Today’s market session is dominated by bears, as evidenced by the drop in global market cap. As of press time, the total cap stands at $2.5 trillion, reflecting a 3.4% decrease in the last 24 hours. However, trading volume has increased by 54.9% during the same period, reaching $146 billion.
Despite the approval of Ethereum ETFs, Ethereum’s price movements indicate ongoing bearish actions in today’s session. A detailed analysis reveals that the Ethereum price is currently below the Ichimoku Cloud, suggesting a bearish outlook in the short term. A potential bullish reversal could occur if the price moves above the Cloud.
Meanwhile, the MFI stands at 32.53, indicating that Ethereum is neither oversold nor overbought at this level. As of press time, the Ethereum price is $3,693, representing a 2.9% decline in valuation over the past 24 hours.
Dogecoin (DOGE), on the other hand, is experiencing gains despite the bearish trend. Price movements show that Dogecoin’s price briefly touched the upper Bollinger Band before retracing slightly, indicating volatility. Prices near the upper band often suggest overbought levels. Additionally, the Awesome Oscillator displays a green bar, indicating a bullish momentum as the price rebounds. As of press time, the Dogecoin price is $0.1644, reflecting a 2.19% increase in valuation over the last 24 hours.
THORChain (RUNE) is also seeing gains in today’s session. An analysis of THORChain’s price charts reveals that the Supertrend indicator has turned green, indicating the start of a bullish trend. The Woodies CCI, however, remains neutral, suggesting that the price is neither overbought nor oversold. As of press time, the THORChain price is $6.56, reflecting a 4.8% increase in valuation over the past 24 hours.
Ondo (ONDO) is another cryptocurrency experiencing gains in today’s session. A detailed analysis shows that the Alligator’s lines are intertwined, suggesting a lack of clear direction or a consolidation phase. Meanwhile, the Average Directional Index (ADX) is at 31.92, signifying a moderately strong trend. However, the lack of clear direction from the Alligator suggests cautious trading. As of press time, the ONDO price is $1.10, representing a 14.05% increase in valuation over the last 24 hours.
Algorand (ALGO) is also among the gainers in today’s session. An analysis reveals that the Algorand price is trading within the upper half of the pitchfork, indicating a bullish bias. However, resistance becomes apparent as the price approaches the upper boundary. The RSI is at 59.13, near the mid-range, suggesting some bullish momentum but not yet reaching overbought levels. As of press time, the Algorand price is $0.186, reflecting a 3.9% increase in valuation over the past 24 hours.
