Daily Market Review: BTC, ETH, SOL, OP, ARB
Today’s market session saw bulls regain control, as evidenced by its price movements. The total cap stood at $2.29T as of press time, representing a 0.94% increase over the last 24 hours. On the other hand, the trading volume has seen a 3.42% decrease over the same period.
Bitcoin Price Review
Bitcoin (BTC) is among the gainers in today’s session, as seen from its price movements. An in-depth analysis shows that Bitcoin’s price is trying to push above the middle band (SMA), suggesting potential short-term bullish action.
On the other hand, the Woodies CCI oscillates around the zero line but appears to have periods below -100, indicating oversold conditions that could lead to a potential bullish reversal. As of press time, Bitcoin traded at $61,653, representing a 0.4% increase over the last 24 hours.
Ethereum Price Review
Ethereum (ETH) is another gainer in today’s session, as seen from its price movements. In-depth analysis shows that the Ethereum price is crossing above the green line (lips), suggesting a possible beginning of an upward trend. Recent candles have moved above the Alligator’s mouth, indicating potential bullish momentum.
On the other hand, the MFI (Money Flow Index) is around 68, which is slightly below the overbought territory but indicates strong buying pressure. As of press time, Ethereum traded at $3,447, representing a 2.85% increase over the last 24 hours.
Solana Price Review
As seen from its price movements, Solana (SOL) is a gainer in today’s session. An in-depth analysis shows that the SuperTrend indicator has flipped to green, signalling a bullish trend. This indicates that the market conditions might favour buyers at this time.
On the other hand, the Money Flow Index (MFI) is hovering around 66.68, suggesting substantial buying pressure, though it is not yet in overbought territory (typically considered overbought above 80). As of press time, Solana traded at $147, representing an 8.66% increase over the last 24 hours.
Optimism Price Review
Optimism (OP) is also a gainer in today’s session, as seen from its price movements. However, an in-depth analysis shows that the Optimism price action is below the cloud, indicating bearish conditions.
On the other hand, the ADX (Average Directional Index) is around 24, suggesting a lack of strong trend and sideways movement. As of press time, Optimism traded at $1.78, representing a 2.28% increase over the last 24 hours.
Arbitrum Price Review
Arbitrum (ARB) is also among the gainers in today’s session, as seen from its price movements. In-depth analysis shows that the Arbitrum Price is within the lower half of the pitchfork, indicating that it’s in a potential downtrend or lower trading range.
On the other hand, the Arbitrum Price has been trending downwards but is stabilising in the lower pitchfork channel. As of press time, Arbitrum traded at $0.8254, representing a 2.23% increase over the last 24 hours.
