Daily Market Review: BTC, ETH, PEPE, WIF, ENA
Today’s market session still has bulls on the front foot, as seen from the drop in the global market cap. The total cap stood at $2.11T as of press time, representing a 1.29% jump over the last 24 hours, while the trading volume stood at $54.43B as of the same period, representing a 33.06% decrease over the same period.
Bitcoin Price Review
As seen from its price movements, Bitcoin (BTC) is not a gainer in today’s session. The Bitcoin price trades near the lower Bollinger Band, indicating potential oversold conditions. The bands are relatively wide, suggesting increased volatility.
On the other hand, the Average Directional Index (ADX) value is 38.01, indicating a strong trend. Given the downtrend, this suggests a strong bearish trend. As of press time, Bitcoin traded at $57,716, representing a 2.69% increase over the last 24 hours.
Ethereum Price Review
As seen from its price movements, Ethereum (ETH) is also not a gainer in today’s session. However, an in-depth analysis shows that the Alligator lines are intertwined, suggesting the market is in a consolidation phase. The Ethereum price is currently below the Alligator’s teeth (red line), indicating a bearish trend.
On the other hand, the Average Directional Index (ADX) value is 49.51, indicating a very strong trend. Ethereum traded at $2,923 as of press time, representing a 2.66% decrease over the last 24 hours.
Pepe Price Review
Pepe (PEPE) is among the top losers in today’s session, as seen from its price movements. An in-depth analysis reveals a double bottom pattern, indicating a potential reversal pattern. The target is marked significantly higher, suggesting a bullish outlook if the pattern completes.
On the other hand, the Woodies CCI shows extremely negative values, indicating strong bearish momentum. Pepe traded at $0.00000836 as of press time, representing an 8.2% decrease over the last 24 hours.
Dogwifhat Price Review
Dogwifhat (WIF) has also lost big today, as seen from its price movements. An in-depth analysis shows that the Dogwifhat price is below the Ichimoku Cloud, indicating a bearish trend. The leading span lines are also bearish, with the future cloud showing potential resistance.
On the other hand, the volume oscillator indicates an increase in volume in recent price movements, suggesting stronger participation in the current trend. Dogwifhat traded at $1.67 as of press time, representing an 8.94% decrease over the last 24 hours.
Ethena Price Review
Ethena (ENA) has also failed to post gains in today’s session, as seen from its price movements. An in-depth analysis shows that the Supertrend indicator is bearish (red) and acts as resistance. The Ethena price is below the Supertrend line, indicating a continued bearish trend.
On the other hand, the Money Flow Index (MFI) is at 36.88, close to the oversold region but not quite there yet. This suggests the potential for further downside before a possible reversal. Ethena traded at $0.3663 as of press time, representing an 8.69% decrease over the last 24 hours.
