Daily Market Review: BTC, ETH, AXL, OP, WIF
Bears are still in control of today’s session as evidenced by the drop in the global market cap. The total cap stood at $2.15T as of press time, representing a 2.36% drop over the period while the trading volume stood at 105.0B during the same period, representing a 19.41% increase over the last 24 hours.
Bitcoin Price Review
Bitcoin (BTC) is facing a bear session today as evidenced by its price movements. An in-depth analysis shows that Bitcoin is showing a significant downtrend as indicated by the price consistently trading below both the 20-period SMA (blue line) and the Bollinger Bands’ middle line (green line). The recent sharp decline is accompanied by increased selling volume, suggesting strong bearish momentum.
The widening of the bands during the recent drop indicates increased market volatility. The price touching the lower band indicates oversold conditions, potentially signaling a short-term reversal or pullback. The RSI is near 30, often considered an oversold territory that might attract buying interest. As of press time, the Bitcoin price stood at $57,553, representing a 3.4% drop from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) is also experiencing bear activity in today’s session, as evidenced by its price movements. Analysing Ethereum price charts, we see that the price is below the super trend indicator, which indicates some bear action.
On the other hand, looking at technical indicators, we see the Awesome Oscillator, a momentum indicator, which suggests waning bear momentum as seen from the shift of its bar from red to green as they head towards the zero line. As of press time, the Ethereum price stood at $2,913, representing a 1.2% drop from its previous 24-hour price.
Axelar Price Review
Axelar (AXL) is today’s top gainer as evidenced by its price movements in today’s session. Looking at an in-depth analysis of Axelar price charts, we see that the Axelar price crosses above all three moving averages (red, green, and blue lines) of the Williams Alligator, indicating a positive momentum shift. Traders might look for these averages to hold as support in a pullback.
On the other hand, the RSI is trending upwards and is near the 60 level, suggesting growing bullish momentum without being overbought. As of press time, the Axelar price stood at $1.19, representing an 11.48% jump from its previous 24-hour price.
Optimism Price Review
Optimism (OP) is another gainer in today’s session as evidenced by its price movements. Looking at an in-depth analysis, we see that the Optimism price is currently at the upper boundary of the Ichimoku cloud. A breakout above the cloud could confirm a bullish trend while staying within or below the cloud might indicate continued consolidation or bearish sentiment.
On the other hand, the MACD line (blue) is above the signal line (orange) and above zero, indicating a bullish momentum, though not strongly as the histogram shows minimal height. As of press time, the Optimism price stood at $2.71, representing a 9.9% jump from its previous 24-hour price.
Dogwifhat Price Review
As seen from the price action, Dogwifhat (WIF) is another gainer in today’s session. Analysing Dogwifhat price charts, we see that the price is moving within an upward-sloping channel suggesting that if the price remains within the channel, it might continue its recovery.
On the other hand, the ADX is quite low, around 15, indicating a weak trend strength, which suggests that the price movement might not have strong directional momentum. As of press time, the Dogwifhat price stood at $2.59, representing a 9.01% jump from its previous 24-hour price.
