Market Update: BTC, ETH, BNB, SHIB, DOGE See Red as Global Market Cap Drops 3.95%
- PHPzOriginal
- 2024-07-11 21:09:30273browse
Today's market session also saw bears on the front foot, as seen from the drop in the global market cap. The total cap stood at $2.07T as of press time
Crypto prices fell sharply on Monday evening, with Bitcoin and Ethereum both shedding over 7% of their value. The total cryptocurrency market cap fell by 3.95% to $2.07 trillion, while trading volume increased by 10.5% to $92.87 billion in the last 24 hours.
Bitcoin Price Analysis
Bitcoin price fell sharply on Monday evening, continuing its decline from last week. At press time, BTC was trading at $54,234, down 7.1% in the last 24 hours and 21.5% from its all-time high.
The chart showed Bitcoin price sharply moving towards the lower Bollinger Band, indicating high volatility and a potential oversold condition. The 20-period SMA (Simple Moving Average) within the Bollinger Bands showed a downward slope, suggesting a bearish trend.
On the other hand, the Awesome Oscillator (AO) was deeply damaging, indicating strong bearish momentum.
Bitcoin price is now approaching a crucial support level at $52,000, which could determine the next direction of the BTC price movement.
Ethereum Price Analysis
Ethereum price also faced corrections on Monday evening, with the asset posting losses and moving further away from its recent all-time high.
At press time, ETH was changing hands at $471.29, down 9.8% in the last 24 hours and 30.2% from its all-time high.
The chart showed the red supertrend indicator, which is used to quickly identify the trend and common pivot points, indicating a bearish trend. Ethereum is in a strong bearish trend, with the supertrend indicator confirming it.
On the other hand, looking at other indicators, we see that the MFI (Money Flow Index) is very low at 5.46, suggesting the market is oversold.
Ethereum price is now approaching a crucial support level at $450, which could determine the next direction of the ETH price movement.
Binance Coin Price Analysis
Binance Coin price also failed to post gains on Monday evening, continuing its decline from last week. At press time, BNB was trading at $471.29, down 11.4% in the last 24 hours and 38.7% from its all-time high.
The chart showed the Alligator’s Jaw (blue line), Teeth (red line), and Lips (green line) are intertwined and show a slight downward movement, indicating a bearish phase.
On the other hand, we see that the Woodies CCI (Commodity Channel Index) is profoundly negative, confirming the bearish momentum.
Binance Coin price is now approaching a crucial support level at $420, which could determine the next direction of the BNB price movement.
Shiba Inu Price Analysis
Shiba Inu price also failed to post gains on Monday evening, continuing its decline from last week. At press time, SHIB was trading at $0.00001327, down 14.58% in the last 24 hours and 62.3% from its all-time high.
The chart showed the Shiba Inu price is below the Ichimoku Cloud, indicating a bearish trend.
On the other hand, we see that the MFI (Money Flow Index) is at 4.41, which indicates the asset is oversold.
Shiba Inu price is now approaching a crucial support level at $0.000012, which could determine the next direction of the SHIB price movement.
Dogecoin Price Analysis
Dogecoin price also failed to post gains on Monday evening, continuing its decline from last week. At press time, DOGE was trading at $0.09563, down 15.04% in the last 24 hours and 70.3% from its all-time high.
The chart showed a bearish pennant pattern, which is a continuation pattern that forms during a downtrend and suggests the continuation of the downtrend.
On the other hand, we see that the MFI (Money Flow Index) is very low at 1.76, indicating oversold conditions.
Dogecoin price is now approaching a crucial support level at $0.09, which could determine the next direction of the DOGE price movement.
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