Bitcoin Falls Back to $26K Ahead of New Week as Tron Dominates

Today’s market session is characterized by bear flags as the global market cap recorded a decrease of 0.5% within a day of trading to take the total cap to $1.12T. Bitcoin (BTC), the crypto king is also having a rater volatile session today, dropping back below $27K.

Trading at $26.8K, BTC had recorded ab 0.8% drop within a day of trading as it also sits on a weekly drop of 1.9%. Bitcoin’s trading volume has however risen by 34% within the same period displaying the amount of bear activity in the market. 

The Bollinger bands on Bitcoin charts are now converging closer to each other displaying reduced volatility on the asset’s network. The relative strength indicator is also moving above its average line signaling a possible bullish trend on Bitcoin. The MACD is however moving below its average line displaying the uncertainty between bulls and bears as they struggle to control the markets.

Altcoin analysis

Ethereum (ETH), the altcoin king, is showing signs of recovery as the asset now stands on a mild gain of less than 1% within a day of trading. Exchanging at $1816 as of the time of writing, ETH had recorded a slight gain of 0.07% within a day of trading as bulls pus for recovery from its 0.5% weekly drop in the race to reclaim $1.9K.

Ripple (XRP) and Polygon (MATIC) are on for a bearish session as bot assets recorded losses of close to 2% as of today’s market session, while Dogecoin (DOGE) and Polkadot (DOT) recorded losses of less than 15 within the same period. 

Tron (TRX), is, however, dominating today’s session recording an over 7% gain within a day of trading as the asset rides a bullish run. Trading at $0.07782 as of press time, TRX had recorded gains of 7.5% within 24 hours and the trading volume saw a notable increase of 115% within the same period. 

SAUDI PEPE is another notable gainer today ranking third on CoinMarketCap’s trending list. The asset, trading at $0.0001799 during press time, was boasting a gain of 83% within a day of trading as it comes from a weekly drop of 72%. Despite the weekly drop, SAUDI PEPE is boasting a monthly gain of 75% as meme coins continue to dominate. 

Shiba Inu (SHIB) is also boasting notable gains today as the asset now sits on a daily gain of 2.3% ahead of the recent meme coin season. SHIB’s market cap had also risen by 2% within the same period as per CoinMarketCap data.