The current session is dominated by bearish sentiment, as evidenced by the decrease in the global market cap due to market corrections following recent pumps. The total market cap currently stands at $2.89 trillion, indicating a 3.88% increase in the last 24 hours. However, the trading volume has dropped by 1.4% during the same period, amounting to $309.56 billion.
Bitcoin, represented by the symbol $BTC, is also experiencing corrections in today’s session, as reflected in its price movements. A detailed analysis of the 1-hour timeframe chart reveals the presence of 50, 100, and 200-period Simple Moving Averages (SMAs). The current trading position of BTC shows that it is trading above the 50 SMA (yellow), indicating a short-term bullish momentum. The 100 SMA (green) and 200 SMA (blue) are positioned lower, suggesting an overall medium to long-term bullish momentum.
However, the Volume Oscillator shows a lower than average reading with a negative percentage of -8.64%. This indicates weaker buying pressure during an uptrend. As of press time, Bitcoin is trading at $87,528, representing a 2.08% decrease in the last 24 hours.
Ethereum, denoted by $ETH, is also undergoing corrections in today’s session, as observed from its price movements. A detailed analysis of the chart reveals the use of Bollinger Bands with a 20-period SMA, indicating volatility and potential overbought/oversold conditions. Recently, ETH reached the upper band near 3,341, indicating an overbought state and leading to the current pullback.
On the other hand, the Average Directional Index (ADX) stands at 27.26, indicating a moderately strong trend. However, the declining trend of the ADX suggests a potential loss of momentum in the current uptrend. Ethereum is currently trading at $3,161, representing a 6.26% decrease in the last 24 hours.
Peanut the Squirrel, represented by $PNUT, is one of the gainers in today’s session, as evidenced by its price movements. An in-depth analysis of the 1-hour chart shows a buy signal indicated by the green area on the Supertrend, suggesting a bullish trend. PNUT has experienced a significant surge, surpassing recent resistance levels and showing a strong upward momentum.
However, the Volume Oscillator indicates a very low reading of 0.26%, suggesting that the recent surge lacks strong support from trading volume. Low volume may lead to a quick reversal if there is insufficient buying interest. As of press time, Peanut the Squirrel is trading at $0.9364, representing a 93.27% increase in the last 24 hours.
Ripple, denoted by $XRP, is also among the gainers in today’s session, as seen from its price movements. An in-depth analysis of the chart indicates that the price is trading near the Kumo (cloud), and the green Tenkan-sen line is above the red Kijun-sen line, suggesting a potential bullish crossover. However, the recent pullback into the cloud area indicates some indecision and the possibility of consolidation.
On the other hand, the ADX stands at 34.52, indicating a relatively strong trend. However, the declining trend of the ADX suggests a weakening trend strength. Ripple is currently trading at $0.6586, representing a 6.68% increase in the last 24 hours.
Stellar, represented by $XLM, is also among the gainers in today’s session, as observed from its price movements. An in-depth analysis of the chart shows that the Alligator lines (jaw, teeth, and lips) are converging after a recent expansion, suggesting a potential slowing in the uptrend and a possible phase of consolidation or reversal.
On the other hand, the Money Flow Index (MFI) stands at 59.32, close to the overbought threshold of 80. This level indicates a decrease in buying pressure, and a pullback may be imminent if the index continues to decline. Stellar is currently trading at $0.1256, representing a 3.61% increase in the last 24 hours.
