Daily Market Review: ETH, DOGE, RUNE, ONDO, ALGO

Bears are in control in today’s session as seen from the drop in the global market cap. The total cap stood at $2.5T as of press time, representing a 3.4% drop over the last 24 hours, while the trading volume stood at $146B as of the same period, a 54.9% increase in the previous 24 hours.

Ethereum Price Review

Despite the approval of Ethereum ETFs, Ethereum’s price movements show that it is still facing bear actions in today’s session. An in-depth analysis shows that the Ethereum price is currently under the Ichimoku Cloud, indicating a bearish outlook in the short term. A move above the Cloud could suggest a bullish reversal.

On the other hand, the MFI is at 32.53, which suggests that Ethereum is neither oversold nor overbought at this level. As of press time, the Ethereum price stood at $3,693, a 2.9% decrease in valuation over the last 24 hours.

4-hour ETH/USD Chart | Source: TradingView

Dogecoin Price Review

Dogecoin (DOGE) is among the gainers today despite the bear trend as evidenced by its price movements. Looking at an in-depth analysis, we see that Dogecoin’s price spiked to touch the upper Bollinger Band and has since retraced slightly, suggesting volatility. Prices near the upper band often indicate overbought levels.

On the other hand, the Awesome Oscillator shows a green bar, indicating a bullish momentum as the price rebounded. As of press time, the Dogecoin price stood at $0.1644, a 2.19% increase in valuation over the last 24 hours.

1-hour DOGE/USDT Chart | Source: TradingView

THORChain PriceReview

THORChain (RUNE) is another gainer in today’s session as evidenced by its price movements. An in-depth analysis of THORChain price charts shows that the Supertrend indicator has turned green, suggesting a bullish trend has started.

On the other hand, the Woodies CCI is neutral, indicating that the price is not overbought or oversold. As of press time, the THORChain price stood at $6.56, a 4.8% increase in valuation over the last 24 hours.

1-hour RUNE/USDT Chart | Source: TradingView

Ondo Price Review

As its price movements show, Ondo (ONDO) is another gainer in today’s session. In-depth analysis shows that The Alligator’s lines intertwine, suggesting a lack of strong direction or a consolidation phase.

On the other hand, the Average Directional Index (ADX) is 31.92, which signifies a moderately strong trend, though the lack of clear direction from the Alligator suggests cautious trading. As of press time, the ONDO price stood at $1.10, a 14.05% increase in valuation over the last 24 hours.

1-hour ONDO/USDT Chart | Source: TradingView

Algorand Price Review

Algorand (ALGO) is also among the gainers in today’s session, as seen from its price movements. An in-depth analysis shows that the Algorand price is trading within the upper half of the pitchfork, indicating a bullish bias. However, resistance appears as the price approaches the upper boundary.

The RSI is at 59.13, near the mid-range, suggesting some bullish momentum but not yet overbought. As of press time, the Algorand price stood at $0.186, a 3.9% increase in valuation over the last 24 hours.

1-hour ALGO/USDT Chart | Source: TradingView

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