Daily Market Review: BTC, ETH, CRO, BTT, ONDO

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Bulls have started today’s session on the front foot as seen by the increasingly global market cap which has risen by $2.62 as of press time representing a 0.64% increase over the last 24 hours while the trading volume dropped by 9% over the same period to stand at $83.4B as of press time. 

Bitcoin Price Review

Bitcoin (BTC) has started slowly as the crypto king consolidates near the $71K mark. Analysing Bitcoin charts, the chart indicates a potential head and shoulders pattern formation with two peaks labelled “Top 1” and “Top 2,” suggesting a bearish reversal might be in play.

There is a neckline drawn that, if broken, might confirm the reversal pattern. On the other hand, the RSI (Relative Strength Index) is near the middle range (around 54.96), which doesn’t indicate overbought or oversold conditions. As of press time, the Bitcoin price stood at $70,881, representing a 0.2% jump from its previous 24-hour price.

2-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) is consolidated as the altcoin king failed to post gains in today’s session. Looking at ETH chats, we see that the Bollinger Bands are contracting, suggesting a decrease in volatility after a significant price move-up.

The Ethereum price is hovering around the middle Bollinger Band, which often acts as support in an uptrend. On the other hand, the AO (Awesome Oscillator) is showing a red bar, indicating the momentum might be shifting to the downside. As of press time, the Ethereum price stood at $3,535, representing a 1.3% dump from its previous 24-hour price.

2-hour ETH/USD Chart | Source: TradingView

Cronos Price Review

Crono (CRO) is today’s top gainer as the altcoin emerged with notable gains today. In-depth analysis shows that the Cronos price chart displays a SuperTrend indicator with a recent switch from bearish (red) to bullish (green), signalling a possible uptrend.

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On the other hand, the MFI (Money Flow Index) is relatively high at 76.25, indicating the market may be entering overbought territory. As of press time, the Cronos price stood at $0.1569, representing a 6% increase in valuation from its previous 24-hour one.

2-hour CRO/USDT Chart | Source: TradingView

BitTorrent Price Review

BitTorrent (BTT) is the second top gainer in today’s session, having also managed some notable gains. Looking at an in-depth analysis, we notice a pitchfork tool, with price action currently in the upper half of the pitchfork, indicating an uptrend.

On the flip side, the Woodies CCI shows a downturn with the CCI line crossing below the signal line, which can be an early sign of a potential reversal.  As of press time, the BitTorrent price stood at $0.00000158, representing a 5.57% increase in valuation from its previous 24-hour one.

2-hour BTT/USDT Chart | Source: TradingView

Ondo Price Review

Ondo (ONDO) is among the top gainers in today’s session, managing some notable gains. Analysing Ondo price charts, we notice the presence of an Ichimoku Cloud, with the Ondo price action fluctuating around the cloud, not giving a clear bullish or bearish signal.

On the other hand, the ADX (Average Directional Index) is above 20 but below 25, suggesting moderate trend strength. At the time of writing, the Ondo price stood at $0.8238, representing a 5.% increase in valuation from its last day.

2-hour ONDO/USDT Chart | Source: TradingView

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