Market Bulls Dominate as Global Market Cap Rises
Today’s market session continues to favor the bulls, as evidenced by the increase in global market cap. At the time of writing, the total market cap stands at $2.31 trillion, reflecting a 2.3% surge in the past 24 hours. However, the trading volume has experienced a significant decline, standing at $58.02 billion during the same period, marking a 58% decrease.
Bitcoin Price Analysis
Bitcoin (BTC) is one of the cryptocurrencies experiencing gains in today’s session, as indicated by its price movements. A closer examination reveals that the Bitcoin price has breached the lower Bollinger Band, indicating heightened volatility and a potential for further decline. The widening of the bands suggests that the volatility may persist.
Furthermore, the Awesome Oscillator shows bearish momentum, with red bars below the zero line. This supports the observed bearish trend in the price action. As of now, Bitcoin is trading at $57,772, representing a 2.33% increase in the last 24 hours.
Ethereum Price Analysis
Ethereum (ETH) is also recording gains in today’s session, as evident from its price movements. Upon closer analysis, the Alligator lines are intertwined, suggesting a lack of a clear trend. This typically indicates a consolidation phase or the beginning of a new trend.
Additionally, the Money Flow Index hovers around the 50 level, indicating neutral momentum. It is neither overbought nor oversold. At present, Ethereum is trading at $3,034, reflecting a 1.9% increase over the past 24 hours.
Notcoin Price Analysis
Notcoin (NOT) emerges as one of today’s top gainers, based on its price movements. A detailed analysis reveals that the Notcoin price is below the cloud, signifying a bearish trend. The red cloud indicates an ongoing bearish pressure.
However, the Money Flow Index approaches the 25 level, nearing oversold territory. This suggests the potential for a short-term bounce. At the time of writing, Notcoin is trading at $0.01471, exhibiting a remarkable 45.12% increase in the last 24 hours.
Core DAO Price Analysis
Core DAO (DAO) is another cryptocurrency experiencing gains in today’s session, as observed from its price movements. However, upon closer analysis, the Core DAO price is in a downtrend, characterized by consistently lower highs and lows.
Moreover, the Supertrend indicator displays a sell signal (red), indicating a bearish trend. Core DAO is currently trading at $1.04, demonstrating 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, as seen from its price movements. A thorough analysis reveals that the triple bottom pattern is present, which is a bullish reversal pattern. If the price manages to break above the neckline, it could confirm the pattern and signal a new uptrend.
Furthermore, the Average Directional Index stands at 28.65, indicating a relatively strong trend. However, it does not specify the direction. Currently, Akash Network is trading at $3.82, showcasing an 11.17% increase in the last 24 hours.