Daily Market Review: BTC, ETH, XMR, XRP, FLR
The bears are still in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.19T as of press time, representing a 4.56% decrease over the last 24 hours, while the trading volume jumped by 11% over the same period to stand at $95.69B as of press time.
Bitcoin Price Review
Bitcoin, $BTC, has failed to post gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, we see that Bitcoin is moving within the Bollinger Bands, currently close to the lower band. This indicates that the price is near a potential support level. The middle band (20-period SMA) is above the current price, which may act as a resistance level.
On the other hand, we see that the RSI is around 36, indicating that the market is in a bearish trend but not yet oversold. An RSI below 30 typically indicates oversold conditions, which may lead to a price reversal. Bitcoin traded at $61,697 as of press time, representing a 4.24% decrease over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, has failed to post gains in today’s session, as seen from the price movements. Looking at an in-depth analysis, we see that the Alligator’s mouth is opening downwards, suggesting a bearish trend. The price is below the green, red, and blue lines, confirming the downtrend.
On the other hand, we see that the AO is showing red bars, indicating bearish momentum. The oscillator is below the zero line, which further supports the bearish sentiment. Ethereum traded at $2,987 as of press time, representing a 5.11% decrease over the last 24 hours.
Monero Price Review
Monero, $XMR, is among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the Supertrend indicator is showing a mixed signal, with the price hovering around the support/resistance level of 153.07.
On the other hand, we see that the Woodies CCI shows a reading of 74.89, which is slightly bullish but not strong enough to confirm a strong uptrend. Monero traded at $160.66 as of press time, representing a 0.86% increase over the last 24 hours.
Ripple Price Review
Ripple, $XRP, is among the gainers in today’s session as seen from its price movements as well. Looking at an in-depth analysis, we see that the Ripple price is currently below the Ichimoku Cloud, indicating a bearish trend. The conversion line (blue) and base line (red) are also bearish, with the conversion line below the base line. The future cloud is bearish, suggesting continued downward pressure.
On the other hand, we see that the Volume Oscillator is negative, showing decreasing volume, which supports the bearish outlook. A move above the cloud and increasing volume would be needed to signal a potential reversal. Ripple traded at $0.5761 as of press time, representing a 1.35% increase over the last 24 hours.
Flare Price Review
Flare, $FLR, is also among the gainers as seen from its price movements. Looking at an in-depth analysis, we see that the Flare price is moving within the downward pitchfork channel, indicating a bearish trend.
On the other hand, we see that the ADX is at 24.01, suggesting a weak trend. ADX values below 25 typically indicate a lack of strong trend direction. Flare traded at $0.0169 as of press time, representing a 1.33% increase over the last 24 hours.
