Daily Market Review: BTC, ETH, WIF, SUI, BSV
blockchainreporter.net 07 August 2024 21:38, UTC The bulls are still in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.01T as of press time, representing a 1.5% increase over the last 24 hours, while the trading volume dropped by 39% over the same period to stand at $102.63B as of press time.
Bitcoin Price Review
Bitcoin, $BTC, is has failed to keep up its pump in today’s session, as seen from its price movements. Looking at an in-depth analysis, we see that the Bitcoin price has been consistently touching the lower Bollinger Band, indicating strong selling pressure. The bands are wide, reflecting high volatility.
On the other hand, we see that the Awesome Oscillator is in the red, indicating negative momentum. There are no significant signs of reversal in the immediate future. Bitcoin traded at $55,591 as of press time, representing a 1.97% decrease over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, is not among the gainers in today’s session as also seen from its price movements. Looking at an in-depth analysis, we see that the Alligator’s lips, teeth, and jaws are spread out, with the lips (green line) below the teeth (red line) and jaws (blue line). This configuration suggests a strong bearish trend.
On the other hand, we see that the MFI (Money Flow Index) is at 73.82, which is close to the overbought territory (typically above 80). This suggests that a price reversal might be on the horizon as the asset is becoming oversold. Ethereum traded at $2,372 as of press time, representing a 4.74% decrease over the last 24 hours.
Dogwifhat Price Review
Dogwifhat, $WIF, is among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the Supertrend indicator has turned green, signaling a potential buy signal. The Dogwifhat price has recently moved above the Supertrend line.
On the other hand, we see that the Woodies CCI is above zero, indicating a bullish trend. It’s worth noting that the indicator has moved significantly from negative to positive territory, suggesting a strong shift in momentum. Dogwifhat traded at $1.60 as of press time, representing a 12.3% increase over the last 24 hours.
Sui Price Review
Sui, $SUI, is also among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the Sui price is below the Ichimoku Cloud, indicating a bearish trend. However, the future cloud is starting to narrow, suggesting potential consolidation or reversal.
On the other hand, we see that the ADX (Average Directional Index) is at 31.85, indicating a strong trend. Since the price is below the cloud and ADX is high, the trend is likely to continue downward unless there’s a significant change. Sui traded at $0.6361 as of press time, representing a 6.85% increase over the last 24 hours.
Bitcoin SV Price Review
Bitcoin SV, $BSV, is also among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the pitchfork tool shows the price touching the lower boundary and bouncing back, indicating potential support at these levels.
On the other hand, we see that the Volume Oscillator is at 20.31%, showing increased volume on the recent upward movement, which can support the bullish momentum. Bitcoin SV traded at $39.23 as of press time, representing a 4.85% increase over the last 24 hours.
