uptrend, supported by the Alligator indicator with its three lines aligned and moving upwards. The recent candlesticks are trading above the Alligator’s jaw (the blue line), reinforcing the bullish trend.
However, the Relative Strength Index (RSI) is above the 50 level. Still, it has turned down from the overbought territory, suggesting that while the trend is bullish, there might be a temporary pullback or consolidation on the *ETH* in the near term. The Ethereum price is currently at 2482 representing a 0.3% increase from its previous 24-hour price.
Bonk Price Review
Looking at 2-hour BONK/USDT charts, we see a progressive climb with the Moving Average Convergence Divergence (MACD) displaying a bullish crossover and trending above the signal line. However, it is reverting towards the red zone suggesting bearish momentum on the Bonk price.
The Average Directional Index (ADX) is above 50, which usually indicates a strong trend. The price action has also pulled back slightly, suggesting a strong bearish trend, which could mean a drop in the Bonk price in the short term. Bonk is trading at $0.00001276 representing a 12 increase in the last 24 hours.
Avalanche Price Review
Avalanche (AVAX) has been rising, as seen from an in-depth analysis of 2-hour AVAX/USD charts. We see bullish candles above the Moving Average lines as the MACD is in positive territory, which supports the bullish trend on the Avalanche price.
However, the MACD lines converge, which could signal a loss of momentum or a potential reversal in the Avalanche price movement. The ADX is also high, suggesting the trend has been strong, but traders should be cautious of potential changes in the Avalanche price momentum. The Avalanche price is currently at $38.6 representing a 7% increase in 24 hours.
Immutable X Price Review
ImmutableX (IMX) shows a strong uptrend with the price above the Bollinger Bands’ middle SMA, indicating continued bullishness on the ImmutableX price. The Awesome Oscillator (AO) is positive and increasing, which further supports the bullish momentum.
The price is currently at the upper edge of the Bollinger Bands, which could precede a pullback on the ImmutableX price as markets return to mean levels. The ImmutableX price stood at $2.74 representing a 16% pump in the last 24 hours.
Source: https://blockchainreporter.net/daily-market-review-btc-eth-bonk-avax-imx/