Daily Market Review: BTC, ETH, PEPE, FTM, OP

Markets are still down, as seen from the continuous drop in the global market cap. The global market cap, which stands at $2.33 as of press time, had seen a 4% drop over the last 24 hours. The trading volume has, however, surged by 16% within the same period to $181.9B. 

Bitcoin Price Chart

is now in a bearish trend against the US Dollar. Bitcoin prices have consistently closed below the 20-period Simple Moving Average (SMA), a dynamic resistance level. The Bollinger Bands are expanding, suggesting increasing volatility as the price trends downwards. 

The Moving Average Convergence Divergence (MACD) is below the signal and zero lines, indicating bearish momentum. The histogram bars are below the MACD line, confirming the bearish sentiment.  The Bitcoin price stood at $62.8K as of press time representing a 2.4% drop over the last 24 hours.

Ethereum Price Review

chart also exhibits a bearish trend. The price is below the red SuperTrend indicator, which acts as a dynamic resistance level. The Relative Strength Index (RSI) is below the 50 mark but slightly rising, indicating that while the market is currently bearish, there may be a potential for a short-term reversal or pullback. 

However, since the Relative Strength Index (RSI) indicator is not in the oversold territory, the downward trend on the Ethereum price may continue. The Ethereum price stood at $3,218 as of press time representing a 3.8% drop over the last 24 hours.

Pepe Price Review

Pepe is today’s top gainer despite the general downtrend. The PEPE chart shows bull momentum on the Pepe price action now crossing above the Alligator indicator, signaling bullishness. The Average Directional Index (ADX) is around 19.57, indicating a relatively weak trend. 

The value of the ADX under 25 often suggests that the market is not trending strongly and that the price may be ranging or the trend losing strength. The Pepe price stood at $0.000007112 as of press time representing a 14.5% pump over the last 24 hours.

Fantom Price Review

Fantom (FTM) also made some notable gains in today’s session. The phantom charts show a bit more of a mixed signal. The Fantom price is within an upward-sloping pitchfork channel, suggesting a potential uptrend. However, the price is currently near the lower boundary of the pitchfork, which might act as support. 

The Money Flow Index (MFI) is above the 50 level, which could indicate bullish sentiment regarding volume-weighted price strength. The Fantom price stood at $0.9893 as of press time representing a 12.8% drop over the last 24 hours.

Optimus Price Review

Optimus (OP) is the third top gainer this month. The Optimus price is showing volatility with sharp price movements. The RSI is near the midpoint at around 56.31, indicating a balance between buying and selling pressure on the Optimus price. 

Woodie’s CCI (Commodity Channel Index) is around the zero line, suggesting that the market is in a state of equilibrium without a strong trend. The Optimus price stood at $3.5 as of press time representing a 12.5% drop over the last 24 hours.