Markets are riding on bear activity today as seen from the dropping global market cap. The global market cap, standing at $2.46T, had seen a drop of 2.59% over the last 24 hours. The trading volume has also dropped by 6.8% within the same period to $105.4B.
Bitcoin Price Review
Bitcoin (BTC) is still in its consolidation phase as it failed to post gains in today’s session. Checking the Ichimoku Cloud, we notice the Bitcoin price is fluctuating around the cloud, indicating uncertainty in the market. A clear trend is not visible as the price is neither clearly above nor below the cloud.
On the other hand, looking at the Average Directional Index (ADX), the value is above 25, suggesting that the market has a certain level of trend strength, but it’s not a strong trend given the proximity to the 25 level. The *BTC* stood at $64,250K as of press time representing a 2.6% drop over the last 24 hours.
Ethereum Price Review
Ethereum (ETH), the second largest token by market cap, has also failed to gai today as its price also consolidates. Looking at the Bollinger Bands, we notice the Ethereum price is currently between the middle and lower bands, indicating a potential downtrend or consolidation.
If the Ethereum price were to breach the lower band, it might suggest an oversold condition and a possible reversal. The Money Flow Index(MFI) is around 36, it suggests that there is not significant buying or selling pressure, but it is closer to being oversold than overbought. The *ETH* stood at $3,332 as of press time representing a 4.4% drop over the last 24 hours.
Toncoin Price Review
Despite today’s downtrend, Toncoin (TON) has managed to post gains as it emerged as the top gainer in today’s session. Looking at the SuperTrend indicator, we notice the Toncoin price is above the SuperTrend indicator, which typically suggests a bullish trend.
The Moving Average Convergence Divergence(MACD) is above the signal line and histogram bars are green, which is generally a bullish sign, suggesting upward momentum. Toncoin price stood at $5.1 as of press time representing a 16.9% pump over the last 24 hours.
Gala Price Review
Gala (GALA) has emerged as the second top gainer today. Looking at the Williams Alligator indicator, we notice the lines are intertwined and the Gala price is consolidating around them, indicating a lack of a clear trend or a consolidation phase. However, as they now appear to be headed south, suggests that bulls could be gaining traction.
The Money Flow Index (MFI) is around 51, which is relatively neutral, indicating an equilibrium between buying and selling pressure on the Gala price. Gala price stood at $0.06154 as of press time representing a 8% jump over the last 24 hours.
Arweave Price Review
Arweave (AR) is today’s third top gainer today as it managed to post notable gains as well. Looking at the Auto Pitchfork, we notice the Arweave price is within the pitchfork, moving towards the upper bound, which could be seen as a bullish trend. If the Arweave price continues within the upper channel, it might suggest continued upward momentum.
The Awesome Oscillator (AO) is above zero and green, indicating bullish market momentum on the Arweave price. Arweave price stood at $38.52 as of press time representing a 4.6% jump over the last 24 hours.
