Today’s market session has bears on the front foot, as seen from the drop in the global market cap. The total cap stood at $2.46T as of press time, representing a 2.8% drop over the last 24 hours. The trading volume stood at $83.7 during the same period, representing a 67% rise over the same period.
Bitcoin Price Review
Bitcoin’s price movements show that it faces corrections in today’s session. In-depth analysis shows that the Bitcoin chart displays a significant bearish trend, as observed in the solid downward move with large red candles breaking below the Bollinger Bands, indicating a potential oversold situation. The price broke the critical support levels at $68,903.33 and continued to plummet.Â
On the other hand, Woodie’s CCI at the bottom of the chart shows extreme bearish momentum, as it remains deep in the negative zone. As of press time, the Bitcoin price stood at $67,090, representing a 3.8% drop from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) also faces corrections today, as seen from its price movements. Looking at an in-depth analysis, we see that the Ethereum price also reflects a bearish sentiment, having broken below the key moving averages, which now act as resistance levels. The red candles are predominant, showing intense selling pressure. The Alligator indicator lines are spread out, signifying a clear bearish trend.Â
On the other hand, the AO indicator at the bottom shows a deepening red bar, indicating increased bearish momentum. As of press time, the Ethereum price stood at $3,488, representing a 5.16% drop from its previous 24-hour price.
Ripple Price Review
Ripple (XRP) has also not been exempted from today’s downfall, as seen by its price movements. An in-depth analysis shows that XRP sharply declines as the price breaches the Supertrend indicator’s baseline, turning it from green to red and signaling a shift to bearish conditions.Â
On the other hand, the ADX line has risen sharply above 50, indicating a powerful trend, in this case, downward. As of press time, the Ripple price stood at $0.4811, representing a 3.5% drop from its previous 24-hour price.
Solana Price Review
Solana (SOL) has also failed to post gains from its price movements. Looking at in-depth analysis, we see that Solana shows a significant bearish trend as it breaks below the Ichimoku cloud, with the cloud turning red and expanding, indicating growing bearish strength.Â
On the other hand, the Volume Oscillator fluctuates, suggesting inconsistent trading volume during this downward move. As of press time, the Solana price stood at $148.5, representing an 8.4% drop from its previous 24-hour price.
Dogecoin Price Review
Dogecoin (DOGE) has also fallen prey to the bear activity, as seen from its price movements. An in-depth analysis shows that Dogecoin’s chart features an Auto Pitchfork tool indicating a descending channel. The price is situated at the lower end of this channel, and the recent candles show a slight rebound from this lower boundary.Â
On the other hand, the MFI indicator at the bottom of the chart is trending upwards slightly, showing some buying interest as it remains in the lower range. As of press time, the Dogecoin price stood at $0.1374, representing a 5.8% drop from its previous 24-hour price.
