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Markets have started slowly, with the global market cap recording a 1.61% decrease in a day to take the total cap to $1.14T as of press time. The fear and greed index is also currently at 47, a neutral position, as it continues to drop further below close to the red zone.
Bitcoin analysis
Bitcoin (BTC) is now facing massive bear activity as the asset drops back to the $28K level as it is now trading at $28.6K after recording a daily drop of 1.7% and a weekly decrease of 3%. Bitcoin’s trade volume has dropped by 23% during the same period and is presently at $16.4B.
The Bollinger bands, now slightly diverging, are indicating a rise in the volatility of Bitcoin. The Relative Strength Index (RSI) is below its average level, showing the effort by bears for market dominance as the MACD also moves in the red zone.
Ethereum (ETH) analysis
Ethereum (ETH) has also started slow, as the asset now sits on losses of 1.26% within a day of trading to take it to $1799 as the trading volume jumped by 19% to take it to $5.5B as of press time. ETH’s volatility levels are also now unstable as the Bollinger bands now look to diverge from each other.
The RSI indicator still moves below its average line, indicating a bear dominance on Ethereum as the asset’s bears push for market dominance. The MACD indicator also moves below in the negative region, showing the effort by bears to dominate markets.
Bluzelle (BLZ) analysis
BLZ, also currently in the trending list, has seen a quite bearish session as the asset lost 9% in valuation within a day of trade to take its price to $0.0924 as the trading volume spiked by 41% to take it to $80M. BLZ’s volatility levels are also increasing as the Bollinger bands diverge from each other.
The RSI, currently above its average line, is approaching a shift below the average line as bears now push for dominance, with the MACD still moving in the green zone as it approaches a downtrend.
Moonriver (MOVR) analysis
MOVR is also having a slow session as the asset now trades 10% below its previous 24 hours and holds a spot price of $5.08 as of press time, with the trading volume recording an 8% drop within the same period to take it to $12M.
However, MOVR’s volatility levels are stable as the Bollinger bands maintain a relatively close distance, indicating dropping volatility as the asset’s RSI moves slightly below its average line as bulls and bears struggle for dominance.
Other analysis
Kaspa (KAS), despite today’s downtrend, has seen some slight bullish activity as the asset now trades at 1.1% above its previous 24-hour price as the asset now holds a spot price of $0.03995 as Akash Network (AKT) trades at 0.4% below its previous 24-hour price as the spot price stands at $1.22.