- Bitcoin is the leading cryptocurrency that is mostly viewed on CoinMarketCap.
- BTC price has been trading in a bearish sentiment in the last 24 hours.
- Floki (FLOKI) is featured in the 5th position on the list.
The cryptocurrency market has been in a bullish trend over the past couple of days. Because of this optimism, the market cap has surpassed $1 trillion. However, as per a recent analysis, some of the coins have started trading in a bearish trend.
This is after Bitcoin (BTC), which is the leading cryptocurrency by market capitalization, started trading in a bearish trend in the past 24 hours. Most digital tokens have seen their prices plummet as a result of the negative change in the BTC market.
The market’s sudden bearish sentiment has drawn investors’ attention to the majority of the coins. Here is the list of the trending cryptocurrency in the market
Bitcoin (BTC)
The opening price of Bitcoin was in the hands of bulls; it started its day by trading at $23,431.38, but after a short while, bears intervened in the market, but bulls did not give in. This is because they dominated the market, resulting in BTC prices trading with a bullish sentiment until 12:00, when the bears intervened and began driving BTC prices downward. At press time, BTC was exchanging hands at $23,130.87, which is a 1.25% price decrease in the last 24 hours.
A bearish emotion is represented by the Relative Strength Index (RSI) line moving below its signal line, indicating that a bearish attitude in the BTC market may continue in the hours ahead. The current RSI line reading is 70.92, indicating that a price reversal is occurring in the BTC market after it hit its overbought zone.
However, the MACD line is providing investors with hope that a bullish attitude will emerge in the market in the next hours because it is moving in an upward direction, indicating that a bullish run will soon occur in the market. The bullish run in the BTC market is also indicated by the trajectory histogram, which has developed on the positive side. The current MACD line and trajectory histogram readings are 1393.14 and 7.29, respectively.
Shiba Inu (SHIB)
Bears have dominated the SHIB market over the previous 7 days, causing SHIB prices to fall to weekly lows of $0.00001099. SHIB market price has decreased by 3.44% in the last 24 hours and is now trading at $0.00001164. With a 30.20% gain in market cap, bears have set support at $0.00001155 and resistance at $0.00001215.
Bulls appear to be in charge of the SHIB market, as evidenced by the Parabolic SAR indicator, which has produced an alignment of dots above the candlestick pattern, indicating that a positive sentiment may occur in the SHIB market in the near future.
Chaikin Money Flow (CMF) is indicating a negative mindset in the SHIB market as it moves southward. The movement of the CMF indicator to the south suggests that bears are in control of the market, and this bearish sentiment may persist in the market in the coming hours.
Solana (SOL)
After the launch of Bonk (BONK), which is a dog-themed cryptocurrency that is based on the Solana (SOL) ecosystem, the SOL price began trading in a bullish mood, resulting in bulls in SOL reaching monthly highs of $26.65. Currently, the price of SOL is trading at $24.44, which is a decrease of 0.54% in the last 24 hours.
According to recent technical analysis for Solana, the SOL market is in a bearish trend. This is represented by the Long-term MA going above the Short-term MA, as the 200-day MA moves above the 100-day MA. This suggests that the current adverse attitude in the SOL market may persist in the future.
A reading of 2.87 on the Bull Bear Power (BBP) indicator signals that bulls are on track to correct Solana market in that the BBP number is greater than “0,” indicating that a bullish mood may emerge in the SOL market in the near future.
Ethereum (ETH)
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is the fourth most watched digital currency on CoinMarketCap. In the previous 24 hours, the price of Ethereum has been trading at $1,588.07. This is a 1.47% price decrease, indicating that the ETH price is in the hands of bears.
A negative mood in the ETH market is represented in the 4-hour timeframe by the movement of the Average Directional Index (ADX), which is moving in a downward trend, implying that the current bearish feeling in the ETH market may persist in the coming hours. The ADX indicator is now reading 19.42.
The widening of the Bollinger Band (BB) on the 4-hour price chart of ETH denotes that a bullish sentiment is present in ETH market, pointing out that a bullish sentiment might occur in ETH market in the coming hours. The current reading of the upper band is 1647.54, while the lower band is 1552.42. These levels act as immediate support and resistance in the short term.
Floki Inu (FLOKI)
Floki Inu’s (FLOKI) price analysis shows that the FLOKi price has been declining in the last 24 hours. FLOKI’s price is currently trading at $0.00002402 in the last 24 hours. Bearish sentiment is also denoted by a decrease in trading volume, which has decreased by 30.44% to $27,684,308.
The bearish sentiment is indicated by the movement of the RSI indicator, which is moving on the southern face, suggesting that the bearish sentiment might persist in the FLOKI market in the coming hours.
Moving Average Convergence Divergence (MACD) also suggests that a bearish sentiment might continue in the market, so investors should be cautious before entering the FLOKI market. Additionally, the formation of the trajectory histogram in the negative region further supports the idea that the current bearish sentiment might continue in the hours ahead.
In conclusion, bears have dominated the market for the aforementioned coins in the last 24 hours, causing their prices to fall.
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