Crypto analysis for BTC, ETH, EGLD, ADA and SOL - January 16, 2024
Crypto market in the last 24h:
š Global market cap: $3.48T (+4.07%)
š Total volume 24h: $158.79B (+28.33%)
š° DeFi volume: $9.78B (6.16% of total volume)
š Stablecoins volume: $144.59B (91.06% of total volume)
šµ Bitcoin dominance: 56.32% (-0.93%)
Bitcoin (BTC) Analysis
BTC has formed an ascending channel accompanied by bearish divergence, which increases the probability of a bearish move. For confirmation, we need a breakdown and candle closing below the support zone of 98,514 USD, which could lead to targets of 97,517 USD and 96,681 USD.
Ethereum (ETH) Analysis
ETH could experience a pullback as it has formed a head and shoulders structure on the lower time frame, increasing the probability of a bearish move. For confirmation, a breakdown and candle closing below the support zone of 3,311 USD is required, which could lead to targets of 3,265 USD and 3,222 USD.
MultiversX (EGLD) Analysis
EGLD has broken out of a falling wedge pattern, increasing the probability of a bullish move. However, there is crucial resistance at 38.47 USD, which could act as a barrier. It would be prudent to wait for a breakout and candle closing above this level for confirmation, which could then lead to targets of 43.79 USD and 51.06 USD.
Cardano (ADA) Analysis
ADA has formed a bull flag pattern, complemented by a W pattern within it, both of which increase the probability of a bullish trend continuation. However, confirmation is needed through a breakout and candle closing above the resistance zone of 1.148 USD, which could open the path to targets of 1.381 USD and 1.692 USD.
Solana (SOL) Analysis
SOL has trapped late sellers and subsequently formed a W pattern. However, a crucial resistance trendline and zone lie above the current price. It would be prudent to wait for a breakout and candle closing above 223.22 USD for confirmation, which could lead to targets of 254.60 USD and 289.57 USD.
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The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.