Daily Market Review: BTC, ETH, CKB, ENA, AKT

As seen from the increasingly global market cap, todays market session has seen bulls take control of the markets. The global market cap stood at $2.58T as of press time representing a 1.5% increase within the last 24 hours. The trading volume dropped by 32% within the same period to stand at $60.2 as of the time.

Bitcoin Price Review

Bitcoin (BTC) has posted notable gains today as the crypto king heads towards $70K. The Supertrend indicator shows a recent transition from a bearish to a bullish trend, as indicated by the shift from a red to a green line above the price bars. The Woodies CCI oscillates around the zero line, indicating that momentum is not strongly in either the bullish or bearish direction.

On the other hand, theres a consolidation pattern with the price now breaking upwards, potentially signaling the beginning of an uptrend. As of press time, the price stood at $69,347, representing a minor 2.2% pump from its previous 24-hour price.

4-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) has also managed notable gains in todays session as bulls take control of the altcoin. The Bollinger Bands are being respected with the price mostly fluctuating between the middle and upper band, suggesting a stable uptrend.

On the other hand, the Money Flow Index (MFI) is below the 50 level, often suggesting that the asset may not be overbought and that there is room for upward price movement. The recent Ethereum price action has been relatively stable, with a slight uptick toward the most recent bars. The Ethereum price stood at $3,391 as of press time, representing a minor 1.5% pump from its previous 24-hour price.

4-hour ETH/USD Chart | Source: TradingView

Nervos Network Price Review

Nervos Network (CKB) is among the days top gainers as the altcoin managed notable gains. The Alligator indicator shows a bullish trend, as the lines are well-separated and the green line is above the red, which is above the blue, indicating an ongoing trend. On the other hand, the MACD is above the signal line, and the histogram is positive, indicating that bullish momentum is currently in play.

The Nervos Network price shows a consistent uptrend, with higher highs and higher lows, which is a bullish sign. The Nervos Network price stood at $0.02617 as of press time, representing a 17.4% pump from its previous 24-hour price.

4-hour CKB/USDT Chart | Source: TradingView

Ethena Price Review

Ethena (ENA) is also among the top gainers as seen from the altcoin also gained meticulously. The Ethena price forms a ‘Rising Wedge’ pattern, typically a bearish formation that could suggest a reversal when the price breaks downwards.

On the other hand, the Awesome Oscillator (AO) is above zero but appears to be decreasing, indicating that the bullish momentum may be slowing down. If the Ethena price breaks down from the rising wedge pattern, it could reach the target indicated by the green arrow, which is a lower price level. The Ethena price stood at $1.24 as of press time, representing a 14.53% pump from its previous 24-hour price.

4-hour ENA/USDT Chart | Source: TradingView

Akash Network Price Review

Akash Network (AKT) is also having a good session as it posts notable gains today. The Auto Pitchfork indicator suggests that the Akash Network price is in an uptrend, respecting the median line of the pitchfork.

The Woodies CCI shows that the price is losing momentum as the indicator crosses past the +100 level, suggesting a potential downturn or consolidation might be coming. The Akash Network price has respected the pitchforks trend lines well, bouncing off the lower trend line and potentially moving toward the upper line or median again. As of press time, the Akash Network price stood at $4.29, representing a 9.7% pump from its previous 24-hour price.

4-hour AKT/USDT Chart | Source: TradingView