The bulls are still in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.14T as of press time, representing a 0.69% increase over the last 24 hours, while the trading volume dropped by 5.5% over the same period to stand at $65.91B as of press time.
Bitcoin Price Review
Bitcoin (BTC) is among the gainers in today’s session, as seen from its price movements. Looking at an in-depth analysis, we see that the chart shows a clear double-top pattern, indicating a potential bearish reversal. The projected target price is around $55,000, as marked by the red dashed line.
The Woodies CCI is below zero, signaling bearish momentum. The crossing of the green line below the red line confirms the bearish sentiment. The double top pattern suggests a potential decline towards $55,000. The bearish signal from the Woodies CCI further supports this outlook. Traders should consider a cautious approach, potentially setting stop losses near the current resistance levels. As of press time, Bitcoin traded at $57,618, representing a 0.3% decrease over the last 24 hours.
Ethereum Price Review
Ethereum is also another gainer today as seen from the price movements. Looking at an in-depth analysis, we see that the Alligator lines are intertwined, indicating a period of consolidation. The recent slight separation suggests the beginning of a new trend, but it’s not yet clear if it will be bullish or bearish. The Money Flow Index (MFI) is above 50, suggesting a modest inflow of money into Ethereum, indicating potential bullishness.
Ethereum appears to be in a consolidation phase, with a potential new trend forming. The Alligator indicator’s recent slight separation leans towards bullish, supported by the MFI being above 50. Traders should watch for a clear trend breakout and consider bullish positions if the price moves above recent highs. As of press time, Ethereum traded at $3,131, representing a 1.06% increase over the last 24 hours.
Sui Price Review
Sui (SUI) is also another gainer in today’s session as seen from the price movements. Looking at an in-depth analysis, we see that the Sui price is above the Supertrend line, which has turned green, indicating a bullish trend. The AO is positive and rising, which suggests bullish momentum. The transition from red to green bars further confirms this upward trend.
SUI shows a bullish trend with the price above the Supertrend line and the AO indicating increasing bullish momentum. The next resistance level is around $0.77. Traders might consider entering long positions, with stop losses just below the current support level at $0.6886. As of press time, Sui traded at $0.7638, representing a 4.3% increase over the last 24 hours.
