Daily Market Review: BTC, ETH, XRP, BEAM, RON
blockchainreporter.net 30 August 2024 21:28, UTC The bears are still in total control in today’s session, as seen from the decrease in the global market cap. The total cap stood at $2.05T as of press time, representing a 3.02% decrease over the last 24 hours, while the trading volume jumped by 6% over the same period to stand at $72.87B 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 near the lower Bollinger Band, indicating a potential oversold condition. This could suggest a possible bounce back toward the middle band if buying pressure increases. However, a break below the lower band may indicate further downside.
The 20-period Simple Moving Average (SMA) is acting as a dynamic resistance. The price needs to break above this level to confirm a bullish reversal. On the other hand, we see that the ADX (Average Directional Index) has a value of 34.31, the ADX indicates a strong trend. Bitcoin traded at $59,459 as of press time, representing a 0.52% increase over the last 24 hours. Bitcoin traded at $58,601 as of press time, representing a 3.07% decrease over the last 24 hours.
Ethereum Price Review
Ethereum, $ETH, is also 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 (green), teeth (red), and jaw (blue) are in a bearish alignment, suggesting a downtrend. The price needs to move above these lines to indicate a trend reversal.
On the other hand, we see that the Volume Oscillator is currently positive, indicating a recent increase in volume. This could suggest strengthening momentum, but the trend direction remains bearish until the price breaks above the Alligator lines. Ethereum traded at $2,460 as of press time, representing a 4.23% decrease over the last 24 hours.
Ripple Price Review
Ripple, XRP, has also not posted gains in today’s session as also seen from its price movements. Looking at an in-depth analysis, we see that the Ripple price is below the Ichimoku Cloud, indicating a bearish trend. The conversion line (Tenkan-sen) and base-line (Kijun-sen) are also in a bearish formation, reinforcing the downtrend outlook. A bullish signal would require the price to break above the cloud and the conversion line to cross above the base-line.
On the other hand, we see that the Woodies Commodity Channel Index is below -100, which indicates an oversold condition. This suggests a potential short-term bounce, but the overall trend remains bearish unless significant bullish momentum builds. Ripple traded at $0.5559 as of press time, representing a 2.8% decrease over the last 24 hours.
Beam Price Review
Beam, $BEAM, is a gainer in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the Beam price is hovering around the Ichimoku Cloud, indicating indecision in the market. A decisive break above the cloud would suggest a bullish trend, while a break below could signal further downside.
On the other hand, we see that the RSI (Relative Strength Index) is around 52.25, indicating neutral momentum. The lack of a clear trend signal suggests waiting for a breakout from the cloud for a directional bias. Beam traded at $0.01521 as of press time, representing a 0.85% increase over the last 24 hours.
Ronin Price Review
Ronin, RON, is also 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 Ronin price is moving within the pitchfork channel, currently testing the median line. A break above the median could signal bullish continuation, while a rejection may push the price back toward the lower boundary.
On the other hand, we see that the MFI (Money Flow Index) is around 50.07, indicating neither overbought nor oversold conditions. This suggests the market is in a consolidation phase, and traders should watch for a breakout from the pitchfork range for further clues. Ronin traded at $1.67 as of press time, representing a 0.28% increase over the last 24 hours.
