SNEAK PEAK
- Bullish dominance reigns, setting the stage for additional market gains.
- As 24 hour trading volume dips, CVX bullishness is called into doubt.
- Bulls must maintain resistance levels to maintain dominance.
Following a positive start to the year 2023 on the cryptocurrency market, investors have turned more cautious as the market has cooled. Mina (MINA), Decentraland (MANA), Osmosis (OSMO), GMX (GMX), The Sandbox (SAND), Solana (SOL), Optimism (OP), Fantom (FTM), Convex Finance (CVX), and Axie Infinity (AXS) have gained the most as of press time.
Top Cryptocurrencies Today
MINA/USD
The first top cryptocurrency is Mina. In the Mina (MINA) market, bulls have consistently triumphed, with the price fluctuating between $0.6484 and $0.7822 in the previous 24 hours. As of press time, the price of MINA had risen by 16.99% to $0.7595 as an outcome of the bulls’ supremacy.
Increased market excitement, which drove the MINA price to a monthly high of $0.7822 in the previous 24 hours, boosted market capitalization and 24-hour trading volume by 17.27% and 447.75%, respectively, to $625,140,730 and $102,517,828.
MANA/USD
The second top cryptocurrency is Decentraland. Decentraland (MANA) has risen 13.52% to $0.8013 in the previous 24 hours, ranking second among today’s top gainers. Bearish efforts to regain market dominance were thwarted earlier in the day when support was found at $0.7022. Bullish control in the MANA market also met tough opposition after reaching an intraday high of $0.8089.
The market capitalization and 24-hour trading volume both increased by 13.22% to $1,482,195,179 and 207.72% to $640,900,723, respectively, suggesting growing confidence in rising prices.
OSMO/USD
In the past 24 hours, the market price of Osmosis (OSMO) has varied between $0.9683 and $1.07 (monthly high). This bullish market dominance prevailed, allowing the price to rise to $1.04, a 6.07% gain as of press time.
Market capitalization and 24-hour trading volume increased by 3.72% and 284.57%, respectively, during the upswing, reaching $510,651,575 and $47,915,960.
GMX/USD
Positive enthusiasm has also persisted on the GMX market, with bulls setting a new monthly high of $63.97. However, after encountering resistance at $63.97, the GMX price managed to reach $59.58, representing a 4.85% price rise.
Market capitalization and 24-hour trading volume both increased by 4.84% to $501,839,034 and 214.48% to $70,755,377 as of press time, implying that market volatility is growing and a possible breakout to the upside is possible.
SAND/USD
In the recent 24 hours, the Sandbox (SAND) market bullishness effectively propelled the price to an intra-day high of $0.8019 before hitting resistance. As of press time, the digital currency had increased by 6.07% to $0.7847, according to Coinmarketcap.
The market capitalization and 24-hour trading volume both increased by 6.03% to $1,176,223,411 and 127.23% to $362,581,359, respectively, demonstrating this bullish trend.
SOL/USD
Solana (SOL) bulls followed the rising trend and drove the price up by 5.39%, to $25.44, as of publication. Bulls countered bears when price dropped to an intraday low of $24.08, where the market found support, creating this pattern in the SOL.
Due to the positive trend, the market capitalization increased to $9,461,906,533, and the 24-hour trading volume increased by 156.08% to $1,194,824,123.
OP/USD
Optimism (OP) bulls surge in and invalidate bearish sentiment after a brief period of bear dominance in the market, during which the price dropped to $2.17. Although it had earlier met with resistance around $2.44, the market was firmly in the hands of the bulls, and the price promptly soared 4.49%, to $2.29.
This increase was attributable to improving market confidence, as seen by the market capitalization and 24-hour trading volume rising by 4.41% and 22.57%, respectively, to $537,497,794 and $224,948,064, respectively.
FTM/USD
Fantom (FTM) market sentiment has also been optimistic, with its price oscillating between $0.4577 and $0.4946 in the previous 24 hours. Because of the positive impact, the FTM price increased by 3.67% to $0.4771.
The market capitalization and 24-hour trading volume both increased by 3.70% to $1,323,722,669 and 59.93% to $321,838,667, respectively.
CVX/USD
Convex Finance (CVX) market has been under bullish control in the previous day, with bearish efforts to capture the market nullified by bulls’ struggle. The bears’ efforts to take the market were clear when the price dropped to $5.88, but bullish intervention propelled the price to an intra-day high of $6.35. However, as of press time, the bullish control had driven the price up to $6.13, a 3.78% advance.
The market capitalization grew by 3.84% during this upturn to $454,462,200, but since the 24-hour trading volume fell by 49.20% to $11,518,950, the bullish dominance is put into doubt as a negative market is projected to emerge.
AXS/USD
The last top cryptocurrency from the list is Axie Infinity. Within the past 24 hours, the Axie Infinity (AXS) bulls have maintained their dominance, with the price ranging between $11.47 and $12.31. As of the time of this writing, AXS was trading at $11.75 (a 2.20 increase) due to the persistence of this bullish control.
The market cap rose by 2.29 percent to $1,187,212,102, and the 24 hour trading volume rose by 65.12 percent to $257,824,343 as a result of this spike.
If bulls are to preserve market dominance, resistance levels must be maintained and prices must be pushed higher.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.
