Daily Market Review: BTC, ETH, HNT, AKT, TAO
blockchainreporter.net 27 August 2024 09:58, 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 $2.26T as of press time, representing a 2.66% increase over the last 24 hours, while the trading volume dropped by 1.14% over the same period to stand at $66.23B 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, we see that the Bitcoin price is moving toward the lower band, suggesting a potential oversold condition or a period of low volatility. If the price bounces off the lower band and moves upward, it might indicate a bullish reversal. A break below the lower band could suggest a continuation of the bearish trend.
On the other hand, we see that the MFI is around 41, indicating neither an overbought nor oversold condition. However, it is moving downward, hinting at increasing selling pressure. If it falls below 20, it would confirm an oversold condition, potentially signaling a reversal. Bitcoin traded at $62,956 as of press time, representing a 1.69% decrease over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, is also not posting gains in today’s session as also evidenced by its price movements. Looking at an in-depth analysis, we see that the Alligator indicator shows convergence, suggesting a period of consolidation or indecision in the market. A clear crossover (Lips, Teeth, and Jaw) could signal the beginning of a new trend.
On the other hand, we see that the Woodies CCI is around -99, indicating a potential oversold condition. The red and green lines converging towards the zero line might suggest a possible reversal to the upside. Ethereum traded at $2,678 as of press time, representing a 2.46% decrease over the last 24 hours.
Helium Price Review
Helium, $HNT, is among the gainers in today’s session as also seen from its price movements. Looking at an in-depth analysis we see that the the Helium price is hovering around the cloud, indicating a neutral or uncertain trend. The conversion line is close to the baseline, which could signal an upcoming trend change. A break above the cloud could indicate a bullish trend, while a drop below could signal a bearish continuation.
On the other hand, we see see that the Volume Oscillator: is at 5.50%, showing a slight increase in volume, which could support a price movement. If this increase in volume continues, it could provide momentum for the price to break out of the current range. Helium traded at $7.07 as of press time, representing a 12.27% increase over the last 24 hours.
Akash Network Price Review
Akashj Network, $AKT, 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 Akash Network price is above the supertrend line, indicating a bullish trend. However, if the price drops below the supertrend level at around 2.62, it could signal a trend reversal to bearish.
On the other hand, we see that the Awesome Oscillator (AO) is in the positive territory but showing signs of peaking or divergence, which could indicate a potential slowdown in the bullish momentum. Akash Network traded at $2.99 as of press time, representing a 11.96% increase over the last 24 hours.
Bittensor Price Review
Bittensor, $TAO, 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 Bittensor price is moving within the upper boundary of the pitchfork channel, suggesting a strong upward trend. A break above the upper line could indicate further bullish momentum, while a move below might suggest consolidation or a pullback.
On the other hand, MFI is at 56.27, indicating a relatively neutral condition. If it continues to rise towards 80, it might suggest an overbought condition, potentially leading to a pullback. Bittensor traded at $350.68 as of press time, representing a 2.34% increase over the last 24 hours.
