Daily Market Review: BTC, AKT, PUPS, BNX, MVL

24.04.2024

Bulls still have a slight edge on the markets, as evidenced by the slight increase in the global market cap. The total cap stood at $2.46T as of press time, representing a 0.8% increase over the last 24 hours. The trading volume also dropped by 1% within the same period to stand at $69.33B.

Bitcoin Price Review

Bitcoin (BTC) has managed some slight gains in today’s session as markets generally consolidate. Bitcoin price charts show a trading pattern within the Ichimoku Cloud, suggesting indecision in the market. The Bitcoin price is currently above the Ichimoku Cloud, indicating a potential bullish trend. However, the price is testing the upper boundary of the Cloud, which could act as resistance.

On the other hand, the MACD is above the signal line and has been positive recently, which supports the bullish trend. Still, traders would look for confirmation of a sustained break above the Cloud for a stronger bullish signal. As of press time, the Bitcoin price stood at $66,699, representing a 0.5% increase from its previous 24-hour price.

4-hour BTC/USD Chart | Source: TradingView

Akash Network Price Review

Aksh Network (AKT) is among the top gainers in today’s session as it also posts some notable gains in today’s session. Akash Network price charts display the Alligator indicator, where the price has recently experienced a spike. However, the price has pulled back significantly, which might suggest a false breakout or a sharp correction.

On the other hand, the ADX is relatively high, indicating a strong trend, but as it is a non-directional indicator, it does not specify if the trend is up or down. The recent price action suggests volatility and traders might wait for the market to stabilize before determining a clear trend. As of press time, the Akash Network price stood at $5.03, representing a 24.8% increase from its previous 24-hour price.

4-hour AKT/USDT Chart | Source: TradingView

Pups Price Review

Pups (PUPS) is facing corrections in today’s session after its recent pumps. Looking at an in-depth analysis, we see that the Pups price is below the Supertrend line, which suggests bearish momentum.

On the flip seide, the Woodies CCI is also indicating that the price is in a strong downtrend. The lack of bullish signals suggests that traders might be looking for short positions or waiting for a change in trend before entering the market. As of press time, the Pups price stood at $35.1, representing a 22.5% decrease from its previous 24-hour price.

4-hour PUPS/USDT Chart | Source: TradingView

BinaryX Price Review

BinaryX (BNX) is also another top gainer today, as evidenced by its price movements. In-depth analysis shows that the BinaryX price has recently broken above the upper Bollinger Band, which often signals an overbought condition and could lead to a potential price reversal or consolidation.

On the flip side, the Awesome Oscillator is positive and increasing, indicating bullish momentum. Traders might consider this a potential short-term buying opportunity, but also be wary of a pullback due to the overbought condition. As of press time, the BinaryX price stood at $1.02, representing a 28.1% increase from its previous 24-hour price.

4-hour BNX/USDT Chart | Source: TradingView

MVL Price Review

MVL (MVL) was another gainer in today’s session. It also managed some remarkable gains. The MVL price chart shows the price breaking out of a descending pitchfork pattern, which could be seen as a bullish reversal signal.

On the flip side, the MFI is quite high, indicating overbought conditions, which could precede a pullback or consolidation. However, the breakout from the pitchfork might attract bullish sentiment so that traders could look for potential re-entry points on pullbacks within the trend. As of press time, the MVL price stood at $0.006456, representing a 16.8% increase from its previous 24-hour price.