Crypto analysis for BTC, ETH, EGLD, ALGO and FIL - November 07, 2024
Crypto market in the last 24h:
🌍 Global market cap: $2.52T (+2.18%)
📉 Total volume 24h: $153.78B (-19.80%)
💸 DeFi volume: $8.36B (5.44% of total volume)
💎 Stablecoins volume: $143.62B (93.39% of total volume)
🥇 Bitcoin dominance: 58.90% (-0.45%)
Bitcoin (BTC) Analysis
BTC has developed an ascending channel with bearish divergence, increasing the probability of a bearish move. For confirmation, a breakdown and candle closing below the support level at 72,972 USD is essential. If this level is breached, BTC could initially target 71,736 USD, with a further potential move to 70,545 USD.
Ethereum (ETH) Analysis
ETH has shown a stronger bullish move than BTC, as previously anticipated, and the outlook remains positive. ETH is currently forming a bull flag pattern, suggesting further upside potential. To confirm this bullish move, ETH needs to break out above both the flag’s trendline and the resistance zone at 3,066 USD. Achieving this breakout could lead to targets at 3,490 USD and 3,873 USD.
MultiversX (EGLD) Analysis
EGLD has formed a descending channel accompanied by bullish divergence, indicating a higher probability of a bullish move. For confirmation, a breakout and candle closing above the resistance zone at 28.11 USD is needed. If this level is breached, EGLD could target 31.31 USD initially, with a further target at 34.64 USD.
Algorand (ALGO) Analysis
ALGO has broken out of a resistive trendline and formed a W pattern with bullish divergence, along with a seller trap, suggesting a strong potential for an upward move. For confirmation of this bullish outlook, a breakout and candle closing above the resistance zone at 0.1262 USD is required. If ALGO successfully breaks this level, it may target 0.1365 USD initially, with a further target at 0.1460 USD.
Filecoin (FIL) Analysis
FIL has formed a descending channel and a W pattern with bullish divergence, increasing the likelihood of a bullish move. For confirmation of this bullish setup, a breakout and candle closing above the resistance zone at 3.81 USD is needed. If FIL breaks above this level, it could aim for targets at 4.00 USD and 4.16 USD.
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