Bitcoin and Ethereum Dip as Market Cap Sheds $200B; FTM, ENA, AIOZ, and AAVE Join the Red Club

The bears are in control of today's session, as seen from the decrease in the global market cap. The total cap stood at $3.32T as of press time

Crypto market bloodbath continues with Bitcoin, Ethereum leading top losers

The cryptocurrency market is witnessing a bearish session on Monday evening, with most of the top 100 coins seeing red as Bitcoin and Ethereum lead the top losers.

The global market cap saw a 5.72% increase over the last 24 hours to stand at $3.32T as of press time. Meanwhile, the total trading volume also jumped by 4.78% over the same period to reach $274.37B as of press time.

Bitcoin Price Review

BTC has failed to post gains in today’s session, as evident from its price movements. An in-depth analysis shows that the Bitcoin price recently dipped below the lower Bollinger band, potentially indicating an oversold condition.

Moreover, the Awesome Oscillator indicates increasing bearish momentum, as shown by the growing red bars, which could suggest further downside or continuation of the current bearish trend. Bitcoin was trading at $96,810 as of press time, showing a 4.84% decrease over the last 24 hours.

Ethereum Price Prediction

ETH is also not among the gainers in today’s session. An in-depth analysis reveals that the Simple Moving Averages (50, 100, 200 SMA), Money Flow Index (MFI) and Ichimoku Cloud hint at bearishness. The price recently broke below the 200 SMA, a bearish signal indicating strong selling pressure.

However, the MFI is very low (around 13.67), suggesting oversold conditions which sometimes precede a potential reversal or bounce back in price. Ethereum was trading at $3,324 as of press time, showing a 9.5% decrease over the last 24 hours.

Ethena Price Review

ENA is not among the gainers in today’s session, as evident from its price movements. An in-depth analysis shows that the Ethena price is below the Ichimoku Cloud, signifying a bearish trend.

Moreover, the ADX is high (around 20.33), suggesting that the current trend is strong, with bearish sentiment prevailing. Ethena was trading at $0.8685 as of press time, showing a 25.39% decrease over the last 24 hours.

AIOZ Network Price Review

AIOZ Network is also not among the gainers in today’s session, as evident from its price movements. An in-depth analysis shows that AIOZ is in a consolidation phase, with price weaving through the Alligator indicator’s lines, suggesting a lack of clear trend.

However, the ADX is low (around 18.88), indicating that the recent price movements are lacking conviction, which could lead to a potential trend reversal. AIOZ Network was trading at $0.8685 as of press time, showing a 16.78% decrease over the last 24 hours.

Fantom Price Review

FTM is also among the top losers in today’s session, as evident from its price movements. An in-depth analysis shows that the recent sharp price decline with the SuperTrend indicator signaling a sell.

Moreover, the Volume Oscillator indicates a decrease in volume, potentially suggesting less conviction in the recent downward movements which could hint at a possible stabilization or reversal. Fantom was trading at $0.9168 as of press time, showing a 19.66% decrease over the last 24 hours.