In today’s trading session, bears continue to dominate the market, leading to a decrease in the global market cap in the past 24 hours. The total cap now sits at $2.43 trillion, reflecting a 4.77% decline from the previous day.
Bitcoin Price Analysis
Bitcoin (BTC) is currently experiencing a correction in its price movements. A detailed examination reveals that the cryptocurrency is facing bearish pressure, trading below both the 20 and 50 Simple Moving Averages (SMAs). The king of crypto is hovering near the lower boundary, indicating a strong bearish sentiment.
However, the Money Flow Index (MFI) stands at 24.07, signaling an oversold condition. If buyers enter the market, this could potentially lead to a reversal or a bounce. At the moment, the price of Bitcoin is $67,361, showing a slight 0.6% decrease from its price in the last 24 hours.
Ethereum Price Analysis
Ethereum (ETH) is also undergoing corrections in today’s session, evident from its price movements. Upon analyzing Ethereum’s price charts, it is apparent that the coin is currently in a bearish phase, as indicated by the Supertrend indicator being above the price line and in red.
On the other hand, the Awesome Oscillator displays a small green bar following a series of red bars, hinting at a potential weak bullish momentum or a slowdown in the bearish trend. As of now, Ethereum is priced at $3,520, marking a 0.5% drop from its value in the previous 24 hours.
Bonk Price Update
Bonk (BONK) emerges as the top performer today, with its price showing an increase during the current session. A close analysis reveals that the Ichimoku Cloud indicates a bearish trend, with the price positioned beneath the cloud, acting as a resistance level.
Moreover, the ADX stands at 29.18, pointing towards a strong trend. Despite this, the diminishing trend strength and the price being below the Ichimoku Cloud suggest a continuation of the bearish trend. At present, the price of Bonk is $0.00002844, demonstrating an 8.9% increase from its price in the previous 24 hours.
Pepe Price Update
Pepe (PEPE) is also among the top gainers in today’s trading session, as evidenced by its price movements. Upon closer examination, the Ichimoku Cloud indicates a bearish trend, with the price positioned below the cloud, which acts as a resistance level.
Similarly, the ADX stands at 29.18, indicating a strong trend. The weakening trend strength and the price below the Ichimoku Cloud suggest a continuation of the bearish trend. Presently, Pepe is priced at $0.00001293, reflecting an 8.7% increase from its value in the last 24 hours.
Stacks Price Update
Stacks (STX) is another cryptocurrency showing gains in today’s session, with its price movements on the rise. An in-depth analysis reveals that the Stacks price is following a bearish trend within the Auto Pitchfork, indicating a downward channel. The recent price action remains in the lower half of the channel, indicating a bearish outlook.
Additionally, the Woodies CCI is below the zero line, further confirming the bearish momentum in the pitchfork analysis. Currently, the price of Stacks stands at $2.16, showing a 3.16% increase from its value in the previous 24 hours.
