Bulls Remain Dominant in Today’s Market Session as Global Market Cap Drops
The global market cap has experienced a significant drop, indicating that bulls are still in control of today’s market session. At the time of writing, the total market cap stood at $2.11 trillion, reflecting a 1.29% increase in the last 24 hours. However, the trading volume during this period has decreased by 33.06% and currently stands at $54.43 billion.
Bitcoin Price Analysis
Today, Bitcoin (BTC) has not shown any positive gains in its price movements. The cryptocurrency’s price is currently trading near the lower Bollinger Band, suggesting that it may be experiencing oversold conditions. The wide bands also indicate 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 points to a bearish market. As of now, Bitcoin is trading at $57,716, representing a 2.69% increase over the last 24 hours.
Ethereum Price Analysis
Similar to Bitcoin, Ethereum (ETH) has also not seen any gains in today’s session. However, a closer analysis reveals that the Alligator lines are intertwined, indicating a consolidation phase in the market. The Ethereum price is currently below the Alligator’s teeth (red line), suggesting a bearish trend.
Moreover, 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) has experienced significant losses in today’s session. A detailed analysis reveals a double bottom pattern, which suggests a potential reversal in the market. If the pattern completes, the target price is expected to be significantly higher, indicating a bullish outlook.
However, the Woodies CCI shows extremely negative values, indicating strong bearish momentum. At present, Pepe is trading at $0.00000836, reflecting an 8.2% decrease in the last 24 hours.
Dogwifhat Price Analysis
Dogwifhat (WIF) has also suffered considerable losses in today’s session. A thorough analysis indicates that the Dogwifhat price is below the Ichimoku Cloud, indicating a bearish trend. The leading span lines also show a bearish outlook, with potential resistance shown in the future cloud.
On the other hand, the volume oscillator suggests an increase in trading volume during recent price movements, indicating stronger participation in the current trend. Currently, Dogwifhat is trading at $1.67, reflecting an 8.94% decrease in the last 24 hours.
Ethena Price Analysis
Ethena (ENA) has also failed to generate any gains in today’s session. A detailed analysis reveals that the Supertrend indicator is bearish (red) and acts as a resistance level. The Ethena price remains 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. Currently, Ethena is trading at $0.3663, reflecting an 8.69% decrease in the last 24 hours.
