Daily Market Review: BTC, ETH, XRP, CORE, OKB

bitcoin

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Today’s market session has also been dominated by bears as a majority of coins fail to post notable gains. However, despite the downtrend, the global market cap jumped by 4% over the last 24 hours to stand at $2.42T as of press time. 

Bitcoin Price Review

Bitcoin (BTC) is still facing consolidations in today’s session evidenced by the minimal movements today. The *BTC* price action has shown a pattern of higher highs and higher lows within a rising wedge, indicating a bullish sentiment among investors. Despite recent fluctuations, traders are eyeing the support and resistance levels closely, with the Relative Strength Index (RSI) suggesting a possible turnaround from the oversold conditions. 

On the other hand, The Average Directional Index (ADX) supports the current trend’s strength, giving cryptocurrency enthusiasts hope for a potential upward breakout. As of press time, the Bitcoin price stood at $63,257, representing a 4.7% drop from its previous 24-hour price.

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4-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) is also facing massive consolidations in today’s session as it also failed to post gains in today’s session. The Ethereum price has taken a downturn, creating a bearish channel pattern that is causing concern for long-term holders. As the price moves within a narrowing range, the possibility of a significant price drop looms. 

The extended bars in the Awesome Oscillator (AO) indicate increased volatility, suggesting that traders should brace for potential turbulence ahead.  As of press time, the *ETH* price stood at $3,085, representing a 4.9% drop from its previous 24-hour price.

4-hour ETH/USD Chart | Source: TradingView

Ripple Price Review

Ripple (XRP) has also fallen prey to today’s bear wave as the altcoin also failed to post gains in today’s session. *XRP* faces an uphill battle as it struggles to regain the ground lost in a recent sell-off. The cryptocurrency is currently trading below a key trend line, marked by the Supertrend indicator, and is facing resistance at a higher level. 

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On the other hand, market sentiment appears cautious with the Money Flow Index (MFI) indicating that buying pressure may not be sufficient to reverse the downtrend in the short term. As of press time, the Ripple price stood at $0.4944, representing a 4% drop from its previous 24-hour price.

4-hour XRP/USD Chart | Source: TradingView

Core DAO Price Review

Core DAO (CORE) emerged as today’s top gainer, defying the odds to post gains in today’s session. Investors of the token experienced a whirlwind of activity as the price surged exponentially before entering a period of correction. 

On the other hand, the Alligator indicator, often used to detect the onset of a market’s awakening phase, had signalled an uptrend that now appears to be waning. As of press time, the Core DAO price stood at $2.16, representing a 35.28% jump from its previous 24-hour price.

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4-hour DAO/USDT Chart | Source: TradingView

OKB Price Review

OKB (OKB) is also having a tremendous session today, posting some gains in today’s bear market. The OKB market has shown indecisive movements, as seen in the Bollinger Bands’ squeezing and expansion, which indicate periods of low and high volatility, respectively. 

Looking at the Woodies CCI for trend direction, we are finding the current market challenging. The OKB price hovers around the central moving average, making it difficult to establish a clear trend. As of press time, the OKB price stood at $58.61, representing a 6.5% jump from its previous 24-hour price.

4-hour OKB/USDT Chart | Source: TradingView

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