Daily Market Review: BTC, ETH, HBAR, BONK, WIF
Bulls have an edge on the markets, as evidenced by the increase in global market cap. The total cap stood at $2.46T as of press time, representing a 0.9% increase over the last 24 hours, while the trading volume jumped by 9.8% within the same period to stand at $73.21B as of press time.
Bitcoin Price Review
Bitcoin (BTC) has failed to post gains despite the bullish trend, as evidenced by its price decline today. Looking at an in-depth analysis, we notice that the chart shows resistance near the recent highs and potential support at the lower Bollinger Band. The previous *BTC* price consolidation zone may act as a support level.
On the other hand, the Bollinger Bands indicate increasing volatility. The MACD below shows bearish momentum as the MACD line is below the signal line and both are descending. As of press time, the Bitcoin price stood at $64,841, representing a 3.03% increase from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) has also not managed gains in today’s session as it also records a drop in valuation. The *ETH* price is currently at a previous resistance level, which may now act as support. The Ichimoku Cloud is below the current price, which traditionally indicates bullish sentiment. However, the sharp pullback could indicate that sentiment is changing.
Looking at other indicators, we notice that the Money Flow Index (MFI) is relatively high, suggesting that the market could be overbought. As of press time, the Ethereum price stood at $3,180, representing a 1.7% increase from its previous 24-hour price.
Hedera Price Review
Hedera (HBAR) is a gainer in today’s session as evidenced by its price movements. Looking at an in-depth analysis, we notice that previous lows on the chart could act as support levels if the price continues to fall. The Alligator indicator, consisting of three smoothed moving averages, is showing signs of convergence, which could indicate a potential end to the current trend or a period of consolidation.
On the flip side, the Woodies CCI is near the zero line, indicating that the momentum is not strongly bullish or bearish at the moment. As of press time, the Hedera price stood at $0.1231, representing a 0.01% increase from its previous 24-hour price.
Bonk Price Review
Bonk (BONK) is also another gainer in today’s session having had a remarkable run. Looking at in-depth analysis, we notice that the Auto Pitchfork tool shows potential areas of support and resistance along the median lines, with Bonk price currently testing the upper boundary.
On the other hand, the Volume Oscillator shows a recent increase in volume on up moves, which could be a bullish sign. At the time of writing, the Bonk price stood at $0.00002572, representing a 13.3% increase from its previous 24-hour price.
Dogwifhat Price Review
Dogwifhat (WIF) is also among the top gainers today as evidenced by its price movements. Looking at the Williams alligator, we notice that it seems to be spreading apart. This typically suggests that the market is in a trending phase, with the green line (the lips) on top, followed by the red line (the teeth), and the blue line (the jaw) at the bottom, supporting the uptrend signal.
On the other hand, Woodie’s Commodity Channel Index (CCI) oscillates around the zero line. Still, it is currently below it, which could indicate a potential pullback or consolidation phase within the broader uptrend. At the time of writing, the Dogwifhat price stood at $3.28, representing a 6.09% increase from its previous 24-hour price.
