Daily Market Review: BTC, ETH, FET, AAVE, WIF
blockchainreporter.net 20 August 2024 10:11, UTC The bulls are in total control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.15T as of press time, representing a 3.87% increase over the last 24 hours, while the trading volume jumped by 32% over the same period to stand at $64.7B as of press time.
Bitcoin Price Review
Bitcoin, $BTC, is posting gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, we see that the Bitcoin price is near the middle band, indicating potential consolidation or slight bullish momentum as it approaches the upper band.
On the other hand, we see that the ADX (Average Directional Index) is around 19, suggesting a weak trend. The lack of a strong trend means that the market could continue to move sideways unless there’s a breakout. Bitcoin traded at $61,052 as of press time, representing a 4.29% increase over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, is also making gains in today’s session as seen from its price movements in today’s session. Looking at an in-depth analysis, we see that the three moving averages (jaw, teeth, lips) are intertwined, showing a lack of a clear trend and indicating a possible upcoming breakout.
On the other hand, we see that the Volume Oscillator is positive but low, suggesting that there has been some buying interest, but it isn’t substantial enough to confirm a strong trend. Ethereum traded at $2,678 as of press time, representing a 1.9% increase over the last 24 hours.
Dogwifhat Price Review
Dogwifhat, $WIF, 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 Dogwifhat price is trading slightly above the Kijun line but still below the cloud, indicating a potential bullish reversal if the price can break through the cloud.
On the other hand, we see that the Woodies CCI is in the overbought zone, which could suggest that the asset is overbought and might face a pullback. However, if the momentum is strong, it could indicate the beginning of a bullish trend. Dogwifhat traded at $1.57 as of press time, representing a 14.71% increase over the last 24 hours.
Fetch.ai Price Review
Fetch.ai, $FET, is also among the gainers in today’s session as also seen from its price movements. Looking at an in-depth analysis, we see that the Fetch.ai price is trading above the supertrend line, which is now acting as support, indicating a bullish trend in the short term.
On the other hand, we see that the Volume Oscillator shows a strong positive reading of 14.86%, suggesting a significant amount of buying interest. Fetch.ai traded at $0.9104 as of press time, representing an 11.96% increase over the last 24 hours.
Aave Price Review
Aave, AAVE, is also among the gainers in today’s session as also seen from its price movements. Looking at an in-depth analysis, we see that the Aave price is moving within the pitchfork’s upward channel, indicating a bullish trend. The recent touch at the upper boundary suggests a strong upward momentum.
On the other hand, we see that the MFI (Money Flow Index) is at 76.95, close to the overbought territory, suggesting that while the current uptrend is strong, a correction could be imminent if the price continues to rise without a pullback. Aave traded at $129.19 as of press time, representing a 12.9% increase over the last 24 hours.
