Today’s trading session has been marked by a bearish trend, evident from the decrease in the global market cap. The total market cap experienced a 1.06% decline over the past 24 hours, resting at $2.26 billion. Concurrently, the trading volume stood at $4.46 billion during the same period, reflecting a notable 6.5% drop.
Bitcoin Price Analysis
Bitcoin (BTC) failed to demonstrate any positive momentum in today’s session, a conclusion deduced from its price movements. A thorough evaluation of its chart indicates a “double top” pattern, serving as a bearish reversal indicator. This pattern, denoted by two sequential peaks (Top 1 and Top 2) at nearly the same price level, separated by a trough, suggests potential downward pressure once the price breaches below the trough level. The Money Flow Index (MFI) reveals a trend towards the center, pointing to a neutral market sentiment at this stage. At the time of reporting, Bitcoin was being traded at $60,852, marking a 0.96% decrease over the preceding 24 hours.
[Bitcoin 4-hour BTC/USD Chart]
Source: TradingView
Ethereum Price Analysis
Ethereum (ETH) also didn’t show any signs of positive movement in the current trading session as depicted through its price actions. A comprehensive analysis of Ethereum’s chart portrays a “rising wedge” pattern, a bearish trend characterized by converging upward-sloping trend lines, hinting at a potential downside breakout. Additionally, the Awesome Oscillator (AO) indicates a decline in momentum, aligning with the anticipated resolution of the rising wedge. At the time of reporting, Ethereum was traded at $3,389, marking a 1.3% decrease in the last 24 hours.
[Ethereum 4-hour ETH/USD Chart]
Source: TradingView
Quant Price Analysis
Quant (QNT) stands out as one of the gainers in today’s session, evident from its price movements. A detailed examination of the Quant chart doesn’t demonstrate a distinct price pattern as seen in the previous charts. However, it exhibits substantial volatility with recent bullish momentum showcased by a sharp rise followed by a subsequent price correction. Meanwhile, the Relative Strength Index (RSI) nears the midline, indicating neither overbought nor oversold conditions. The price marginally falls below the 20-period Simple Moving Average (SMA), indicating a potential resistance level. At the time of reporting, Quant was traded at $77.70, reflecting a 3.2% increase over the preceding 24 hours.
[Quant 4-hour QNT/USDT Chart]
Source: TradingView
VeChain Price Analysis
VeChain (VET) also emerges as one of the gainers in today’s session, apparent from its price movements. Upon an in-depth review, its chart does not exhibit a conventional pattern but portrays a consolidation phase with recent mild bullish momentum evident as the price moves above the moving averages. Conversely, the Moving Average Convergence Divergence (MACD) displays a bullish crossover, supporting the recent price uptick, possibly indicating a continuation of the bullish trend. At the time of reporting, VeChain was traded at $0.02671, reflecting a 1.7% increase over the last 24 hours.
[VeChain 4-hour VET/USD Chart]
Source: TradingView
Cardano Price Analysis
Cardano (ADA) also experiences gains today, evident from its price movements. Upon closer analysis, the Cardano chart features the Ichimoku Cloud, illustrating price interaction around the cloud, signaling a phase of consolidation or indecision. Additionally, the Woodies Commodity Channel Index (CCI) demonstrates readings fluctuating around the zero line, indicating a lack of strong momentum in either direction. At the time of reporting, Cardano was traded at $0.395, reflecting a 1.89% increase over the preceding 24 hours.
[Cardano 4-hour ADA/USDT Chart]
Source: TradingView
