A Bullish Market Session Sees Bitcoin and Ethereum Gain Ground
The market session today has witnessed a resurgence of bullish activity, evident from the rise in the global market capitalization. At the time of writing, the total market cap stands at $2.36 trillion, reflecting a 1.97% increase in the last 24 hours.
Bitcoin, the leading cryptocurrency, is making gains in today’s session, as indicated by its price movements. Upon closer analysis, we observe a falling wedge pattern, which is typically a bullish reversal pattern. The current price is near the support line of the wedge, suggesting a potential breakout to the upside. The target price, according to the pattern, is approximately $72,000, aligning with the height of the wedge.
In terms of technical indicators, the Relative Strength Index (RSI) is neutral, indicating that there is room for an upward move without becoming overbought. As of now, Bitcoin is trading at $65,541, representing a 0.02% increase in the last 24 hours.
Chart: 4-hour BTC/USD | Source: TradingView
Ethereum, the second-largest cryptocurrency, is also experiencing gains in today’s session, as evidenced by its price movements. Upon careful analysis, we can see that the Ethereum price is near the middle band of the Bollinger Bands, suggesting a period of consolidation. The Bollinger Bands are relatively narrow, indicating low volatility.
Similar to Bitcoin, the RSI for Ethereum is neutral, suggesting that there is no clear overbought or oversold condition. If the bullish momentum continues, there is a possibility of a move towards the upper band at $3,622.34. Currently, Ethereum is trading at $3,586, reflecting a 1.14% increase in the last 24 hours.
Chart: 4-hour ETH/USD | Source: TradingView
Fetch.ai (FET) is also experiencing gains in today’s session, as seen from its price movements. Upon detailed analysis, we observe that the Alligator indicator shows the green line above the red and blue lines, indicating a bullish trend.
However, the Money Flow Index (MFI) is at 81.30, which falls within the overbought territory. This suggests a potential pullback or consolidation before any further upward movement. Currently, Fetch.ai is trading at $1.68, reflecting a significant 28.3% increase in the last 24 hours.
Chart: 4-hour FET/USDT | Source: TradingView
SingularityNET (AGIX) is another cryptocurrency that is among the top gainers today, as evident from its price movements. Upon thorough analysis, we can see that the Supertrend indicator is showing a bullish signal above $0.6748, with the price currently just below this level. Sustaining a price above $0.6748 could confirm a bullish trend.
Other indicators also indicate positive momentum, with the volume oscillator increasing, suggesting a buildup of buying pressure. Currently, SingularityNET is trading at $0.6807, reflecting a substantial 25.3% increase in the last 24 hours.
Chart: 4-hour AGIX/USDT | Source: TradingView
Akash Network (AKT) is also among the gainers in today’s session, as seen from its price movements. Upon thorough analysis, we observe that the Akash Network price is trading within the Ichimoku Cloud, indicating a period of consolidation.
However, the Woodies CCI is in the bullish zone at 86.7351, suggesting upward momentum. A breakout above the cloud, particularly above the Leading Span B at $3.3147, would confirm a bullish trend. Currently, Akash Network is trading at $3.20, reflecting a notable 7.08% increase in the last 24 hours.
Chart: 4-hour AKT/USDT | Source: TradingView