Analysis

Daily Market Review: BTC, ETH, CRO, BTT, ONDO

The growing global market cap, which has increased by $2.62 as of press time, indicating a 0.64% growth over the last 24 hours, shows that bulls are off to a strong start today. In contrast, trade volume has decreased by 9% over the same period, standing at $83.4B as of press time.

Bitcoin Price Review

Bitcoin (BTC) has been a slow starter as the market leader in cryptocurrencies consolidates around $71K. A negative reversal may be in store, according to an analysis of Bitcoin charts, which show a possible head and shoulders pattern formation with two peaks labeled “Top 1” and “Top 2.”

If broken, a drawn neckline could support the reversal pattern. However, the relative strength index, or RSI, is not overbought or oversold; rather, it is close to the middle area, at roughly 54.96. At the time of writing, the price of Bitcoin was $70,881, which is 0.2% more than it was the day before.

Ethereum Price Review

Since the altcoin king was unable to report gains during today’s session, Ethereum (ETH) is consolidating. The Bollinger Bands are contracting when we look at ETH conversations, which indicates a drop in volatility following a significant price increase.

The middle Bollinger Band, which frequently serves as support during an uptrend, is where the price of Ethereum is currently trading. However, the red bar on the AO (Amazing Oscillator) suggests that the momentum may be moving to the downside. The price of Ethereum as at the time of publication was $3,535, a 1.3% decline from its previous 24-hour price.

Cronos Price Review

The altcoin that has gained the most today is Crono (CRO), which has made significant progress today. A thorough examination reveals that the SuperTrend indicator on the Cronos price chart has recently changed from being bearish (red) to being bullish (green), suggesting a potential rise.

However, the Money Flow Index (MFI) is 76.25, which is relatively high and suggests that the market is getting close to overbought. The Cronos price was $0.1569 at the time of publication, which is 6% more valuable than it was 24 hours earlier.

BitTorrent Price Review

BitTorrent (BTT), which has also made some significant increases, is currently the second-best gainer in the session. A closer look reveals a pitchfork tool, with price action currently in the top half of the tool, suggesting an upward trend.

Conversely, the Woodies CCI exhibits a downturn, with the CCI line passing below the signal line, suggesting that this may be a precursor to a possible reversal. At the time of publication, the price of BitTorrent was $0.00000158, which is 5.57% more than its 24-hour valuation.

Ondo Price Review

With some significant gains made during the session, Ondo (ONDO) is among the top gainers. Upon examining the Ondo price charts, we observe the existence of an Ichimoku Cloud. The Ondo price action varies inside the cloud, failing to provide a definite indication of a bullish or bearish trend.

The Average Directional Index, or ADX, on the other hand, is above 20 but below 25, indicating a moderate trend strength. The Ondo price was $0.8238 at the time of writing, indicating a 5.% gain in valuation from the previous day.

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