Market Cap Takes a Hit as Bears Dominate Trading Session
Today’s trading session is clearly under the control of bears, as evidenced by the significant drop in the global market cap. The total market cap currently stands at $2.5 trillion, reflecting a 3.4% decrease over the past 24 hours. At the same time, the trading volume has reached $146 billion, marking a 54.9% increase compared to the previous 24 hours.
Ethereum Price Analysis
Despite the recent approval of Ethereum ETFs, Ethereum’s price action indicates bearish movements in today’s session. A closer look reveals that the Ethereum price is currently below the Ichimoku Cloud, signaling a bearish sentiment in the short term. A break above the Cloud could hint at a potential bullish reversal.
Meanwhile, the Money Flow Index (MFI) stands at 32.53, suggesting that Ethereum is neither oversold nor overbought at this level. As of now, the Ethereum price is at $3,693, marking a 2.9% decline in value over the past 24 hours.
Dogecoin Price Update
Despite the prevailing bear trend, Dogecoin (DOGE) is showing gains today based on its price movements. Analysis indicates that Dogecoin’s price briefly touched the upper Bollinger Band before retracing slightly, indicating volatility. Prices near the upper band often signal overbought conditions.
Additionally, the Awesome Oscillator displays a green bar, indicating bullish momentum as the price bounced back. Currently, the Dogecoin price is at $0.1644, representing a 2.19% increase in value over the past 24 hours.
THORChain and Ondo Showcase Positive Price Movements
THORChain (RUNE) and Ondo (ONDO) are also on the list of gainers in today’s session. THORChain’s price charts show a green Supertrend indicator, suggesting the start of a bullish trend. On the other hand, Ondo’s Alligator lines intertwine, indicating a lack of clear direction or a consolidation phase.
Both assets display neutral indicators with RUNE’s Woodies CCI and ONDO’s ADX, suggesting cautious trading in the absence of strong trends. As of now, THORChain is priced at $6.56, marking a 4.8% increase, while Ondo is at $1.10, showing a 14.05% increase over the past 24 hours.
Algorand Maintains Bullish Bias Despite Resistance
Algorand (ALGO) is also showing gains in today’s session, with its price trading within the upper half of the pitchfork, signaling a bullish bias. However, resistance is observed as the price nears the upper boundary.
The Relative Strength Index (RSI) stands at 59.13, indicating some bullish momentum but not yet reaching overbought levels. Currently, the Algorand price sits at $0.186, reflecting a 3.9% increase in value over the past 24 hours.