Bulls have regained control of markets, as seen from the global market cap, which has jumped by 3.3% from its previous 24-hour one, as the total cap stood at $1.62T as of press time. The fear and greed index is 50, as fear creeps into the markets.
Bitcoin Price Analysis
Bitcoin (BTC) has posted gains amid the general market uptick as the Bitcoin price stood at $39.7K as of press time, representing a 1.2% increase in the last 24 hours to take the weekly drop to 6.8%. Bitcoin’s trading volume dropped by 30% over the same period to stand at $23B.
An in-depth analysis of 24-hour BTC/USD charts still shows a struggle between bulls and bears. This is seen from the Relative Strength Index on a southern trajectory, showing bear momentum on BTC. The MACD indicator, on the other hand, is reverting towards the green zone, showing bull action on the Bitcoin price as well.
Ethereum Price Analysis
Ethereum (ETH), the number two cryptocurrency, has also posted gains as the Ethereum price stood at $2215 as of press time, representing a 1.3% increase in the last 24 hours as the weekly drop stood at 12.5%. The trading volume has dropped by 34% to $10.6B.
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 as the asset looks to keep plunging.
UMA Price Analysis
However, UMA (UMA) has failed to capitalize on the current bullish momentum as the UMA price stands at $5.2 as of press time, representing a 6.2% plunge in the last 24 hours as the weekly pump stood at an impressive 158%%. The trading volume has dropped by 53% to $229M.
An in-depth analysis of daily UMAH/USDT charts points towards a continuous plunge, as shown by the Relative Strength Index indicator, which is currently on a southern trajectory as it exits the overbought region. This asserts selling pressure on the UMA price. On the other hand, the MACD indicator is reverting towards the red zone, backing bearish prospects on the UMA price.
SideShift token Price Analysis
SideShift token price (XAI) is our top gainer of the day as the SideShift token price stood at $0.341 as of press time, representing a massive 157% pump in the last 24 hours as the weekly rise stood at 71.6%. The trading volume has dropped by 12% to $81K.
An in-depth analysis of 24-hour XAI/USD charts also shows looming corrections, as shown by the Relative Strength Index indicator, which has reverted from its northern trajectory. This asserts selling pressure on the SideShift token price. On the other hand, the MACD indicator is moving is reverting towards the red zone, backing bearish prospects on the XAI price as a pullback looms.
Bittensor Price Analysis
Bittensor (TAO) is our other gainer today as the Bittensor price stood at $317.1 as of press time, representing a 22.3% increase in the last 24 hours as the weekly rise stood at 15%. The trading volume has jumped by 61% to $17.2M.
Looking at 24-hour ETH/USD charts, we see that bulls control TAO markets, as shown by the Relative Strength Index indicator. It is currently on a northern trajectory as it heads for the overbought region. This asserts bull action on TAO. On the other hand, the MACD indicator is moving in the green zone, backing bull prospects.
Sui Price Analysis
Sui (SUI) is our last gainer of the day as the Sui price stood at $13.5 as of press time, representing a 13% increase in the last 24 hours as the weekly drop stood at 1.7%. The trading volume has dropped by 8.9% to $650M.
An in-depth analysis of 24-hour SUI/USD charts also shows that bulls control ETH markets, as shown by the Relative Strength Index indicator. It is currently on a northern trajectory as it heads for the overbought region. This asserts buying pressure on the Sui price. On the other hand, the MACD indicator is moving towards the green zone, backing bullish prospects on the Sui price.
Source: https://blockchainreporter.net/market-analysis-btc-eth-uma-xai-tao-sui/