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Daily Market Review: BTC, ETH, STX, BONK, FLOKI

source-logo  blockchainreporter.net 28 February 2024 11:27, UTC

Bulls are flexing their muscles as the general market exhibits unmatched upward trends. This can be seen from the global market cap, now at $2.15T as of press time, representing a 1.6% increase in the last 24 hours, with meme coins flourishing today.

Bitcoin Price Review

Bitcoin (BTC) is making headlines again, surpassing the $58K mark. The chart shows a strong uptrend with higher highs and higher lows, indicating a strong bullish sentiment. The Bitcoin price has recently broken above the upper Bollinger Band, which could indicate that is currently in overbought territory. The widening of the bands suggests increased market volatility.

The Bitcoin price is above the 20-period SMA, which acts as a dynamic support level in an uptrend, reinforcing the bullish trend. The RSI is above 70, typically suggesting overbought conditions and could signal a potential retracement or consolidation shortly. The Bitcoin price stood at $58.5K as of press time, representing a 3.8% pump in the last 24 hours.

BTC 2-hour chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) has also managed to post gains today to emerge among the gainers.

charts also show an uptrend, bullish momentum similar to Bitcoin. The lines of the Alligator indicator are aligned with the green line (lips) above the red (teeth) and blue (jaw) lines, which indicates a bullish trend.

The MACD line is below the signal line but appears to converge towards the zero line, suggesting bullish momentum in the works as the Ethereum price trend remains bullish. The Ethereum price stood at $3298 as of press time, representing a 3.8% pump in the last 24 hours.

ETH 2-hour chart | Source: TradingView

Stacks Price Review

Stacks (STX) are among today’s top gainers. Looking at the Stacks price action, there is a bullish candle after a period of consolidation, which might indicate the start of an uptrend. The recent Stacks price action has turned the Supertrend indicator from bearish (red) to bullish (green), suggesting a possible trend reversal to the upside.

The Money Flow Index (MFI) is above 50 and heading upwards, indicating buying pressure and that money flows into the asset. The Stacks price stood at $3.26 as of press time, representing a 5.3% pump in the last 24 hours.

STX 2-hour chart | Source: TradingView

Bonk Price Review

Meme coins have also shown gains today, as the Bonk price (BONK) also saw gains. The Bonk price is in a steady uptrend, with recent pullbacks being mild and the overall structure maintaining higher lows.

The volume oscillator is negative, suggesting a decrease in volume on upswings, which could signify weakening momentum. On the flip side, the Average Directional Index (ADX) is above 25, indicating a strong trend, but as the +DI and -DI lines converge, the trend’s strength may be diminishing. The Bonk price stood at $0.00001408 as of press time, representing a 1% pump in the last 24 hours.

BONK 2-hour chart | Source: TradingView

Floki Price Review

Floki (FLOKI) is the other meme coin showing gains in today’s session. The Floki price action shows an uptrend with the price within an ascending channel, a bullish pattern. The Floki price is within the upper half of the pitchfork, indicating that buyers are in control.

The CCI oscillates around the zero line, indicating that the price is moving in line with the average price measured by the CCI. The Floki price stood at $0.0000498 as of press time, representing a remarkable 18% pump in the last 24 hours.

FLOKI 2-hour chart | Source: TradingView