Analytics

Market Review: BTC, ETH, ADA, HBAR, MATIC

Today’s session has seen some bulls regain control as seen from the global market cap, which has jumped by 3/36% to stand at $2.4T as of press time. On the other hand, the trading volume also saw an 18% drop over the same period, at $61.39B.

Bitcoin Price Review

Bitcoin (BTC) also had a bullish session today, as evidenced by the late series of green candlestick patterns. Bitcoin price charts display a bearish pattern, where the price peaks at “Top 1” and “Top 2”, and then begins to fall, with a target set lower, indicating a potential double top pattern. This is often seen as a reversal pattern, suggesting that the price may decline further.

On the other hand, the Volume Oscillator shows a negative value, which may suggest that volume decreases on up moves or increases on down moves, potentially confirming bearish sentiment. As of press time, the Bitcoin price stood at $64,612, representing a 0.2% increase from its previous 24-hour price.

2-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) is, however, going through a recovery session, as seen from today’s performance. Looking at an in-depth analysis of Ethereum charts, we notice that the Ethereum price is trading between the middle and upper bands, which usually indicates a neutral to bullish outlook. The bands are relatively close together, which may suggest low volatility at the moment.

On the flip side the RSI is hovering around the 50 level, which is considered neutral, neither overbought nor oversold. As of press time, the Ethereum price stood at $3,146, representing a 0.27% decrease from its previous 24-hour price.

2-hour ETH/USD Chart | Source: TradingView

Cardano Price Review

Cardano (ADA) has also failed to post some notable gains in today’s session. Looking at the alligator indicator, we notice that the lines are intertwined, suggesting that the market may be in a range-bound state without a clear trend.

On the other hand, the MACD line is above the signal line but both are near the zero line, which could be seen as a weak bullish signal or potential for a change in trend. As of press time, the Cardano price stood at $0.5009, representing a 0.6% decrease from its previous 24-hour price.

2-hour ADA/USDT Chart | Source: TradingView

Hedera Price Review

Hedera (HBAR) was also a notable gainer in today’s session, having posted some notable price movements. Looking at an in-depth analysis, we notice that the Hedrea price is trading within the Pitchfork, which can be used to identify potential support and resistance levels.

On the flip side, the Woodies CCI fluctuates around the zero line, suggesting that the market is not showing strong momentum in either direction. As of press time, the Hedera price stood at $0.08873, representing a 2.65% increase from its previous 24-hour price.

2-hour HBAR/USDT Chart | Source: TradingView

Polygon Price Review

Polygon (MATIC) is also facing a corrections session today. An in-depth analysis shows that the Polygon price is currently trading above the cloud, which is generally considered a bullish signal. However, the cloud ahead is turning red, which could indicate potential resistance or a change in trend.

On the other hand, the ADX is at a low value, which typically indicates a weak or non-trending market. As of press time, the Polygon price stood at $0.7106, representing a 3% increase from its previous 24-hour price.

2-hour MATIC/USDT Chart | Source: TradingView

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