Daily Market Review: BTC, ETH, QNT, VET, ADA

Today’s market session has seen bears on the front foot as seen from the decrease in the global maket cap. The total market cap stood at 1.06% decrease over the last 24 hours to stand at $2.26B while the trading volume stood at $4,46B as of the same period, representing a 6.5% drop. 

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 the

chart shows a “double top” pattern, which is a bearish reversal indicator. This pattern is marked by two consecutive peaks (Top 1 and Top 2) at approximately the same price level, separated by a trough. The formation suggests potential downward pressure once the price breaks below the trough level.

Looking at other indicators, we see that the Money Flow Index (MFI) is trending towards the center, indicating a neutral market sentiment at this stage. As of press time, Bitcoin traded at $60,852, representing a 0.96% decrease over the last 24 hours.

Ethereum Price Review

Ethereum (ETH) has also failed to post gains in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that Ethereum’s chart features a “rising wedge”, a bearish pattern marked by converging trend lines that slope up. This typically suggests that a breakout to the downside could be imminent.

Looking at other indicators, we see that the Awesome Oscillator (AO) shows a slight decrease in momentum, which aligns with the expected resolution of the rising wedge. As of press time,

traded at $3,389, representing a 1.3% decrease over the last 24 hours.

Quant Price Review

Quant (QNT) is among the gainers in today’s session as seen from its price movements in today’s session. Looking at an in-depth analysis, we see that the Quant chart does not display a clear price pattern like the previous charts but shows significant volatility with recent bullish momentum as indicated by a sharp rise followed by a recent price correction.

On the other hand, the Relative Strength Index (RSI) is near the midline, indicating neither overbought nor oversold conditions. The price is slightly below the 20-period Simple Moving Average (SMA), suggesting a possible resistance level. As of press time, Quant traded at $77.70, representing a 3.2% increase over the last 24 hours.

VeChain Price Review

VeChain (VET) is also among the gainers in today’s session as seen from its price movements as well. Looking at an in-depth analysis, we see that its chart does not show a clear traditional pattern but displays a consolidation phase with recent slight bullish momentum as the price moves above the moving averages.

On the other hand, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, supporting the recent uptick in price, which could indicate a continuation of the bullish trend.  As of press time, VeChain traded at $0.02671, representing a 1.7% increase over the last 24 hours.

Cardano Price Review

Cardano

is also among the gainers today as also aevidenced by its price movements. Looking at an in-depth analysis, we see that the Cardano chart is depicted with the Ichimoku Cloud, showing the price interacting around the cloud, which could suggest a phase of consolidation or indecision.

On the other hand, we se that the Woodies Commodity Channel Index (CCI) shows readings fluctuating around the zero line, suggesting a lack of strong momentum in either direction. As of press time, Cardano traded at $0.395, representing a 1.89% increase over the last 24 hours.