Daily Market Review: BTC, ETH, CORE, NEO, MEW

16.04.2024

Bears still have control of today’s market session, as seen from the drop in the global market cap. The total cap stood at $2.31 representing a 4.3% drop over the last 24 hours while the trading volume also dropped by 3% within the same period to stand at $113B

Bitcoin Price Review

Bitcoin (BTC) is going through massive consolidations today with no upside price movements. The

price action is below the Ichimoku cloud, which generally suggests a bearish trend. The recent Bitcoin price action shows a consistent downward movement.

The price has recently broken below a potential support level, creating new lows. The Money Flow Index is below the 30 level, indicating that the asset may be in an oversold region. However, this can also suggest strong downward momentum. As of press time, the Bitcoin price stood at $62,553, representing a 3.64% drop from its previous 24-hour price.

4-hour BTC/USD Chart | Source: TradingView

Ethereum Price Review

Ethereum (ETH) also faces consolidations in today’s session as it fails to post gains. The

price has been trading below the 20-period moving average, which is the middle line of the Bollinger Bands, indicating a bearish trend. Currently, the altcoin is near the lower band, which could potentially act as support.

On the other hand, the MACD line is below the signal line and has been in a bearish crossover. The histogram bars are below zero, confirming the bearish momentum. As of press time, the Ethereum price stood at $3,068, representing a 3.06% drop from its previous 24-hour price.

4-hour ETH/USD Chart | Source: TradingView

Core DAO Price Review

Core DAO (CORE) is among the few gainers in today’s session as the altcoin managed some slight gains. However, the Core DAO price has recently crossed below the Alligator’s jaws, indicating a potential shift from a bullish to a bearish trend. If the Core DAO price continues to decline, it will look to the green line (Alligator’s lips) for potential support.

On the other hand, the Awesome Oscillator shows red bars, indicating that the short-term momentum is decreasing compared to the long-term momentum. As of press time, the Core DAO price stood at $2.36, representing a 8.9% increase from its previous 24-hour price.

4-hour DAO/USDT Chart | Source: TradingView

NEO Price Review

After an earlier pump, NEO (NEO) faces corrections in the current session. The NEO price is within the lower half of the pitchfork, suggesting that the trend might be bearish. It has been respecting the pitchfork’s median as a resistance line. The lower line of the pitchfork might serve as support.

On the other hand, the RSI is hovering around the 50 level, indicating neither an overbought nor an oversold condition. As of press time, the NEO price stood at $19, representing a 3.9% decrease from its previous 24-hour price.

4-hour NEO/USDT Chart | Source: TradingView

Cat in a dogs world (MEW) Price Review

Cat in a dogs World (MEW) was another gainer in today’s session as it also managed some notable gains. The Supertrend indicator appears to have just switched to a bullish signal, as indicated by the green color below the price. The current price is above the Supertrend line, which may act as immediate support.

On the other hand, the Woodies CCI is above the zero line, which indicates bullish momentum. As of press time, the Cat in a dogs world price stood at $0.005812, representing an 8.3% increase from its previous 24-hour price.