Market Bulls Still in Control as Global Market Cap Drops
The global market cap has experienced a decline, indicating that bulls are still dominating today’s market session. As of now, the total cap stands at $2.11 trillion, marking a 1.29% increase in the last 24 hours. However, the trading volume has decreased by 33.06% during the same period, reaching $54.43 billion.
Bitcoin Price Analysis
Bitcoin (BTC) is not showing any significant gains in today’s session, as indicated by its price movements. The current trading price of Bitcoin is close to the lower Bollinger Band, suggesting that it may be experiencing oversold conditions. The wide bands also imply increased volatility in the market.
Additionally, the Average Directional Index (ADX) value is at 38.01, indicating a strong trend. Given the current downtrend, this suggests a robust bearish trend. At press time, Bitcoin is trading at $57,716, representing a 2.69% increase in the last 24 hours.
Ethereum Price Analysis
Similar to Bitcoin, Ethereum (ETH) is also not experiencing gains in today’s session. However, a closer analysis reveals that the Alligator lines are intertwined, indicating that the market is in a consolidation phase. The Ethereum price is currently below the Alligator’s teeth (red line), suggesting a bearish trend.
On the other hand, the Average Directional Index (ADX) value is at 49.51, indicating a very strong trend. As of now, Ethereum is trading at $2,923, representing a 2.66% decrease in the last 24 hours.
Pepe Price Analysis
Pepe (PEPE) is one of the top losers in today’s session, based on its price movements. An in-depth analysis reveals a double bottom pattern, which suggests a potential reversal pattern. If the pattern completes, the target is expected to be significantly higher, indicating a bullish outlook.
However, the Woodies CCI shows extremely negative values, indicating strong bearish momentum. Currently, Pepe is trading at $0.00000836, representing an 8.2% decrease in the last 24 hours.
Dogwifhat Price Analysis
Dogwifhat (WIF) has also experienced significant losses in today’s session. A detailed analysis shows that the Dogwifhat price is below the Ichimoku Cloud, indicating a bearish trend. The leading span lines also indicate a bearish sentiment, with the future cloud potentially acting as resistance.
On the other hand, the volume oscillator suggests an increase in volume during recent price movements, indicating stronger participation in the current trend. At press time, Dogwifhat is trading at $1.67, representing an 8.94% decrease in the last 24 hours.
Ethena Price Analysis
Ethena (ENA) has also failed to show gains in today’s session. An in-depth analysis reveals that the Supertrend indicator is bearish (red) and acts as a resistance level. The Ethena price is currently below the Supertrend line, indicating a continued bearish trend.
However, the Money Flow Index (MFI) is at 36.88, close to the oversold region but not quite there yet. This suggests the potential for further downside before a possible reversal. Ethena is currently trading at $0.3663, representing an 8.69% decrease in the last 24 hours.
