Market Update: Bulls Dominate as Global Market Cap Rises
In today’s market session, the bulls continue to lead, resulting in a drop in the global market cap. The total market cap currently stands at $2.31 trillion, reflecting a 2.3% surge in the last 24 hours. However, the trading volume has decreased significantly to $58.02 billion during the same period, marking a 58% decline.
Bitcoin Price Analysis
Bitcoin (BTC) is one of the top gainers in today’s session, as evident from its price movements. A detailed analysis reveals that the Bitcoin price has breached the lower Bollinger Band, indicating increased volatility and a potential for further decline. The widening of the bands suggests that volatility may persist.
Furthermore, the Awesome Oscillator is below the zero line, with red bars signaling bearish momentum. This corroborates the observed bearish trend in the price action. At present, Bitcoin is trading at $57,772, reflecting a 2.33% increase in the last 24 hours.
Ethereum Price Analysis
Ethereum (ETH) is also experiencing gains in today’s session, as seen in its price movements. A thorough analysis shows that the Alligator lines are intertwined, indicating a lack of a clear trend. This typically suggests a consolidation phase or the beginning of a new trend.
Meanwhile, the Money Flow Index hovers around the 50 level, indicating neutral momentum. It is neither overbought nor oversold. Ethereum is currently trading at $3,034, representing a 1.9% increase in the last 24 hours.
Notcoin Price Analysis
Notcoin (NOT) stands out as one of today’s top gainers based on its price movements. A detailed analysis reveals that the Notcoin price is below the cloud, indicating a bearish trend. The red cloud suggests continued bearish pressure.
However, the Money Flow Index is approaching oversold territory, hovering around the 25 level. This may indicate the potential for a short-term bounce. At present, Notcoin is trading at $0.01471, reflecting a substantial 45.12% increase in the last 24 hours.
Core DAO Price Analysis
Core DAO (DAO) is another gainer in today’s session, as evidenced by its price movements. However, a comprehensive analysis indicates that the Core DAO price is in a downtrend, characterized by consistently lower highs and lows.
Additionally, the Supertrend indicator displays a sell signal (red), signaling a bearish trend. As of now, Core DAO is trading at $1.04, reflecting a 15.3% increase in the last 24 hours.
Akash Network Price Analysis
Akash Network (AKT) also joins the list of gainers in today’s session, evident from its price movements. A detailed analysis reveals a triple bottom pattern, which is a bullish reversal pattern. If the price breaks above the neckline, it could confirm the pattern and signal the start of a new uptrend.
Moreover, the Average Directional Index stands at 28.65, indicating a relatively strong trend. However, it does not specify the direction. Akash Network is currently trading at $3.82, reflecting an 11.17% increase in the last 24 hours.