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

09.04.2024

Bears have taken back control of today’s market session from the bulls, as seen from the drop in the global market cap. The total market cap stood at $2.65T as of press time, representing a 1.5% decrease over the last 24 hours, while the trading volume jumped by 20% during the same period to stand at $97.9B.

Bitcoin Price Review

Bitcoin (BTC) has fallen below $70K as bears fight to dominate the crypto king again. An in-depth analysis shows that thehas been experiencing volatility, as indicated by the wide Bollinger Bands. The most recent movement shows a sharp decline, crossing below the 20 SMA line, which might suggest bearish momentum.

On the other hand, the Woodies CCI indicates significant selling pressure with a value below -100. Overall, the chart suggests that BTC is currently in a short-term downtrend. As of press time, the Bitcoin price stood at $69,200, representing a 3.5% dump from its previous 24-hour price.

2-hour BTC/USD Chart | Source: TradingView

Ripple Price Review

Despite the market’s downturn, Ripple (XRP) has made notable gains today. The Ripple price action is within the Ichimoku Cloud, indicating uncertainty with potential support around the green cloud area. The recent candles are red, indicating selling pressure, but since the price is in the cloud, the outlook is neutral to slightly bearish.

On the other hand, the Money Flow Index (MFI) is around 63, closer to overbought territory, suggesting caution for buyers. During writing, theprice stood at $0.6172, representing a 0.3% jump from its previous 24-hour price.

2-hour XRP/USD Chart | Source: TradingView

Lido DAO Price Review

Lido DAO (LDO), is however facing correction in today’s session amid its recent pumps. This 2-hour chart shows the Lido DAO price has recently fallen below the Alligator indicator lines, suggesting a potential bearish phase. However, the price is still above the green line (the lips), which could mean that the price might stabilize or revert to bullish if it doesn’t close significantly below.

On the flip side, the Average Directional Index (ADX) is high, above 25, indicating a strong trend which is currently downwards. During writing, the Lido DAO price stood at $2.77, representing a 7.9% drop from its previous 24-hour price.

2-hour LDO/USDT Chart | Source: TradingView

Nervos Network Price Review

Nervos Network (CKB) has, however, stollen the show once again as the altcoin managed some notable gains today. Looking at an in-depth analysis, we notice that the Ichimoku Cloud shows a bullish crossover with the price above the cloud, indicating a bullish trend. However, the recent candle is red, hinting at potential selling pressure.

On the other hand, the Volume Oscillator is negative, indicating lower trading volumes on down moves, which may suggest a lack of strong selling interest despite the recent Nervos Network price drop. As of press time, the Nervos Network price stood at $0.03026, representing an 8.7% pump over the last day.

2-hour CKB/USDT Chart | Source: TradingView

Dogwifhat Price Analysis

Dogwifhat (WIF) has however fallen pray to today’s downtrend as the Solana meme coin failed to steal the show again. Analyzing WIF charts, we notice that the Dogwifhat price is within a rising channel indicated by the Auto Pitchfork tool, which is typically a bullish pattern. However, there is a bearish divergence with the MACD moving below its signal line, and the price has recently dropped sharply.

Conversely, the Dogwifhat price is currently testing the lower boundary of the channel, and a break below this could indicate a reversal of the current trend. As of press time, the Dogwifhat price stood at $3.68, representing a 11.6% pump over the last day.