The global cryptocurrency market has been on a rollercoaster ride in the recent past. With the market cap recording a staggering 65% increase in just one day, it’s safe to say that we are amidst a recovery run. The total cap now stands at a whopping $1.07T as of press time which is nothing short of impressive.
Bitcoin (BTC): Spiraling Upwards
Bitcoin (BTC), the indisputable king of cryptocurrencies, seems to be enjoying the bull season. Trading at $26.4K and recording a daily increase of 1.42%, BTC has shown resilience amidst turbulence. Despite a weekly decrease standing at 7.6%, the trade volume has risen by 6% during the same period and is currently pegged at $16.4B.
The Bollinger bands are still diverging, indicating high volatility levels for Bitcoin. For those new to trading, Bollinger Bands act as a measure of volatility by displaying the standard deviation level that price should move within.
Ethereum (ETH): A Bull in Making
Ethereum’s volatility levels mirror that of Bitcoin as we see its Bollinger bands diverge too. While this may seem like cause for concern for some traders, seasoned ones know this could signal potential buying opportunities.
The RSI indicator is still below average but don’t be too quick to dismiss ETH just yet! Bulls are pushing for recovery from the dip and if history is any guide, they might just succeed.
Shiba Inu (SHIB): High Volatility on The Horizon
Next up is SHIB, whose volatility levels have skyrocketed as its Bollinger bands maintain quite some distance from each other. This might seem unsettling to some investors but remember that high volatility can also mean high returns!
EOS: Increasing Volatility Levels
EOS‘s Bollinger bands are also diverging from each other indicating an increase in volatility levels. However, we’re seeing signs of bull efforts on this token as the RSI approaches a shift above average line.
A personal anecdote here: Back when I started trading EOS in early 2020s I was initially taken aback by its fluctuating volatility levels but soon realized that it’s all part and parcel of cryptocurrency trading!
SafePal (SFP): Bull Dominance
Lastly but not leastly we have SafePal or SFP whose Bollinger bands are also diverging indicating rising volatility levels while RSI moves above average line – signaling potential bull dominance! The MACd is also in green zone which further emphasizes this dominance.
To wrap things up let’s take a look at Fear and Greed Index which stands at 35 showing fear slowly creeping out of market – which could potentially mean good news for investors!
|Bull Efforts Visible
In conclusion, while it’s important to keep track of market trends and data such as these – remember never to invest more than you can afford to lose! Happy Trading!