Daily Market Review: BTC, ETH, PENDLE, ATA, ORDI

Bulls have the upper edge on markets again as seen from the global market cap which has seen a 1.5% increase over the last 24 hours to bring the total market cap to $2.55T as of press time, while the trading volume dropped by 15% to $92.33B as of press time.

Bitcoin Price Review

Bitcoin (BTC) has started on bullish activity today as evidenced by its recovery run today. The chart indicates that Bitcoin has been experiencing volatility, as shown by the Ichimoku Cloud (red and green shaded area). The Bitcoin price recently moved below the cloud, suggesting a potential downtrend.

The Moving Average Convergence Divergence (MACD) is below the signal line and negative, which typically indicates bearish momentum. The SuperTrend indicator is above the price, confirming the potential downtrend. As of press time, the Bitcoin price stood at $67,029, representing a 2% pump from its previous 24-hour price.

4-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH), despite today‘s market upswing, has failed to post gains. Ethereum’s price is trending within the Bollinger Bands, which are squeezing slightly, indicating reduced volatility. Prices are below the 20-period moving average, often acting as a dynamic resistance level in a downtrend.

The Average Directional Index (ADX) is above 25, suggesting a strong trend, which currently is a downtrend. The Ethereum price stood at $3,375 as of press time, representing a 0.77% increase from its previous 24-hour price.

4-hour ETH/USD Chart | Source: TradingView

Pendle Price Review

Pendle (PENDLE) has emerged among todays top gainers, as seen from its increase in value. The Pendle price has been in a consistent uptrend, as indicated by the Alligator indicator, with the jaw (blue line), teeth (red line), and lips (green line) all aligned and moving upward.

Conversely, the Awesome Oscillator (AO) is positive and above the zero line, suggesting bullish buying pressure. As of press time, the Pendle price stood at $6.32, representing a 26% increase from its previous 24-hour price.

4-hour PEBDLE/USDT Chart | Source: TradingView

Automata Network Price Review

Automata Network (ATA) is another notable gainer in todays session having posted notable gains. Looking at an in-depth analysis, we notice that the chart shows a significant spike in price with a subsequent correction. The price has recently dropped sharply, breaking below the Ichimoku Cloud.

Conversely, the Money Flow Index (MFI) is above 80, indicating that the asset may be overbought. As of press time, the Automata Network price stood at $0.204, representing a 17.3% increase from its previous 24-hour price.

4-hour ATA/USDT Chart | Source: TradingView

ORDI Price Review

ORDI is another gainer in todays session, as the altcoin also posted notable gains as it recovers from its last dip. The ORDI chart indicates a recent sharp drop in price. However, the price is recovering within a pitchfork pattern, which traders might use to identify potential support and resistance levels.

On the other hand, the Commodity Channel Index (CCI) is in the oversold region, which might signal a potential rebound or at least a pause in the downtrend. As of press time, the Ordi price stood at $58.99, representing a 1.3% increase from its previous 24-hour price.

4-hour ORDI/USDT Chart | Source: TradingView