The bears are dominating today’s trading session, as evidenced by the decrease in the global market cap as markets correct from the recent price surges. The total market cap currently stands at $2.89 trillion, representing a 3.88% increase over the last 24 hours. However, the trading volume has dropped by 1.4% to $309.56 billion during the same period.
Bitcoin, denoted as $BTC, is experiencing corrections in today’s session, as indicated by its price movements. Upon closer analysis of the 1-hour timeframe chart, we can observe the presence of the 50, 100, and 200-period Simple Moving Averages (SMAs). BTC is currently trading above the 50 SMA (yellow), which suggests short-term bullish momentum. The 100 SMA (green) and 200 SMA (blue) are located lower on the chart, indicating overall medium to long-term bullish momentum.
However, the Volume Oscillator shows a lower than average reading, with a negative percentage of -8.64%. This implies that the buying pressure may be weakening due to the lower volume in an uptrend. At the time of writing, Bitcoin is trading at $87,528, representing a 2.08% decrease over the last 24 hours.
Ethereum, denoted as $ETH, is also undergoing corrections in today’s session, as evident from its price movements. Similar to Bitcoin, the chart for Ethereum incorporates Bollinger Bands with a 20-period SMA, which helps identify volatility and potential overbought or oversold conditions. Recently, ETH touched the upper band near 3,341, indicating an overbought state that contributed to the subsequent pullback.
On the other hand, the Average Directional Index (ADX) is currently at 27.26, suggesting a moderately strong trend. However, the ADX line is trending downwards, indicating a potential loss of momentum in the current uptrend. Ethereum is currently trading at $3,161, representing a 6.26% decrease over the last 24 hours.
Peanut the Squirrel, denoted as $PNUT, is one of the gainers in today’s session, as evident from its price movements. After conducting a thorough analysis, we can observe that the Supertrend on the 1-hour chart is displaying a buy signal with a green area, indicating a bullish trend. PNUT has experienced a significant surge, surpassing recent resistance levels and demonstrating a strong upward momentum.
However, the Volume Oscillator is currently very low at 0.26%, which suggests that the recent surge lacks strong support from volume. If there is insufficient buying interest, the low volume could result in a quick reversal. At the time of writing, Peanut the Squirrel is trading at $0.9364, representing a 93.27% increase over the last 24 hours.
Ripple, denoted as $XRP, is also one of the gainers in today’s session, as observed from its price movements. Upon conducting an in-depth analysis, we can see that the price is trading near the Kumo (cloud), and the green Tenkan-sen line is above the red Kijun-sen line, indicating a potential bullish crossover. However, the recent pullback into the cloud area suggests some indecision and the possibility of consolidation.
Additionally, the ADX is currently at 34.52, indicating a relatively strong trend. Nevertheless, the declining ADX suggests that the trend strength might be weakening. Ripple is currently trading at $0.6586, representing a 6.68% increase over the last 24 hours.
Stellar, denoted as $XLM, is also one of the gainers in today’s session, as evident from its price movements. Upon conducting an in-depth analysis, we can observe that the Alligator lines (jaw, teeth, and lips) are converging after a recent expansion, indicating a potential slowing in the uptrend and a possible phase of consolidation or reversal.
On the other hand, the Money Flow Index (MFI) is currently at 59.32, close to the overbought threshold of 80. This level suggests that buying pressure is diminishing, and a pullback may occur if the index continues to decline. As of now, Stellar is trading at $0.1256, representing a 3.61% increase over the last 24 hours.