Bulls Take Control as Global Market Cap Rises
The bulls have regained control in today’s trading session, evident from the rise in the global market cap. As of now, the total cap stands at $2.22 trillion, reflecting a 0.74% increase in the last 24 hours. Additionally, the trading volume has jumped by 55% over the same period, reaching $69.32 billion.
Bitcoin Price Analysis
Bitcoin ($BTC) has recorded gains in today’s session, as observed from its price movements. Taking a closer look, Bitcoin’s price is currently within the Bollinger Bands, indicating moderate volatility. The recent rejection at the upper band suggests a potential pullback or consolidation.
The MACD has experienced a bearish crossover, signaling a possible downward momentum. Moreover, the decreasing histogram supports the bearish outlook. Bitcoin is currently trading at $63,499, showing a 0.81% increase in the last 24 hours.
Ethereum Price Analysis
Ethereum ($ETH) has also seen gains in today’s session, reflected in its price movements. A detailed analysis reveals that Ethereum is exhibiting bullish momentum, as indicated by the alignment of the Alligator indicator, with the green line positioned above the red and blue lines. The MFI is around 65, suggesting the presence of buying pressure without reaching overbought levels.
After touching the Alligator’s upper line, the price has slightly pulled back, signaling a minor correction before potentially continuing the upward trend. Ethereum is currently trading at $2,646, representing a 2.14% increase in the last 24 hours.
Bittorent Price Analysis
Bittorent ($BTT) has not managed to post gains in today’s session, evident from its price movements. A detailed analysis shows that BTT is trading near the cloud with mixed signals. The price is oscillating around the Tenkan-sen and Kijun-sen lines, indicating market indecisiveness.
With the price hovering around the cloud’s resistance, it is evident that bulls and bears are engaged in a battle for control. The Volume Oscillator indicates declining volume, suggesting weakening momentum. Bittorent is currently trading at $0.069148, showing a 0.44% increase in the last 24 hours.
ImmutableX Price Analysis
Immutable ($IMX) is also among the gainers in today’s session, as observed from its price movements. A thorough analysis reveals that IMX is in a strong uptrend, with the price trading above the Supertrend line, confirming a bullish bias. The Awesome Oscillator indicates strong upward momentum with increasing green bars.
Although the Immutable price has reached a new high, it may encounter resistance as it approaches the next round number. Immutable is currently trading at $1.82, reflecting a 0.44% increase in the last 24 hours.
Render Price Analysis
Render ($RNDR) is also experiencing gains in today’s session, evident from its price movements. A detailed analysis shows that Render is in a bullish channel, as indicated by the Pitchfork tool, with the price currently near the upper line of the channel, suggesting a possible overextension.
The ADX is rising above 37, indicating strong trend strength. However, if profit-taking occurs, a pullback towards the midline of the Pitchfork could be expected. Render is currently trading at $6.22, showing a 10.3% increase in the last 24 hours.
