Daily Market Review: BTC, ETH, CBK, PENDLE, ORDI

bitcoin-dollar-usd

Today’s market session has seen bears take control once again, as seen from the dropping global market cap, which has dropped 1% in the last 24 hours to stand at $2.52T as of press time. The trading volume has increased by 13.99% within the same period to stand at $105.3 billion as of press time. 

Bitcoin Price Review

Bitcoin (BTC) seems to be recovering from its slight price increase in today’s session. The Bitcoin price fluctuates around the Alligator’s jaw (blue line), indicating a potential consolidation phase or indecision in the market. On the other hand, the RSI is slightly above the 50 level, which suggests a neutral to slightly bullish momentum in the short term.

Looking at the overall trend, the mixed alignment of the Alligator indicator lines suggests a lack of a clear trend in the near term. As of press time, the Bitcoin price stood at $67,825, representing a minor 1.5% pump from its previous 24-hour price.

4-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Despite the general downtrend, Ethereum (ETH) has also posted some gains today. The Ethereum price is hovering around the middle Bollinger band, indicating a neutral position in the price movement within the bands.

On the other hand, the MFI is around 77, which is relatively high, suggesting the market may be becoming overbought. As of press time, the Ethereum price stood at $3,36, representing a 1.85% increase from its previous 24-hour price.

4-hour ETH/USD Chart | Source: TradingView

Nervos Network Price Review

Nervos Network (CBK) emerged as today’s top gainer, posting notable gains in today’s session. An in-depth analysis shows that the recent bullish candle exceeds the SuperTrend, signaling a potential uptrend. Additionally, the MACD line (blue) crossing above the signal line (orange) supports the presence of bullish momentum.

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Conversely, the SuperTrend turning green and the price movement above it suggest the start of an uptrend. The Nervos Network price stood at $0.02154 as of press time, representing a 24.8% increase from its previous 24-hour price.

4-hour CBK/USDT Chart | Source: TradingView

Pendle Price Review

Pendle (PENDLE) is today’s second top gainer, as it also posted notable gains in today’s session. The Pendle price is at the upper boundary of the pitchfork, which could indicate resistance or a potential breakout point.

On the other hand, the green bars on the Awesome Oscillator (AO) indicate increasing bullish momentum. The Pitchfork channels show a clear uptrend, with the price staying mostly within the upper half of the Pitchfork. As of press time, the Pendle price stood at $7.19, representing a 22.7% increase from its previous 24-hour price.

4-hour PENDLE/USDT Chart | Source: TradingView

Ordi Price Review

Ordi (ORDI) has emerged as the day’s third top gainer, posting notable gains in today’s session. The Ordi price fluctuates within the Ichimoku Cloud, suggesting a period of uncertainty with no clear trend. Additionally, the ADX’s value is above 25, indicating a certain strength to the trend, but as the price is within the cloud, the direction is unclear.

The mixed signals of the price in the cloud and the ADX value suggest a market that could be trending but with a direction that is currently difficult to ascertain. As of press time, the Ordi price stood at $67.92, representing a 13.8% increase from its previous 24-hour price.

4-hour ORDI/USDT Chart | Source: TradingView

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