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Markets have started on bear activity again as evidenced by the massive drop in the global market cap. The global market cap, standing at $2.48T as of press time, had seen a 4.8% decrease over the last 24 hours while the trading volume rose by 31% to 137B.
Bitcoin Price Review
Bitcoin (BTC) is now in a consolidation phase as the crypto king has also failed to post gains. The Bitcoin price is below the 20-period simple moving average (SMA), indicating bearish momentum. The SMA is sloping downwards, confirming the downtrend.
Additionally, the Bitcoin Price is near the lower band, suggesting that is potentially oversold in the short term. However, the bands are wide, indicating high volatility. The RSI is near 40, which is neither overbought nor oversold. Still, it’s leaning towards the oversold territory, suggesting there might be a potential for a reversal or at least a relief rally. The Bitcoin price stood at $66,380 as of press time, representing a 0.35% drop from its previous 24-hour price.
Ethereum Price Review
Ethereum (ETH) has also failed to post gains in today’s session as the altcoin king also faces consolidations. The Ethereum price is below the super trend indicator, marked by the red zone above the price, confirming bearish sentiment. The price is also below the short-term moving average, indicating bearishness in the market.
On the other hand, the Money Flow Index (MFI) is around 10.80, which is very low, indicating that the asset is oversold. If buyers step in, this could lead to a possible reversal or bounce in the near term. The Ethereum price stood at $3,314 as of press time, representing a 1.7% decrease from its previous 24-hour price.
Flare Price Review
Flare (FLR) is among today’s top gainers as the altcoin posted notable gains today. The Flare price is currently trading between the jaws and teeth of the Alligator, suggesting a lack of a strong trend and potential consolidation.
On the other hand, the Average Directional Index (ADX) is around 26.71, indicating a weak to moderate trend. It suggests that the current trend is not very strong. The Flare price stood at $0.03947 as of press time, representing an 11.1% increase from its previous 24-hour price.
Internet Computer Price Review
Internet Computer (ICP) has also emerged among today’s top gainers, having posted remarkable gains. The Internet Computer price trades within the cloud, indicating a neutral market. A breakout above or below the cloud would indicate a stronger bullish or bearish trend.
On the flip side, The CCI is above 100, which could indicate that the asset is starting to trend upwards or is overbought. The Internet Computer price stood at $18.5 as of press time, representing an 8.7% jump in valuation over the last day.
Mantle Price Review
Mantle (MNT) has also not been left out on today’s gainers as the altcoin also gained remarkably. The Mantle price has experienced a recent surge and is now consolidating. This could indicate a bullish momentum if the price continues to hold at these levels.
The moving average Moving Average Convergence Divergence (MACD) line is above the signal line but converging towards it, suggesting the momentum might be waning. The Awesome Oscillator (AO), indicates bullish pressure. However, the size of the bars is decreasing, suggesting that the momentum may be slowing down.
