Crypto analysis for BTC, ETH, EGLD, ALGO and DOT - December 16, 2024
Crypto market in the last 24h:
š Global market cap: $3.69T (+2.56%)
š Total volume 24h: $161.49B (+25.89%)
š° DeFi volume: $13.71B (8.49% of total volume)
š Stablecoin volume: $148.99B (92.26% of total volume)
šµ Bitcoin dominance: 56.14% (+0.21%)
Bitcoin (BTC) Analysis
BTC has successfully broken out of a cup & handle pattern and is now awaiting a retest of its support zone at 103,105 USD. If the price approaches this zone and forms bullish candlestick patterns such as bullish engulfing or morning star, it will increase the probability of a bullish continuation. Potential targets for this move are 104,564 USD and 106,646 USD.
Ethereum (ETH) Analysis
ETH is currently in a bullish trend, having broken out of a resistive trendline and formed an inverse head & shoulders pattern, which increases the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 4095 USD. If this happens, the potential targets are 4295 USD and 4574 USD.
MultiversX (EGLD) Analysis
EGLD has formed an inverse cup & handle pattern, which increases the probability of a bearish move. For confirmation, we need a breakdown and candle closing below the support zone of 39.15 USD. If this occurs, the potential targets are 35.08 USD and 31.94 USD.
Algorand (ALGO) Analysis
ALGO has formed a bull flag pattern, and within it, a W pattern is taking shape. Together, these patterns increase the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 0.47873113 USD. If this occurs, the potential targets are 0.55650791 USD and 0.65245679 USD.
Polkadot (DOT) Analysis
DOT has formed a head and shoulders pattern, which increases the probability of a bearish reversal. For confirmation, we need a breakdown and candle closing below the support zone of 7.39 USD. If this happens, the potential targets are 6.26 USD and 5.45 USD.
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