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Wednesday, July 24, 2024
EthereumDaily Market Analysis Bitcoin Ethereum DAO Jasmy and Shiba Inu

Daily Market Analysis Bitcoin Ethereum DAO Jasmy and Shiba Inu

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In today’s financial landscape, the bulls have made a comeback, as evidenced by the surge in the global market cap. Currently, the total market cap is valued at $2.08 trillion, marking a 5.18% increase in the past day. Conversely, the trading volume has seen a dip, now at $89.3 billion, which is a 26.77% decline from the previous day.

**Bitcoin Price Analysis**
Bitcoin (BTC) stands out as a winner in the current market session. A closer look reveals that Bitcoin’s price is gravitating towards the upper band, hinting at a possible shift away from the recent downtrend. The bands’ convergence points to a reduction in volatility. Surpassing the 20-day Simple Moving Average (SMA) is often seen as a bullish indicator. Should this trend persist, it could signal a transition to a bullish phase.
However, the Money Flow Index (MFI) is at 59.14, approaching the overbought zone (above 80), suggesting a potential for continued upward movement, albeit with caution for a potential retracement. At the moment, Bitcoin is trading at $57,834, up 2% in the last 24 hours.

4-hour BTC/USD Chart | Source: TradingView

**Ethereum Price Analysis**
Ethereum (ETH) also joins the list of gainers today, as its price action indicates. Detailed analysis shows that the Alligator indicator lines are converging following a downtrend, signaling a potential reversal if the price crosses above the teeth (red line).
Additionally, the Awesome Oscillator (AO) histogram bars are turning green and growing, indicating an increasing bullish momentum, in line with the potential reversal suggested by the Alligator. Ethereum is currently trading at $3,053, up 1.96% since yesterday.

4-hour ETH/USD Chart | Source: TradingView

**Core DAO Price Analysis**
Core DAO (CORE) emerges as the top performer of the day. A thorough examination reveals that the Core DAO price has breached the supertrend resistance, signaling a buying opportunity. This could indicate a shift from a bearish to a bullish trend.
Moreover, the Woodies CCI stands above 100, signifying robust bullish momentum. A reading above 100 typically indicates a strong uptrend. Core DAO is trading at $1.09, marking a substantial 23.46% rise in the last 24 hours.

4-hour CORE/USDT Chart | Source: TradingView

**JasmyCoin Price Analysis**
JasmyCoin (JASMY) is also experiencing gains today. A detailed analysis indicates that JasmyCoin’s price is nearing cloud resistance, and a break above could suggest a bullish reversal. The Ichimoku Cloud’s leading span A and B lines are nearing each other, implying a potential end to the downtrend.
However, the volume oscillator presents a slightly negative value, suggesting that the recent price increases are occurring on lower volumes, potentially indicating a less robust bullish trend. Currently, JasmyCoin is priced at $0.02461, up 23.46% in the last day.

4-hour JASMY/USDT Chart | Source: TradingView

**Shiba Inu Price Analysis**
Shiba Inu (SHIB) is among today’s gainers, as indicated by its price trajectory. An in-depth look shows that Shiba Inu’s price has surged past the pitchfork’s upper boundary, suggesting a bullish trend. This breakout could pave the way for further upward movement.
Concurrently, the Average Directional Index (ADX) indicates a strong trend, with a reading above 25 confirming the strength of the current bullish trend, corroborating the bullish breakout observed in the pitchfork analysis. Shiba Inu is currently trading at $0.00001692, enjoying a 16.19% increase since the last day.

4-hour SHIB/USD Chart | Source: TradingView

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