The bulls continue to dominate today’s market session, as evidenced by the drop in the global market cap. At the time of writing, the total cap stands at $2.11 trillion, showing a 1.29% increase in the last 24 hours. However, the trading volume has decreased by 33.06% during the same period, currently standing at $54.43 billion.
Bitcoin (BTC) is not experiencing any gains in today’s session, as indicated by its price movements. The Bitcoin price is trading close to the lower Bollinger Band, suggesting potential oversold conditions. The wide bands also imply increased volatility. Additionally, the Average Directional Index (ADX) value is 38.01, indicating a strong trend. Given the downward trend, this signifies a robust bearish trend. Currently, Bitcoin is trading at $57,716, reflecting a 2.69% increase in the last 24 hours.
Moving on to Ethereum (ETH), it is also not seeing any gains in today’s session. However, a closer analysis reveals that the Alligator lines are intertwined, suggesting a consolidation phase in the market. The Ethereum price is currently below the Alligator’s teeth (red line), indicating a bearish trend. On the other hand, the Average Directional Index (ADX) value is 49.51, indicating a very strong trend. As of now, Ethereum is trading at $2,923, showing a 2.66% decrease in the last 24 hours.
Pepe (PEPE) is one of the top losers in today’s session, based on its price movements. A detailed analysis reveals a double bottom pattern, indicating a potential reversal pattern. If the pattern completes, the target is significantly higher, suggesting a bullish outlook. However, the Woodies CCI shows extremely negative values, indicating strong bearish momentum. Currently, Pepe is trading at $0.00000836, showing an 8.2% decrease in the last 24 hours.
Similarly, Dogwifhat (WIF) has also experienced significant losses today. An in-depth analysis shows that the Dogwifhat price is below the Ichimoku Cloud, indicating a bearish trend. The leading span lines also exhibit a bearish outlook, with the future cloud indicating potential resistance. On the other hand, the volume oscillator indicates an increase in volume during recent price movements, suggesting stronger participation in the current trend. Dogwifhat is currently trading at $1.67, reflecting an 8.94% decrease in the last 24 hours.
Lastly, Ethena (ENA) has failed to gain any positive momentum in today’s session. An in-depth analysis reveals that the Supertrend indicator is bearish (red) and acts as resistance. The Ethena price remains below the Supertrend line, indicating a continued bearish trend. However, the Money Flow Index (MFI) is at 36.88, close to the oversold region but not quite there yet. This suggests the potential for further downside before a possible reversal. Ethena is currently trading at $0.3663, showing an 8.69% decrease in the last 24 hours.