Bitcoin and Ethereum Dip as Bears Dominate the Market, Helium and Gala Post Gains

The bears are in control in today's session, as seen from the increase in the global market cap. The total cap stood at $2.11T as of press time

Global market cap bears control as BTC, ETH post minor losses, while HNT, GALA, and LDO post gains.

The bears are in control in today’s session, as seen from the increase in the global market cap. The total cap stood at $2.11T as of press time, representing a 1.489% increase over the last 24 hours, while the trading volume dropped by 28% over the same period to stand at $39.4 as of press time.

Out of the top 100 cryptocurrencies, 49 are in the green and 51 are in the red. Helium (HNT), Gala (GALA), and Lido DAO (LDO) are among the gainers, while Bitcoin (BTC) and Ethereum (ETH) are posting minor losses.

Let’s have a closer look at the price movements of BTC, ETH, HNT, GALA, and LDO to assess their technical outlooks.

Bitcoin Price Review

Bitcoin, $BTC, is not posting gains in today’s session, as seen from its price movements. Looking at an in-depth analysis, the Bitcoin price is trading within the Bollinger Bands, with the upper band at around $60,432 and the lower band at $57,301. The price seems to be attempting to break above the middle band, which is acting as a resistance near $58,867.

On the other hand, we see that the Woodies CCI shows a recent cross above the 100 level, indicating a bullish momentum. However, the price needs to sustain above this level to confirm a strong uptrend. Bitcoin traded at $59,869 as of press time, representing a 0.26% decrease over the last 24 hours.

Ethereum Price Review

Ethereum, $ETH, is also not among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the Supertrend indicator is showing a strong buy signal, with the price well above the indicator line, which is currently at $6.79. This suggests that the current uptrend is strong and likely to continue.

On the other hand, we see that the Money Flow Index (MFI) is at 80.73, indicating overbought conditions. This could lead to a potential pullback or consolidation if buying pressure doesn’t sustain. Ethereum traded at $2,644 as of press time, representing a 0.55% decrease over the last 24 hours.

Helium Price Review

Helium, $HNT, is among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, we see that the Helium price is trading near the middle of the pitchfork, which typically acts as a mean reversion level. The price seems to be in a corrective phase after a downtrend.

On the other hand, we see that Volume Oscillator is at 18.20%, showing that volume is increasing, which may support a potential reversal or at least a short-term bounce. Helium traded at $7.89 as of press time, representing a 9.9% increase over the last 24 hours.

Gala Price Review

Gala, $GALA, is also among the gainers in today’s session as seen from its price movements. Looking at an in-depth analysis, the recent price action suggests that GALA may be attempting to establish a base, as indicated by the slight upward movement within the pitchfork’s boundaries. This could be an early sign of a reversal or at least a temporary relief rally.

On the other hand, we see that the Volume Oscillator is currently at 18.20%, suggesting that there is a moderate increase in trading volume. This uptick in volume might indicate growing interest in the asset at its current levels, which could support a potential breakout from the consolidation phase. Gala traded at $0.01784 as of press time, representing a 12.56% increase over the last 24 hours.

Lido DAO Price Review

Lido DAO is among the gainers in today’s session as seen from its price movements today. Looking at an in-depth analysis, we see that the Gala price is currently at the edge of the Ichimoku Cloud, with the cloud acting as a resistance. The Tenkan-sen and Kijun-sen lines are converging, suggesting indecision in the market.

On the other hand, we see that ADX (Average Directional Index) is at 17.37, indicating a weak trend. The market is likely in a range-bound phase with no strong directional bias

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