Markets have started today on bear activity, with the global market cap recording a 0.7% decrease in a day to take the total cap to $1.18T as of press time. The fear and greed index is also currently at 51, indicating a neutral position, according to CoinMarketCap.
Bitcoin analysis
Bitcoin (BTC) is encountering some bear activity as the asset continues to face resistance at $30K and is now trading at $29.1K after recording a daily drop of 0.9%, as the weekly decrease now stands at 2.1%. However, Bitcoin trade volume has dropped by 15% during the same period and is presently at $19.4B.
The Bollinger bands, moving close to each other, are now slowly diverging, indicating that the volatility of Bitcoin is increasing. However, the Relative Strength Index (RSI) is moving below its average level, showing the struggle between bulls and bears for market dominance.
Ethereum analysis
Ethereum (ETH) has also started today slowly, as the asset now sits on mild losses of 0.8% within a day of trading to take it to $1860 as the trading volume dropped by 25% to take it to $4.1B as of press time. ETH’s volatility levels are also low as the Bollinger bands remain relatively close.
The RSI indicator is still below its average, indicating a likely bearish trend on Ethereum as the asset’s bears continue to push for market dominance. The MACD indicator also moves below in the negative region, showing the effort by bears to dominate markets.
Solana (SOL) analysis
Solana also is having a bearish day as the asset trades 1.9% below its previous 24-hour price and trades at $24.67 as of press time. SOL is still 2.1% below its last 1-week price. Solana’s trading volume has also decreased by 38% as activity on the asset increases.
Solana’s volatility levels are also high, as the Bollinger bands now move at a far distance from each other. The RSI is also moving below its average as bears push for dominance. The MACD indicator, currently in the red zone, is approaching a shift over the average line as bulls push for dominance.
Compound (COMP) analysis
Compound has also started today’s session with a bearish sentiment as the asset now trades at $69, 3.9% below its previous 24-hour price as it continues to make trends. Compound’s trading volume has dropped by 34% within the same period.
Compounds volatility levels are high as the Bollinger bands move at a high distance from each other. The RSI indicator is below its average line as bears push for dominance while the MACD also looks to shift back to the green zone.
Other analysis
Other tokens trending in today’s session are Bounce Token (AUCTION), trading 53% below its previous 24-hour price to take its price to $6.722. Bitgert (BRISE) also faces massive corrections amid yesterday’s rally, dealing 4% down. Worldcoin (WLD) is still making trends as the asset trades at 2.9% from the previous 24-hour price with a $2.14 spot price.
