Markets are recovering from the recent dip, with the global market cap recording a 0.8% increase in a day to take the total cap to $1.06T as of press time. The fear and greed index is still 34, as fear steel dominates the market.
Bitcoin analysis
Bitcoin (BTC) is now facing some bull activity as the asset trades at $26.1K after recording a daily increase of 0.8% and a weekly decrease of 11%. Bitcoin’s trade volume has dropped by 47% during the same period and is presently at $9.5B.
The Bollinger bands are still diverging, indicating that the volatility of Bitcoin is still high as the Relative Strength Index (RSI) still moves below its average level in the oversold region, as bear effects remain felt on the markets.
Ethereum analysis
Ethereum (ETH) is also seeing some bull activity as the asset now sits on gains of 0.4% within a day of trading, taking it to $1670 as the trading volume dropped by 34% to reach $4.6B as of press time. ETH’s volatility levels are also high as the Bollinger bands maintain a divergence.
The RSI indicator is still below its average line in the oversold region, again showing bear effects on the market as bulls push for a recovery. The MACD indicator also moves in the red zone.
Shiba Inu (SHIB) analysis
SHIB has, however, failed to recover as the asset sits on losses of 1.6% within a day of trade, as the weekly drop now stands at 20%, with the trading volume also dropping 45% within the same period.
Shib’s volatility levels are still high as the Bollinger bands move far from each other while the RSI also moves below its average line. The MACD also moves in the red zone, showing the market bear sentiment.
Solana (SOL) analysis
SOL is also having a recovery session as the asset posts an increase of 0.89% in valuation within a day of trade. The token now holds a spot price of $21.9 as the trading volume recorded a 38% decrease within the same period. It now stands at $216M.
However, SOL’s volatility levels are stable as the Bollinger bands maintain a relatively close distance from each other as the RSI indicator moves below its average line, showing the bear dominance on Solana as the MACD indicator also approaches a shift to the green zone.
Polkadot (DOT) analysis
DOT is also having mild bull activity as the asset now trades 0.5% above its previous 24-hour price as it now holds a spot price of $4.5 as the trading volume decreased by 20% within the same period as it now stands at $79M.
DOT’s volatility levels are also increasing as the Bollinger bands diverge from each other. At the same time, the RSI indicator moves below its average line showing bear effects on DOT as the MACD moves in the red zone.
Ripple (XRP) analysis
Ripple is also having a bullish session as the asset sits on gains of 7.5% within 24 hours of trade to take XRP’s price to $0.5438 as of press time, while the trading volume saw a 0.5% drop within the same period.
XRP’s volatility levels are also high as the asset’s Bollinger bands diverge. At the same time, the RSI moves below its average line XRP as bulls push for a cross-over back above, while the MACD moves below in the red zone ahead of the recent dip.
Source: https://blockchainreporter.net/daily-analysis-markets-recovering-from-dip-as-xrp-rallies/