Today’s session has bulls on the front foot with the global market cap recording a 2.7% increase in the last 24 hours to take the global market cap to $1.75T as of press time while the trading volume also saw an 8% increase within the same period to 59.4B.
Bitcoin Price Review
The market opened with [ccpw id=60415] showing a remarkable bullish momentum, pushing past the resistance levels on the charts. According to the 2-hour timeframe on the Bitfinex exchange, the price has been steadily climbing, with the Supertrend indicator suggesting a favorable outlook for buyers.
The RSI, currently above 70, indicates that Bitcoin is potentially overbought, suggesting a pullback might be imminent. However, the Stochastic RSI is also in the overbought territory, which typically precedes a potential price correction. Bitcoin is trading at $46.2K, representing a 3.8% increase.
Ethereum Price Review
Ethereum (ETH) has seen a similar uptrend, as observed on the Bitstamp exchange charts. The 2-hour chart shows [ccpw id=60480] comfortably positioned above the 20-SMA of the Bollinger Bands, indicating a strong bullish presence. The stochastic oscillator has recently made a bullish crossover, hinting at a possible upward trend continuation.
The Ethereum price stood at $2454 as of press time representing a 1.4% increase in the last 24 hours as the trading volume also jumped to $10.6 billion.
Monero Price Review
Monero (XMR), on the other hand, presents a contrasting scenario. The Binance 2-hour chart shows that the Monero price action has been more subdued following a significant downtrend. The Auto Pitchfork indicator shows the price consolidating within a narrow range, suggesting indecision in the market.
The MACD is hovering around the zero line, indicating a lack of strong momentum in either direction. The Ethereum price stood at $125.2 as of press time representing a 5.8% increase in the last 24 hours as the trading volume dropped to $115 million.
Celestia Price Review
Celestia (TIA) has displayed a commendable recovery on the Binance 2-hour chart, with prices rebounding from the lower Bollinger Band to breach the median line. The Alligator indicator suggests that the market could be waking up to a bullish trend, but the ADX indicates that the trend strength is not very robust at this stage.
The Celestia price stood at $19.75 as of press time representing a 2% increase in the last 24 hours as the trading volume jumped by 24% within the same period to $115 million.
Injective Price Review
Injective (INJ) has shown a substantial bullish rally, as seen on the Binance 2-hour chart. The price has risen significantly, trading above all three moving averages of the Alligator indicator, which is a strong bullish signal. Meanwhile, the RSI has entered the overbought zone, which may lead to a retracement or consolidation in the near term.
The Injective price stood at $34.3 as of press time representing a 5% increase in the last 24 hours as the trading volume jumped by 11% within the same period to $130 million.
