Bulls Surrender to Bears as Global Market Cap Declines
The bears have taken control in today’s trading session, as evidenced by the decrease in the global market cap. The total cap currently stands at $2.22 trillion, reflecting a 0.43% decline in the last 24 hours. However, the trading volume has increased by 2% during the same period, reaching $69.1 billion.
Bitcoin Price Analysis
Bitcoin ($BTC) has failed to make any gains today, as indicated by its price movements. A detailed analysis reveals that Bitcoin is trading within a sideways range, consolidating near the middle of the Bollinger Bands. This suggests indecision in the market, with resistance at the upper band and support at the lower band.
Furthermore, the Volume Oscillator is currently negative, indicating a decrease in volume and a potential lack of momentum. As of now, Bitcoin is trading at $63,389, experiencing a slight 0.15% decrease in the last 24 hours.
Ethereum Price Analysis
Similarly, Ethereum ($ETH) is not among the gainers in today’s session, based on its price movements. Upon closer examination, Ethereum shows a mild uptrend, with the price trading above the Alligator lines, indicating a bullish continuation. The support above the Alligator lines suggests ongoing buying strength.
However, the RSI is around 67, signaling that Ethereum is approaching overbought territory. Despite this, there is still some room for further upside. If the RSI moves further into overbought levels, a potential retracement may occur, leading to profit-taking. Ethereum is currently trading at $2,644, experiencing a minor 0.1% decrease in the last 24 hours.
Celestia Price Analysis
Celestia ($TIA) stands out as one of the top gainers in today’s session, according to its price movements. A detailed analysis reveals a strong uptrend for Celestia, marked by a breakout above a descending channel pattern. However, it is currently retracing, as indicated by the recent series of red candlestick patterns.
On the positive side, the MACD shows bullish momentum, with a positive cross above the signal line, suggesting further upward movement. The breakout above the resistance zone indicates potential for continuation, but the recent pullback might test the breakout level as support. Celestia is currently trading at $6.25, experiencing an impressive 14.7% increase in the last 24 hours.
Ronin Price Analysis
Ronin ($RON) is also among the gainers in today’s session, based on its price movements. An in-depth analysis reveals that Ronin is in a bullish phase, with the price trading above the Ichimoku Cloud and displaying strong upward momentum. The bullish breakout above the Ichimoku Cloud indicates continued strength, although potential resistance near recent highs should be monitored.
Moreover, the ADX reading is 35.91, suggesting a strong trend and significant momentum behind the recent price surge. Ronin is currently trading at $1.80, experiencing a notable 9.12% increase in the last 24 hours.
Arweave Price Analysis
Arweave ($AR) is another gainer in today’s session, based on its price movements. A detailed analysis reveals that Arweave has reversed from a downtrend, as indicated by the Supertrend turning green, signaling a buy signal.
The Awesome Oscillator is positive and rising, reflecting strong bullish momentum. Price action also shows a breakout above previous resistance levels, indicating that buyers are in control. Arweave is currently trading at $23.35, experiencing a significant 12.83% increase in the last 24 hours.