The bears dominated today’s market session, leading to a decline in the global market cap. The total cap dropped to $2.56 trillion, marking a 3% decrease in the past 24 hours. Concurrently, the trading volume fell to $102.9 billion, representing a 37% drop over the same period.
Bitcoin Price Analysis
Bitcoin (BTC) experienced corrections in today’s trading session, evident from its price movements. A detailed examination of the Bitcoin chart reveals a downtrend, with the price slipping below the 20 SMA on the Bollinger Bands (BB). The narrowing BB indicates reduced volatility and the 20 SMA now acts as dynamic resistance.
Meanwhile, the Awesome Oscillator (AO) remains negative, signaling continued bearish momentum with no signs of crossing above zero. At the time of reporting, Bitcoin’s price was $69,320, showing a slight 0.09% decrease from its previous 24-hour price.
Ethereum Price Analysis
Ethereum (ETH) also witnessed price declines today, as reflected in its price movements. A comprehensive analysis of Ethereum’s chart displays a sharp downtrend followed by a consolidation phase. The Alligator indicator suggests a bearish trend with the price staying below the jaws of the Alligator (the blue line).
Additionally, the ADX is notably high at 48.36, indicating a strong downward trend. As of the latest update, Ethereum’s price was $3,688, showing a marginal 0.12% drop from its previous 24-hour price.
ORDI Price Analysis
ORDI (ORDI) emerged as a winner in today’s session, showcasing range-bound movement with the Supertrend remaining green and the price hovering around the Supertrend line. The RSI stands neutral at 50.16, indicating a lack of strong bullish or bearish momentum and hinting at a potential accumulation phase or trader indecisiveness.
At the time of writing, ORDI’s price stood at $62.02, marking a 0.12% increase from its previous 24-hour price.
Tron Price Analysis
Tron (TRX) also saw gains in today’s session, with the price action weaving around the Ichimoku Cloud. Recent candles breaking above the Cloud suggest a possible bullish trend reversal. The MFI at 63.67 indicates buying pressure, and if the price maintains above the Cloud, it could signal a stronger bullish bias.
Tron’s price was $0.1156 at the time of the update, showing a 2% increase from its previous 24-hour price.
Solana Price Analysis
Solana (SOL) failed to gain ground in today’s session, displaying a clear downtrend as indicated by the Auto Pitchfork. The price has consistently faced resistance along the upper line of the descending channel, reflecting a bearish sentiment. Recent movements within the channel’s lower half suggest high selling pressure.
The Volume Oscillator shows a significant negative reading of -34.92%, indicating a notable drop in volume as the price declines. This could signify weaker support levels as the price continues to fall. Solana’s price stood at $159.6 at the time of publication, showing a 1.72% decrease from its previous 24-hour price.