Daily Market Review: BTC, ETH, BNB, SHIB, DOGE
Release: 2024/07/05 17:45 Reading: 747
Today's market session witnessed a bearish trend, reflected in the decline of the global market capitalization. As of the time of writing, the total cap stands at $2.07T, a 3.95% decrease over the past 24 hours. Trading volume, however, has increased by 10.5% to $92.87B.
Bitcoin Price Review
Bitcoin (BTC) joined the ranks of the losers today, as evidenced by its price action. BTC's price has significantly shifted towards the lower Bollinger Band, indicating heightened volatility and a potential oversold situation. The 20-period SMA within the Bollinger Bands displays a downward trajectory, suggesting a bearish trend.
Furthermore, the Awesome Oscillator (AO) is deeply negative, signaling a strong bearish momentum. At the time of writing, Bitcoin trades at $54,234, a 7.1% decrease over the preceding 24 hours.
Ethereum Price Review
Ethereum (ETH) is also facing setbacks today, as indicated by its price movements. A comprehensive analysis reveals that the red supertrend indicator reflects a bearish trend. Ethereum has been in a pronounced bearish trend, which is corroborated by the supertrend indicator.
Conversely, the MFI (Money Flow Index) is very low at 5.46, suggesting that the market is oversold. Ethereum is trading at $54,234 at the time of writing, marking a 9.8% decline over the past 24 hours.
Binance Coin Price Review
Binance Coin (BNB) has likewise failed to achieve gains in today's session. A closer examination indicates that the Alligator's Jaw (blue line), Teeth (red line), and Lips (green line) are entangled and exhibit a slight downward trend, depicting a bearish phase.
Meanwhile, the Woodies CCI (Commodity Channel Index) is strongly negative, confirming the bearish momentum. Binance Coin is trading at $471.29 as of the time of writing, marking an 11.4% decrease over the preceding 24 hours.
Shiba Inu Price Review
Shiba Inu (SHIB) has also struggled to make gains today, as evidenced by its price action. A detailed analysis suggests that SHIB's price is located beneath the Ichimoku Cloud, signifying a bearish trend.
On the other hand, the MFI (Money Flow Index) is at 4.41, indicating that the asset is oversold. Shiba Inu is trading at $0.00001327 at the time of writing, representing a 14.58% decrease over the past 24 hours.
Dogecoin Price Review
Like the other cryptocurrencies mentioned, Dogecoin (DOGE) has not experienced gains today. A thorough analysis reveals that the chart displays a bearish pennant pattern, suggesting a continuation of the downtrend.
Furthermore, the MFI (Money Flow Index) is very low at 1.76, highlighting oversold conditions. Dogecoin is trading at $0.09563 as of the time of writing, marking a 15.04% decline over the past 24 hours.
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