BTC is facing huge resistance as the asset now drops back to the $27K level. BSV and Lido however dominate today's session with notable gains.
Today’s market session has started rather slowly with the global market cap recording a decline of 2.26% within 24 hours as bears drove the total cap to $1.14T as of press time. BTC, the crypto king, has also started on a bearish note, dropping down below the $27k level.
BTC, trading at $27.5 as of press time, had recorded a decrease of 2.39% as bears struggle to grip the Bitcoin network. Despite the decrease, Bitcoin’s volatility levels are showing a steady movement with the Bollinger bands moving closer to each other, displaying low volatility on the asset’s network.
The MACD indicator shows a bearish momentum on Bitcoin as it now moves in the negative region with the relative strength index also moving below its average line as bears look to drive the asset to the oversold region.
BTC 1-day chart | Source: TradingView
Ethereum has also kicked off today’s session with bear signals as the asset recorded a 1.16% decrease in 24 hours its weekly gain currently stands at 0.6%. ET continues to face resistance at the $1.9K mark, with the asset trading at $1.83 as of press time.
Altcoin analysis
Altcoins are in for a bear market as well as crypto markets seem to have consolidated a general downtrend. Ripple, trading at $0.4, had recorded a 3.5% decrease as Polygon also dropped by close to 55 to take its price to $0.88. Doge and Cardano also have recorded decreases of 3.1% and 1.4% respectively within the same period.
BitcoinSV is however dominating today’s market, recording an increase of 16% in today’s bear market as it also sits on a 7% weekly gain. BSV was trading at $35.4 at press time as it ranks at position 63 on coinMarketCap.
BSV 1-day chart | Source: CoinMarketCap
Lido DAO is also resisting the bear trend in today’s market, kicking off today with a 24-hour gain of 5.5% to take the token’s price to $1.81 as of press time. Lido is recovering from a weekly drop of 7.55 as bulls now aim to control the asset market.
On today’s trending list, PEPEAI sits at third below SUI and PEPE, recording a notable gain of 14% within 24 hours of trading. PEPEAI is currently sitting on a weekly gain of 14% as well as a monthly gain of 14%.
PEPEAI 1-day chart | Source: CoinMarketCap
As the whole market faces a dip, meme coins are seemingly thriving with PEPE setting the tone for others after recording a whooping monthly gain of over 3000%.