Daily Market Review: BTC, ETH, CKB, WIF, LDO

08.04.2024

As seen from the increasingly global market cap, today’s market session has seen bulls start on the front foot. The total cap stood at $2.59t as of press time representing a 1.4% increase over the last 24 hours while the trading volume also jumped by 5% to stand at $64.1T as of the same period.

Bitcoin Price Review

Bitcoin (BTC) has started today’s session with bulls on the front foot as the crypto king crosses above $70K. The price is near the upper Bollinger Band, indicating potential overbought conditions or a strong upward trend. The Bollinger Bands are moderately wide, suggesting a higher market volatility level.

On the other hand, the ADX is above 25, which generally indicates a strong trend. The specific value (32.15) suggests a solid bullish trend is present. If the price stays above the middle BB line (the 20-period SMA), it may indicate a strong uptrend. As of press time, the Bitcoin price stood at $70,758, representing a 1.9% pump from its previous 24-hour price.

4-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) has also started today on bullish activity as the altcoin king posted notable gains in today’s session. Analyzing charts, we notice that the Alligator’s lines are intertwined, which usually signals a ranging market without a clear trend. The Awesome Oscillator shows green bars above the zero line, indicating bullish momentum building up.

The positive AO could be an early signal for a potential upward movement, so one could watch for follow-through on price action before deciding. The Ethereum price was $3,473 during writing, representing a 2.4% pump from its previous 24-hour price.

4-hour ETH/USD Chart | Source: TradingView

Nervos Network Price Review

Nervos Network (CKB) is today’s top gainer as the altcoin managed some notable gains today. The Nervos Network price is above the SuperTrend line, indicating a bullish trend. On the other hand, the Woodies’ CCI is well above the zero line, suggesting strong bullish momentum.

With the current trend and momentum upward, traders might consider this an opportunity to look for buy entries. However, caution should be exercised as the price has moved significantly, raising the possibility of a pullback. The Nervos Network price was $0.0284 during writing, representing a 13.8% pump from its previous 24-hour price.

4-hour CKB/USDT Chart | Source: TradingView

Dogwifhat Price Review

Dogwifhat (WIF) is the second top gainer of the day as the Solana meme coin posts notable gains. The Dogwifhat price is just moving out from the Ichimoku Cloud, which can signify a trend reversal or establishment. On the other hand, the MFI is in the middle range, indicating neither overbought nor oversold conditions.

Traders might consider this a potential trend change signal, especially if the price stays above the cloud. The Dogwifhat price was $3.98 when this was written, representing a 10.3% pump from its previous 24-hour price.

4-hour WIF/USDT Chart | Source: TradingView

Lido DAO Price Review

Lido DAO (LDO) was another gainer in today’s session, as the altcoin also managed some notable gains. The Lido DAO price is within the middle area of the pitchfork, which suggests a normal trending market without extreme conditions. The RSI is above 50 but below the overbought threshold of 70, indicating growing bullish momentum without being overextended.

If the Lido DAO price remains within the pitchfork boundaries, traders might look for a potential uptrend continuation. The RSI suggests there may be room for upward movement before reaching overbought levels. When writing, the Lido DAO price was $2.75, representing a 7.2% pump from its previous 24-hour price.