The bears are dominating today’s trading session, as evidenced by the decline in the global market cap as markets correct themselves after recent increases. As of press time, the total market cap stood at $2.89 trillion, representing a 3.88% increase over the past 24 hours. However, the trading volume dropped 1.4% during the same period to reach $309.56 billion.
Bitcoin, denoted as $BTC, is experiencing corrections in today’s session, as indicated by its price movements. A detailed analysis reveals that the 1-hour timeframe chart includes three Simple Moving Averages (SMAs) – the 50-period SMA (yellow), the 100-period SMA (green), and the 200-period SMA (blue). Currently, BTC is trading above the 50 SMA, suggesting short-term bullish momentum. The 100 SMA and 200 SMA are located below, indicating overall medium to long-term bullish momentum. However, the Volume Oscillator shows lower than average volume, with a negative percentage (-8.64%). This could suggest weakening buying pressure. Bitcoin traded at $87,528 as of press time, representing a 2.08% decrease over the past 24 hours.
Ethereum, denoted as $ETH, is also undergoing corrections in today’s session, as evidenced by its price movements. An in-depth analysis reveals that the chart utilizes Bollinger Bands with a 20-period SMA, reflecting volatility and potential overbought/oversold conditions. Recently, ETH touched the upper band near 3,341, indicating an overbought situation, leading to the recent pullback. The Average Directional Index (ADX) stands at 27.26, suggesting a moderately strong trend. However, the ADX line is trending downwards, indicating a potential loss of momentum in the current uptrend. Ethereum traded at $3,161 as of press time, representing a 6.26% decrease over the past 24 hours.
Peanut the Squirrel, denoted as $PNUT, is one of the gainers in today’s session, as seen from its price movements. A comprehensive analysis reveals that the Supertrend on the 1-hour chart shows a buy signal with a green area, indicating a bullish trend. PNUT has experienced a significant surge, surpassing recent resistance levels and displaying a strong upward momentum. However, the Volume Oscillator is at a very low level of 0.26%, suggesting that the recent surge lacks strong support from volume. Low volume could result in a quick reversal if there is insufficient buying interest. Peanut the Squirrel traded at $0.9364 as of press time, representing a 93.27% increase over the past 24 hours.
Ripple, denoted as $XRP, is also one of the gainers in today’s session, as indicated by its price movements. An in-depth analysis reveals that the price is trading near the Kumo (cloud), and the green Tenkan-sen line is above the red Kijun-sen line, suggesting a potential bullish crossover. However, the recent pullback into the cloud area indicates some indecision and potential consolidation. The ADX stands at 34.52, indicating a relatively strong trend. However, the declining ADX suggests that the trend strength may be weakening. Ripple traded at $0.6586 as of press time, representing a 6.68% increase over the past 24 hours.
Stellar, denoted as $XLM, is also one of the gainers in today’s session, as seen from its price movements. A detailed analysis reveals that the Alligator lines (jaw, teeth, and lips) are converging after a recent expansion, suggesting a potential slowdown in the uptrend and a possible phase of consolidation or reversal. On the other hand, the Money Flow Index (MFI) stands at 59.32, close to the overbought threshold of 80. This level indicates that buying pressure is diminishing, and a pullback may occur if the index continues to decline. Stellar traded at $0.1256 as of press time, representing a 3.61% increase over the past 24 hours.
