Crypto analysis for BTC, ETH, EGLD, ALGO and SUSHI - January 27, 2024
Crypto market in the last 24h:
š Global market cap: $3.34T (-6.94%)
š Total volume 24h: $152.9B (+90.76%)
š° DeFi volume: $11.35B (7.42% of total)
š Stablecoins volume: $138.06B (90.29% of total)
šµ Bitcoin dominance: 58.37% (+0.63%)
Bitcoin (BTC) Analysis
BTC has formed an M pattern, increasing the likelihood of a bearish move. For confirmation, we need a breakdown and candle closing below the support zone of 99641 USD. If this occurs, it could lead to potential targets of 97086 USD and 94624 USD.
Ethereum (ETH) Analysis
ETH looks bearish due to its consolidation under a descending channel and the formation of an M pattern, which increases the probability of a bearish move. For confirmation, we need a breakdown and candle closing below 3093 USD, which could lead to potential targets of 2971 USD and 2850 USD.
MultiversX (EGLD) Analysis
EGLD has the potential to trigger a sellers' trap if the price moves above the resistance zone of 30.36 USD, re-entering the triangle pattern. For confirmation, we would need a breakout and candle closing above 30.36 USD, which could then open the way for targets of 33.50 USD and 37.45 USD.
Algorand (ALGO) Analysis
ALGO has formed an ascending channel, which increases the probability of a bearish move. However, for confirmation, we need a breakdown and candle closing below the support zone of 0.33497125 USD. If confirmed, this could open the way for targets at 0.29700999 USD and 0.26367752 USD.
SushiSwap (SUSHI) Analysis
SUSHI has formed a bull flag pattern with bullish divergence, which increases the probability of a bullish continuation. However, for confirmation, the price needs to break above the resistance zone of 1.41 USD and close a candle above it. If this happens, we can expect potential targets at 1.73 USD and 2.22 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.