Daily Market Review: BTC, TAO, FTM, PENDLE, TRX

Bears are still dominant in today’s session as seen from the drop in the global market cap over the last 24 hours. The total cap stood at $2.6T representing a 3.1% drop in the previous 24 hours while the trading volume jumped by 3.2% to $96B over the same period.

Bitcoin Price Review

Bitcoin (BTC) has started slow once again as the crypto king consolidates around the $69K mark. Looking at in-depth analysis, we notice that the Bollinger Bands are relatively broad, suggesting high volatility during the depicted period. 

The Bitcoin price has touched the lower band and is now trading around the middle band, which could indicate a period of consolidation. The CCI is below -100, which typically indicates an oversold condition. If other indicators align, this could signal a short-term bullish reversal. As of press time, the Bitcoin price stood at $69,409, representing a 2% dump from its previous 24-hour price.

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4-hour BTC/USD Chart | Source: TradingView

Bittensor Price Review

Bittensor (TAO) has managed some notable gains in today’s session despite today’s general downtrend. TAO charts show that the Alligator lines are intertwined, often indicating a lack of trend or a sideways market. A bullish candlestick closed above the Alligator’s lines, potentially signalling an emerging uptrend. 

However, the MACD histogram is relatively flat, which may indicate that the market is not firmly committed to either direction. As of writing, the Bittensor price stood at $639, representing a 10.2% jump from its previous 24-hour price.

4-hour TAO/USDT Chart | Source: TradingView

Fantom Price Review

Fantom (FTM) is another top gainer in today’s session despite the downtrend. An in-depth analysis shows that the Supertrend is green and below the price, suggesting a bullish trend. On the other hand, the Awesome Oscillator (AO) is positive, reinforcing the bullish momentum. 

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Traders might look for the Supertrend line to act as dynamic support in the event of a price retraction. As of writing, the Fantom price stood at $1.02, representing a 6.4% pump from its previous 24-hour price.

4-hour FTM/USDT Chart | Source: TradingView

Pendle Price Review

Pendle (PENDLE) also made notable gains in today’s session. According to an in-depth analysis, the Pendle price is above the Ichimoku Cloud, which is green, typically a strong bullish signal. 

On the other hand, the MFI is around 47, which indicates neither overbought nor oversold conditions, suggesting that there might be room for the price to move in either direction. During press time, the Pendle price stood at $6.73, representing a 4.2% pump in valuation over the last day.

4-hour PENDLE/USDT Chart | Source: TradingView

Tron Price Review 

Despite the general market downtrend, Tron (TRX) has also defied the odds to post some minor gains. Tron charts show a rising wedge pattern formation, generally considered a bearish pattern in an uptrend. The trend may reverse if the price breaks from the wedge. 

On the other hand, the ADX line is at 25.34, indicating moderate trend strength. The pattern could suggest that the trend may be losing momentum. During press time, the Tron price stood at $0.123, representing a 0.42% valuation increase over the last day.

4-hour TRX/USDT Chart | Source: TradingView