The bears have taken control of today’s market session, resulting in a decrease in the global market cap. Currently standing at $2.62 trillion, the market has experienced a 0.5% drop over the last day. However, trading volume has surged to $80.3 billion, marking a 37% increase over the same period.
Bitcoin Price Analysis
Bitcoin (BTC) is facing corrections today, evident from its price movements. A detailed examination reveals a downward trend in the Bitcoin chart, with a significant price pullback from the upper Bollinger Band (BB) resistance. The price is now testing the 20 SMA of the Bollinger Bands for potential support.
Moreover, the Woodies CCI indicator is below -100, indicating a strong bearish sentiment in the market. At present, the Bitcoin price is at $69,497, showing a 0.54% increase from its previous 24-hour price.
Ethereum Price Update
Ethereum (ETH) is not making gains in today’s session, as indicated by its price movements. A thorough analysis of the 4-hour chart shows Ethereum trading relatively flat, with the price hovering around the Alligator indicator’s three lines, suggesting a lack of clear trend direction.
On the other hand, the MFI stands at 15.59, hinting that the asset may be oversold, and a price reversal could be on the horizon if demand picks up. Currently, the Ethereum price is at $3,703, reflecting a 2.9% increase from its previous 24-hour price.
Filecoin Price Movement
Filecoin (FIL) is showing gains in today’s session, with recent bullish momentum seen in a breakout from the Supertrend indicator. This breakout indicates a potential trend reversal to the upside.
Additionally, the MFI is at 58.42, signaling increased buying pressure and the possibility of a continuation of the upward move. As of now, the Filecoin price stands at $6.43, marking a 7.7% jump from its previous 24-hour price.
Injective Price Update
Injective (INJ) is also experiencing gains today, with a volatile sideways market observed in an in-depth analysis. The price is currently below the cloud of the Ichimoku indicator, suggesting bearish sentiment but with recent spikes into the cloud.
Furthermore, the AO (Awesome Oscillator) is showing increased green bars, indicating a growing bullish momentum. The current Injective price is $30.24, showing a 2.9% increase from its previous 24-hour price.
SEI Price Movement
SEI (SEI) is yet another gainer in today’s session, with an uptrend evident on the chart. A recent sharp upward movement has broken out from a downtrend line within an Auto Pitchfork tool.
The RSI is at 57.59, nearing the middle range but leaning towards overbought, reflecting the recent intense buying pressure. As of now, the SEI price is at $0.5451, demonstrating a 2.62% increase from its previous 24-hour price.