Daily Market Review: BTC, ETH, TON, DYDX, CFX
blockchainreporter.net 19 August 2024 11:03, UTC The bears are in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.07T as of press time, representing a 0.8% decrease over the last 24 hours, while the trading volume jumped by 31.8% over the same period to stand at $49.98 as of press time.
Bitcoin Price Review
Bitcoin, $BTC, has failed to post gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, the Bitcoin price is currently trading near the lower Bollinger Band, indicating that Bitcoin is facing selling pressure. The width of the bands suggests a period of increased volatility.
On the other hand, we see that the Woodies Commodity Channel Index (CCI) shows a strong negative value (-147.19), which indicates that Bitcoin is in the oversold territory. This could mean that a reversal might be near, but the downward momentum is still strong. Bitcoin traded at $58,629 as of press time, representing a 1.63% decrease over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, is among the gainers in today’s session as seen from its price movements in today’s session. Looking at an in-depth analysis, the Alligator’s lips (green), teeth (red), and jaw (blue) are in a close formation, indicating a lack of clear trend direction. The market is in a consolidation phase. The Ethereum price has been hovering around the Alligator’s lines, without a clear breakout in either direction.
On the other hand, we see that the Woodies CCI shows mixed signals with a slightly positive reading (11.2). The market could be preparing for a breakout, but there is no strong momentum in either direction. Ethereum traded at $2,627 as of press time, representing a 0.8% increase over the last 24 hours.
Toncoin Price Review
Toncoin, $TON, 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 Toncoin price is trading within the Ichimoku Cloud, which signifies indecision in the market. The flat Kijun-sen (blue line) and Tenkan-sen (red line) further support this. The Chikou Span (lagging line) is close to the price, which adds to the uncertainty.
On the other hand, we see that the RSI is at 60.85, indicating that the market is leaning towards bullish momentum but is not yet in overbought territory. Toncoin traded at $6.86 as of press time, representing a 5% increase over the last 24 hours.
dydx Price Review
dydx, $DYDX, is also among the gainers in today’s session as seen from its price movements today. Looking at an in-depth analysis, we see that the dydx price has moved above the Supertrend line, flipping it to a buy signal. This indicates a potential bullish trend. The market previously faced a strong downtrend but seems to be recovering as the Supertrend provides support.
On the other hand, we see that the Money Flow Index (MFI) is at 72.04, which is close to the overbought zone. This suggests that buying pressure is high, but a correction could be imminent if the MFI continues to rise. dydx traded at $1.13 as of press time, representing a 5.71% increase over the last 24 hours.
Conflux Price Review
Conflux, $CFX, is among the gainers in today’s session as well, also seen from its price movements over the last 24 hours. Looking at an in-depth analysis, we see that the Conflux price is currently trading within the lower half of the Pitchfork channel, which suggests a bearish bias. The Conflux price action has been respecting the lower boundary of the Pitchfork, indicating strong resistance at higher levels.
On the other hand, we see that the Volume Oscillator shows a negative reading (-3.34%), indicating that the bearish trend may continue due to decreasing buying interest. Conflux traded at $0.1345 as of press time, representing a 4.8% increase over the last 24 hours.
