Daily Market Review: BTC, ETH, ENA, LDO, TRX
Markets are still in consolidation in today’s session as seen from the global market cap movement. The total market cap stood at $2.33T as of press time, representing a 0.68% decrease over the last 24 hours while the trading volume dropped by 9.9% over the same period to stand at $63.64B.
Bitcoin Price Review
Bitcoin (BTC) is facing consolidations still, as eviedenced by its price movements in today’s session. Looking at an in-depth analysis, we see that there is a “Falling Wedge” formation, which is typically a bullish reversal pattern. This suggests that if the price breaks out upward from the wedge, a bullish move could follow.
On the other hand, looking at other indicators,we see that the RSI (Relative Strength Index) is around 54, indicating neither overbought nor oversold conditions, suggesting that there could be room for either direction depending on market dynamics. As of press time, the Bitcoin price stood at $62,462, representing a 1.9% drop from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) is also in a consolidation phase today as evidenced by its price movements. Analysing Ethereum price charts, we see that the chart shows a recent bearish trend with a breakdown below the middle band of the Bollinger Bands and a descending SMA (Simple Moving Average).
On the other hand, looking at other indicators, we see the AO (Awesome Oscillator) indicates decreasing momentum with recent bars being red and less tall. As of press time, the Ethereum price stood at $3,014, representing a 1.72% drop from its previous 24-hour price.
Ethena Price Review
Despite the consolidations, Ethena (ENA) has appeared among the day’s top gainers as evidenced by its price movements. Looking at an in-depth analysis, we see that Ethana is trading in a range with a slight bearish inclination as indicated by the red SuperTrend.
Looking at other indicators, we see the MFI (Money Flow Index) is at 62, suggesting a moderate buying pressure. As of press time, the Ethena price stood at $0.8939, representing a 1.55% pump from its previous 24-hour price.
Lido DAO Price Review
Lido DAO (LDO) is also another gainer in today’s session as seen from its price movements. Analysing Lido DAO price charts, we see that LDO is showing consolidation with mixed signals. The Lido DAO price is oscillating around the Alligator moving averages.
On the flip side, we see that the ADX (Average Directional Index) at 15.55 indicates a very weak trend, suggesting the market is currently without strong directional momentum. As of press time, the Lido DAO price stood at $1.99, representing a 3.15% jump from its previous 24-hour price.
Tron Price Review
Tron (TRX) is also another gainetr in today’s session as evidenced by its price movements. Looking at an in-depth analysis of Tron price charts, we see that TRON is exhibiting a range-bound trend within the Ichimoku cloud, suggesting a period of uncertainty with mixed signals.
Looking at other indicators, we see the MFI is at 59, close to indicating overbought conditions, which may lead to a pullback. As of press time, the Tron price stood at $0.1215, representing a 2.35% jump from its previous 24-hour price.
