Daily Market Review: BTC, ETH, XRP, SOL, BCH

Today’s market session has bears on the front as seen from the drop in the global market cap. The total cap stood at $2.11T as of press time, representing a 7.62% drop over the last 24 hours while the trading volume stood at $103.84B as of press time, representing a 56% increase over the same period.

Bitcoin Price Review

Bitcoin (BTC) is facing bear action in today’s session as evidenced by today’s bear activity. Looking at an in-depth analysis, we see that the Moving Average Convergence Divergence (MACD) is below zero and showing widening negative bars, suggesting that the downward momentum is increasing.

On the other hand, the price is below the midline of the Bollinger Bands and approaching the lower band, which could indicate oversold conditions soon. As of press time, the Bitcoin price stood at $57,176, representing a 4.6% drop from its previous 24-hour price.

Ethereum Price Review

Ethereum (ETH) is also facing a bear session today, as evidenced by its price movement. An in-depth analysis shows that the Alligator lines are intertwined and trending downward, signaling a solid downtrend.

On the other hand, the Relative Strength Index (RSI) is near 37, suggesting the market is approaching oversold conditions but is not there yet. As of press time, the Ethereum price stood at $2,928, representing a 1.5% drop from its previous 24-hour price.

Ripple Price Review

Ripple (XRP) is among the few gainers in today’s session as evidenced by its price drop. Looking at an in-depth analysis, we see that the Ripple price is below the cloud, which is bearish. The cloud appears to be widening, indicating potential volatility.

On the other hand, the Volume Oscillator shows some recent increases in trading volume, but the overall direction could be more precise. As of press time, the Ripple price stood at $0.5097, representing a 2.1% pump from its previous 24-hour price.

Solana Price Review

Solana (SOL) has also defied the odds of emerging among the gainers in today’s session. An in-depth analysis shows that the Solana price below the cloud suggests bearishness; however, a push into the cloud could signal a potential reversal.

On the other hand, the MFI (Money Flow Index) is around 42, indicating neither overbought nor oversold conditions, suggesting indecision. As of press time, the Solana price stood at $130.14, representing a 4.77% increase from its previous 24-hour price.

Bitcoin Cash Price Review

Bitcoin Cash (BCH) is also experiencing bear activity in today’s session, as evidenced by its price action. An in-depth analysis shows that the ADX (Average Directional Index) is around 38, indicating a strong upward trend within the channel.

On the other hand, the price is bouncing along the pitchfork’s lower trend line, suggesting potential support at these levels. As of press time, the Bitcoin Cash price stood at $416.13, representing a 3.6% dump from its previous 24-hour price.