Bulls remain inactive in today’s trading session, as observed from their price movements. At the time of writing, the global market cap stands at $2.61 trillion, marking a 7.8% surge over the past 24 hours. Additionally, the trading volume has also experienced a significant jump of 131% during the same period, reaching $134.7 billion.
Bitcoin (BTC) has made a remarkable recovery today, surpassing $71,000. A detailed analysis reveals that the recent price movement of Bitcoin has successfully broken through the upper Bollinger Band, indicating a breakout and suggesting a continuation of the bullish trend.
However, the Relative Strength Index (RSI) currently sits at 80.56, which indicates that the market is overbought. While this signifies strong buying pressure, it also suggests the possibility of a pullback or consolidation as traders may look to take profits. As of now, the Bitcoin price stands at $71,203, reflecting a 7.05% increase compared to the previous 24 hours.
In today’s session, Ethereum (ETH) is also one of the top gainers, evident from its price movements. A closer look at the 4-hour chart, utilizing the Ichimoku Cloud and Woodies CCI, shows that Ethereum has broken above the Ichimoku Cloud, signaling a strong bullish trend. The Woodies CCI is also at a high level, indicating strong positive momentum.
The movement above the Cloud confirms a solid bullish phase, with the Cloud potentially providing support during pullbacks. However, the high CCI suggests the possibility of overbought conditions, indicating the likelihood of a short-term correction before the uptrend resumes. As of now, the Ethereum price stands at $3,660, reflecting an 18.8% increase compared to the previous 24 hours.
Lido DAO (LDO) is another top gainer in today’s session, evident from its price movements. A detailed analysis reveals that Lido DAO has experienced a significant bullish spike, breaking above the upper boundary of the Ichimoku Cloud. This typically indicates a bullish trend reversal or a solid upward momentum.
Furthermore, the rising ADX line suggests an increase in trend strength. At present, the Lido DAO price stands at $2.29, reflecting a 32.3% increase compared to the previous 24 hours.
Pyth Network (PYTH) is also actively participating in today’s session, as indicated by its price movements. A comprehensive analysis of the Alligator Indicator on Pyth Network’s chart shows an uptrend, with prices surpassing all three Alligator lines (Jaw, Teeth, and Lips), indicating a bullish phase.
Moreover, the Awesome Oscillator displays green bars, further supporting the bullish momentum. As of now, the Pyth Network price stands at $0.483, reflecting a 23.95% increase compared to the previous 24 hours.
Ethena (ENA) is also among the top gainers in today’s session, evident from its price movements. An in-depth analysis reveals that the Ethena price is nearing the upper boundary of a recent uptrend within a descending pitchfork.
Additionally, the volume oscillator indicates increasing volume during upward movements, suggesting buying interest. However, the proximity to the upper boundary of the pitchfork may result in resistance and potential pullbacks. At present, the Ethena price stands at $0.8479, reflecting a 19.2% increase compared to the previous 24 hours.
