Bears Dominate Market, Global Market Cap Decreases
Today’s trading session is under the control of bears, evident from the decline in the global market cap. The total market cap currently stands at $2.32 trillion, reflecting a 1.01% decrease in the last 24 hours. Furthermore, the trading volume has also dropped by 15.52% during the same period, reaching $70.82 billion.
Bitcoin Price Analysis
Bitcoin ($BTC) fails to show any gains in today’s session, as observed from its price movements. A closer look reveals that the price of Bitcoin is below the 20 SMA (Simple Moving Average) but within the Bollinger Bands, indicating some short-term stability within a broader bullish context.
However, the Awesome Oscillator (AO) is currently negative and increasing in magnitude. This suggests a growing bearish momentum, which could potentially lead to further downward movement. As of now, Bitcoin is trading at $67,120, experiencing a 0.75% decrease in the last 24 hours.
Ethereum Price Analysis
Similarly, Ethereum ($ETH) is not among the gainers in today’s session, evident from its price movements. Upon thorough analysis, it can be observed that the Ethereum price is below the Alligator’s lines, which are intertwined. This indicates a lack of a clear trend and a potential sideways market.
Nevertheless, the Money Flow Index (MFI) is quite low, currently at 21.11. This suggests that Ethereum is potentially oversold and may attract buying interest in the near future. At present, Ethereum is trading at $2,617, experiencing a 1.43% decrease in the last 24 hours.
Celestia Price Analysis
Celestia ($TIA) stands out as one of today’s top gainers, based on its price movements. A detailed analysis reveals that the Celestia price has moved above the green line but remains below the blue line. This shows a mixed signal between the short-term and medium-term trends.
On the other hand, the Average Directional Index (ADX) is relatively low at 18.44, indicating a weak trend strength and the possibility of consolidation. Celestia is currently trading at $5.99, reflecting a 4.1% increase in the last 24 hours.
Beam Price Analysis
Beam ($BEAM) is another cryptocurrency that is gaining momentum in today’s session, as evident from its price movements. A thorough analysis indicates that the Beam Price is now breaking through the upper boundary of the Ichimoku Cloud, suggesting a potential bullish breakout.
However, the Money Flow Index (MFI) is relatively high at 73.76, indicating that the asset may be approaching overbought conditions. This could lead to a correction or consolidation in the near future. As of now, Beam is trading at $0.01934, experiencing a 3.51% increase in the last 24 hours.
THORChain Price Analysis
THORChain ($RUNE) is also among the gainers in today’s session, based on its price movements. A detailed analysis reveals that the THORChain price is fluctuating around the Supertrend line, currently indicating no clear buy or sell signal. This reflects a consolidative phase in the market.
Furthermore, the Volume Oscillator shows a negative value, suggesting decreasing volume accompanying price moves. This indicates a lack of conviction in the current price changes, which may result in potential reversals or continued consolidation. THORChain is currently trading at $5.17, experiencing a 0.20% increase in the last 24 hours.