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The bulls are on the front foot in today’s session, as evidenced by the slight increase in the global market cap. The total market cap stood at $2.46T, representing an increase of 0.79% over the last 24 hours, while the trading volume dropped by 1.2% to $69.3B during the same period.
Bitcoin Price Review
Bitcoin (BTC) is still consolidating in today’s session as evidenced by the slight price movements. Analysing Bitcoin price charts, we notice that the trend for Bitcoin appears slightly bullish in the short term, with the price recently breaking above the 20-period simple moving average (SMA) on the Bollinger Bands (BB). Bollinger Bands are contracting, indicating lower volatility following a period of expansion.
On the other hand, the Moving Average Convergence Divergence (MACD) is above the signal line and has turned green, suggesting bullish momentum. As of press time, the Bitcoin price stood at $66,773, representing a 0.37% increase from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) also gained in today’s session, posting some notable gains. Ethereum is showing an uptrend, with the price moving within an ascending channel and currently trading above a rising support line.
On the other hand, the Awesome Oscillator (AO) is green, indicating that bullish momentum is still present. The pitchfork lines could act as potential support and resistance levels. As of press time, the Ethereum price stood at $3,257, representing a 2.6% increase from its previous 24-hour price.
Hedera Price Review
Hedera (HBAR) is today’s top gainer as it managed some notable gains in today’s session. Looking at Hedera price charts, we notice that after a long period of consolidation, there has been a significant bullish breakout. Given the recent sharp increase in price, volatility is likely high. The Hedera price is currently above the super trend, indicating bull action, but the latest large red candlestick could imply a bearish reversal.
On the other hand, the Money Flow Index (MFI) is exceptionally high, suggesting the market could be overbought which sometimes precedes a pullback. As of press time, the Hedera price stood at $0.1407, representing a 58.4% increase from its previous 24-hour price.
Bonk Price Review
Bonk (BONK) is another gainer in today’s session, managing notable gains. An in-depth analysis shows a recent uptrend, with the price crossing above the Ichimoku Cloud, indicating a bullish scenario.
On the other hand, the Woodies CCI indicates bullish solid momentum as it is above the zero line. When writing, the Bonk price stood at $0.00002657, representing a 30.8% increase from its previous 24-hour price.
Algorand Price Review
Algorand (ALGO) is the third top gainer in today’s session, as the altcoin also managed some notable gains. An in-depth analysis shows that Algorand shows a strong bullish breakout with a significant price increase. The Relative Strength Index (RSI) is above 70, indicating overbought conditions which sometimes suggest a potential reversal or pullback.
Additionally, the Alligator indicator’s lips, teeth, and jaw could be support levels during pullbacks. When writing, the Algorand price stood at $0.2359, representing a 22.6% increase from its previous 24-hour price.
