Daily Market Review: BTC, ETH, WIF, RNDR, TON

Bulls have retaken control of the markets as the new week starts as seen from the increase in the global market cap. Standing at $2,59T as of press time, representing a 5.64% increase within the last 24 hours, the trading volume dropped by 18% to $121.8B.

Bitcoin Price Review

The chart indicates a general uptrend in the period shown, with a recent dip in the Bitcoin price, which tested the lower Bollinger Band before recovering. This can be seen as a bullish signal if the price remains above the 20-period Simple Moving Average (SMA). The Bollinger Bands are widening, which suggests increasing market volatility.

The Relative Strength Index (RSI) hovers around the midpoint, which doesn’t indicate an overbought or oversold condition. However, its southern trajectory might suggest some bear activity. The Bitcoin price stood at $68.17K as of press time representing a 4.2% increase within the last 24 hours.

2-hour BTC/USD Chart | Source: TradingView

Ethereum Price review

Ethereum (ETH) has also managed some gains today. Ethereum price charts show more volatility with a recent bearish trend, as evidenced by the price moving below the super trend line, which turned from green to red, signaling a potential downtrend in the Ethereum price.

On the other hand, the Moving Average Convergence Divergence (MACD) is headed toward a shift below the signal line and declining, indicating bearish momentum. The Ethereum price stood at $3629 as of press time representing a 4.4% increase within the last 24 hours.

2-hour ETH/USD Chart | Source: TradingView

Dogwifhat Price Review

Dogwifhat (WIF) has again emerged as today’s top gainer as the Solana meme coin makes headlines again. However, its chart depicts a market in which the Dogwifhat price has fluctuated around the lines of the Alligator indicator, suggesting a lack of a strong trend in either direction.

The Average Directional Index (ADX) is around 25, which signals a weak current trend. The ADX line below 25 often indicates a ranging or weak trend. The latest series of red candle stick patterns could also suggest shifting momentum. The Dogwifhat price stood at $2.9 as of press time representing a 26.35% increase within the last 24 hours.

2-hour WIF/USDT Chart | Source: TradingView

Render Price Review

Render (RNDR) is today’s second top gainer as the token also posts notable gains. The Auto Pitchfork tool is applied here, with the Render price currently in the upper half of the pitchfork, which could be interpreted as bullish. The Render price is testing the upper line of the pitchfork, and a breakout above could suggest a continuation of the bullish trend.

The Awesome Oscillator (AO) shows green bars growing, which indicates bullish buying pressure and could confirm the trend indicated by the pitchfork. The Render price stood at $13.2 as of press time representing a 22.9% increase within the last 24 hours.

2-hour RNDR/USDT Chart | Source: TradingView

Toncoin Price Review

Toncoin (TON) has also made it to the gainers list as it emerges as today’s third top-most gainer. The Toncoin price action is currently in an uptrend, consistently forming higher lows and higher highs, which is a bullish signal. The Commodity Channel Index (CCI) is above 100, suggesting that the price may be in an overbought region.

The Money Flow Index (MFI) is also high, above 70, pointing to overbought conditions. These indicators suggest that caution is warranted as the asset may soon see a pullback or consolidation. The Toncoin price stood at $4.02 as of press time representing a 16.9% increase within the last 24 hours.

2-hour TON/USDT Chart | Source: TradingView

Source