Today’s trading session has been dominated by bears, as evidenced by the drop in the global market cap. The total market cap currently stands at $2.5 trillion, representing a 3.4% decrease over the past 24 hours. However, trading volume has seen a significant increase, reaching $146 billion during the same period, a 54.9% rise.
Despite the recent approval of Ethereum ETFs, the price of Ethereum continues to face bearish pressure in today’s session. A detailed analysis reveals that the Ethereum price is currently below the Ichimoku Cloud, signaling a bearish outlook in the short term. However, a move above the Cloud could indicate a potential bullish reversal.
Meanwhile, the Money Flow Index (MFI) stands at 32.53, suggesting that Ethereum is neither oversold nor overbought at its current level. As of now, the Ethereum price is $3,693, reflecting a 2.9% decrease in valuation over the past 24 hours.
In contrast to the overall bearish trend, Dogecoin (DOGE) has experienced gains today. Despite the bearish market conditions, Dogecoin’s price briefly touched the upper Bollinger Band before retracing slightly, indicating volatility. Prices near the upper band often indicate overbought levels. Additionally, the Awesome Oscillator shows a green bar, suggesting a bullish momentum as the price rebounds. The current price of Dogecoin is $0.1644, representing a 2.19% increase in value over the past 24 hours.
THORChain (RUNE) has also seen positive price movements today. An in-depth analysis of THORChain’s price charts reveals that the Supertrend indicator has turned green, indicating the start of a bullish trend. However, the Woodies CCI remains neutral, suggesting that the price is neither overbought nor oversold. As of now, the price of THORChain is $6.56, reflecting a 4.8% increase in valuation over the past 24 hours.
Ondo (ONDO) is another cryptocurrency that has gained in today’s session. A closer analysis shows that the Alligator’s lines are intertwined, indicating a lack of clear direction or a consolidation phase. On the other hand, the Average Directional Index (ADX) is at 31.92, signaling a moderately strong trend. However, the lack of clear direction from the Alligator suggests cautious trading. The current price of ONDO is $1.10, representing a 14.05% increase in value over the past 24 hours.
Lastly, Algorand (ALGO) has also experienced gains in today’s session. An in-depth analysis reveals that the Algorand price is trading within the upper half of the pitchfork, indicating a bullish bias. However, resistance is expected as the price approaches the upper boundary. The RSI stands at 59.13, near the mid-range, suggesting some bullish momentum but not yet reaching the overbought territory. Currently, the price of Algorand is $0.186, reflecting a 3.9% increase in value over the past 24 hours.
