Bears have taken control of the market today, causing a significant drop in the global market cap. Currently, the total cap stands at $2.25 trillion, marking a 4.2% decrease in the last 24 hours. Simultaneously, the trading volume has surged to $69.7 billion, experiencing a 124.7% increase over the same period.
Bitcoin (BTC) has failed to generate any gains in today’s trading session. A thorough analysis reveals that the Supertrend indicator is displaying a red signal, indicating a bearish trend. Moreover, the price has consistently remained below the Supertrend line, further solidifying the bearish sentiment. However, the Relative Strength Index (RSI) suggests potential buying opportunities if the price manages to reverse. Currently, Bitcoin is trading at $61,167, reflecting a 4.8% decrease in the last 24 hours.
Similarly, Ethereum (ETH) is also not performing positively in today’s session, as evident from its price movements. An in-depth analysis shows that the Ethereum price has breached the lower Bollinger Band, indicating high volatility and the possibility of a reversal. Conversely, the Average Directional Index (ADX) is above 25, suggesting a strong bearish trend. At press time, Ethereum is being traded at $3,302, reflecting a 5.2% decrease in the last 24 hours.
Ripple (XRP) has also failed to generate any gains in today’s session, as indicated by its price movements. A detailed analysis reveals that the Ripple price is currently below the Ichimoku Cloud, suggesting a bearish trend. Furthermore, the cloud itself is displaying a red signal, further supporting the bearish sentiment. Moreover, the Woodies Commodity Channel Index (CCI) is showing negative values, indicating a bearish momentum. Presently, Ripple is being traded at $0.4798, reflecting a 0.73% decrease in the last 24 hours.
Similarly, Immutable (IMX) is not experiencing any gains in today’s session. A thorough analysis of ImmutableX shows that the Alligator indicator displays an opening mouth downward, suggesting a bearish trend. Additionally, the Volume Oscillator indicates low values, signifying a decrease in trading volume. At press time, Immutable is being traded at $1.47, reflecting a 3.4% decrease in the last 24 hours.
Lastly, BakeryToken (BAKE) is another cryptocurrency that is suffering losses in today’s session. An in-depth analysis of BakeryToken price charts reveals that the price has broken below the lower line of the Pitchfork, indicating a strong bearish trend. However, other indicators suggest potential buying opportunities if the price manages to reverse. For instance, the RSI is currently in the oversold region. At press time, BakeryToken is being traded at $0.2797, reflecting a 19.82% decrease in the last 24 hours.
