BTC and ETH Face More Resistance, PEPEAI Dominates

Today’s market session has been characterized by bears with the global market cap recording a 1.81% decrease within 24 hours, taking the total cap to $1.19T. BTC the crypto king continues to face huge resistance as the asset drops back below the $29K level as bears look to take over. 

BTC, trading at $28.9K, had recorded a 1.36% gain within 24 hours as the weekly drop stood at 1%. Bitcoin’s trading volume had gone down by 13% and the market cap also went down by 1.3% as of press time, displaying mild activities on the Bitcoin network. 

BTC’s volatility levels have also gone down as the Bollinger bands continue to move closer to each other. The relative strength index indicator is displaying a bearish momentum with the RSI line moving below its average line. 

BTC 1-day chart | Source: TradingView

Ethereum is also facing resistance at the $2K level, as the asset trades at $1.9K as of this writing. Ethereum had recorded a 3% loss within a day of trading at press time. The asset’s trading volume had also dropped by 13% as the market cap also dropped by close to 3% as of press time.

Altcoin analysis

Altcoins are also going through a rough market session, with Solana, ADA, Doge, and DOT recording losses of about 2% as Ripple and Polygon recorded mild decreases of close to 1% according to CoinMarketCap data. Litecoin is however facing more turbulence having recorded a 4% drop within the same period.

However, despite the bear momentum being witnessed in the markets today, Flare and Nexo seem to be defying the odds both recording increases of about 2% within a day of trading. Nexo, coming in at position 95 on CoinMarketCap, had recorded a 2.5% increase within 24 hours as its trading volume went up by 42% within the same period.

Nexo 1-day chart | Source: CoinMarketCap

Flare, trading at $0.0286 as of press time, was sitting on a 1.6% gain within 24 hours as its trading volume went up by over 300% with the market cap going up by 1.6% as well within the same period. 

On the trending list, PEPEAI is trending with massive gains, recording an increase of 104% within 24 hours. The 7-day trending volume had also increased by over 1000% as well as the monthly gain in valuation as of the time of this writing.

PEPEAI 1-day chart | Source: CoinMarketCap

PEPEAI’s trading volume had also surged by 40% as the market cap also recorded a 100% increase within the same period. Memecoins continue to dominate as PEPE and Doge continue to dominate the trending list.

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