Bearish Trends in Cryptocurrency Markets: Bitcoin, Ethereum, Cronos, NEAR Protocol, and Mantle Price Analysis

Bearish Trends in Cryptocurrency Markets: Bitcoin, Ethereum, Cronos, NEAR Protocol, and Mantle Price Analysis

Crypto News – Today, financial markets are experiencing a bearish trend, with the global market capitalization currently resting 1.6% below its 24-hour high, standing at $1.28 trillion at the time of this report. The fear and greed index registers at 72, indicating that greed still predominates among investors. The global trading volume has dipped by 18% within the past 24 hours, currently at $47.7 billion as of the latest update.

Bitcoin Price Analysis

The world’s leading cryptocurrency, Bitcoin (BTC), has entered a bearish phase, with its price at $34.4K as of the time of writing, marking a 2.3% daily decline despite a modest 1.2% weekly gain. This decline in Bitcoin’s price is reflected in its trading volume, which has decreased by 24% during the same timeframe, now totaling $19.2 billion.

Technical indicators like the Bollinger Bands depict considerable distance between them, suggesting heightened volatility in the Bitcoin price. The Relative Strength Index (RSI) sits below the average line, signifying bearish sentiment in the Bitcoin market.

Ethereum Price Analysis

Ethereum (ETH) has also succumbed to bearish pressures, with its price at $1797, reflecting a 2% daily decline and a modest 1% weekly increase. ETH’s trading volume has contracted by 30% during the same period and now stands at $8.1 billion.

Similar to Bitcoin, Ethereum’s Bollinger Bands are notably separated, indicating increased price volatility. The Relative Strength Index (RSI) is positioned below the average line, further emphasizing the bearish dominance in the Ethereum market.

Cronos Price Analysis

Despite the broader market dip, Cronos (CRO) has exhibited a bullish performance, with its price at $0.0667, marking an impressive 6.9% daily increase and a notable 13% weekly gain. CRO’s trading volume has surged by 183% during the same timeframe, now reaching $20.8 million.

Cronos’ Bollinger Bands show divergence, indicating significant price volatility, while the Relative Strength Index (RSI) has climbed above the average line, underscoring the prevailing bullish sentiment in the Cronos market.

NEAR Protocol Price Analysis

NEAR Protocol (NEAR) has likewise embarked on a bullish trajectory, with its price reaching $1797.53 after recording a daily increase of 4.4% and an impressive 30% weekly rise. However, NEAR’s trading volume has decreased by 33% during this period, now standing at $193.3 million.

The Bollinger Bands for NEAR Protocol exhibit divergence, suggesting substantial price volatility, while the Relative Strength Index (RSI) has dipped below the average line, albeit remaining in the overbought region, indicating a bullish dominance in the NEAR Protocol market.

Mantle Price Analysis

Mantle (MNT) has commenced a bullish phase, with its price at $0.4084, reflecting a daily increase of 3.3% and a weekly rise of 8.7%. However, MNT’s trading volume has dipped by 17% during the same period, currently at $66.4 million.

Mantle’s Bollinger Bands are closely positioned, indicating relatively lower price volatility, while the Relative Strength Index (RSI) has risen above the average line and is approaching the overbought region, underscoring the bearish dominance in the Mantle market.