Daily Market Review: BTC, ETH, NEAR, STX, KAS
Today’s market session has bears on the front foot as seen from the drop in the global market cap. The total market cap stood at $2.35T as of press time re[resenting a 1.8% decrease over the last 24 hours while the trading volume stood at $76.67B as of the same period, representing a 1.8% decrease over the same period.
Bitcoin Price Review
Bitcoin (BTC) is still facing consolidations after the earlier pumps as seen from its minimal price movements in today’s session. Looking at an in-depth analysis, we see a recent trend of price consolidation within the Bollinger Bands, indicating a period of low volatility. The price is currently hovering around the middle band (SMA 20), suggesting a balanced market condition without strong bullish or bearish momentum.
On the other hand, looking at other indicators, we see the Average Directional Index (ADX) is around 31, which indicates a moderate trend strength. Since the value is above 25, it suggests that the current trend is somewhat significant, but a decline in ADX also signals weakening momentum. As of press time, the Bitcoin price stood at $63,477, representing a minor 0.5% jump from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) is also facing consolidations in today’s session as also seen from its price movements in today’s session. Analysing Ethereum price charts, we see that the current Ethereum price action is below the Supertrend line, indicating a bearish phase.
On the other hand, the Commodity Channel Index (CCI) is oscillating around the zero line, which reflects a lack of strong momentum and suggests the market is in a state of equilibrium. As of press time, the Ethereum price stood at $3,062, representing a minor 0.03% drop from its previous 24-hour price.
NEAR Protocol Price Review
NEAR Protocol (NEAR) is among the gainers today as seen from its price action. Analysing NEAR Protocol price charts we see that the NEAR Protocol displays a recent uptrend with the price action remaining consistently above the three moving averages (simple, exponential, and weighted), which indicates a bullish sentiment.
On the other hand, the Woodies CCI shows a downtrend, which contradicts the price trend, suggesting potential divergence and a possible upcoming correction. As of press time, the NEAR Protocol price stood at $7.38, representing a minor 2.77% pump from its previous 24-hour price.
Stacks Price Review
Stacks (STX) is also among the gainers today as seen from its price movements as well. Looking at an in-depth analysis, we see that the Stacks price action for Stacks is below the Ichimoku Cloud, indicating a bearish trend. Recent price actions have been range-bound and struggled to break above the Cloud.
On the other hand, the Awesome Oscillator (AO) shows diminishing red bars, indicating that the bearish momentum is losing strength. As of press time, the Stacks price stood at $2.25, representing a minor 2.16% jump from its previous 24-hour price.
Kaspa Price Review
Kaspa (KAS) is also another gainer in today’s session as seen from its price movements. Analysing Kaspa price charts, we see that Kaspa has been moving within an ascending channel, with recent price action testing the channel’s lower boundary. This suggests a potential bounce-back from the support level.
On the other hand, looking at other indicators, we see that the Volume Oscillator is negative, indicating lower trading volume on up moves, which can be a concern for the sustainability of the current uptrend. As of press time, the Kaspa price stood at $0.1144, representing a 4.3% jump from its previous 24-hour price.
