Crypto analysis for BTC, ETH, EGLD, APE and SOL - November 21, 2024
Crypto market in the last 24h:
š Global market cap: $3.19T (+2.54%)
š 24h total volume: $203.14B (+12.60%)
š° DeFi volume: $8.77B (4.32% of total volume)
š Stablecoins volume: $185.86B (91.49% of total volume)
šµ Bitcoin dominance: 60.45% (+1.09%)
Bitcoin (BTC) Analysis
BTC continues to align with our previous analysis and is currently forming a flag and pole pattern, which suggests a higher probability of bullish continuation. For confirmation, a breakout and candle closing above the resistance zone of 97,787 USD are required, potentially targeting 98,941 USD and 100,108 USD. However, if the price breaks down below the support zone, it would invalidate the pattern, as this is a crucial zone where the market may exhibit unpredictable movements.
Ethereum (ETH) Analysis
ETH is looking good as it has formed an inverse head and shoulders pattern near the support zone, increasing the probability of a bullish reversal. For confirmation, a breakout and candle closing above the resistance zone of 3,161 USD are required, which could lead to targets of 3,219 USD and 3,267 USD.
MultiversX (EGLD) Analysis
If the market turns bearish, it may be better to look for short confirmation on EGLD, as it has formed an M pattern. For confirmation, a breakdown and candle closing below 27.32 USD are needed, which could lead to targets of 25.40 USD and 23.64 USD. However, it is crucial to analyze the overall crypto market trend before shorting, as alignment with the broader market movement is essential.
ApeCoin (APE) Analysis
APE has formed a cup and handle pattern, which increases the probability of a bullish move. However, confirmation is required through a breakout and candle closing above the resistance zone of 1.29 USD, which could open the way for targets at 1.47 USD and 1.67 USD.
Solana (SOL) Analysis
SOL has shown consolidation following its bullish move, forming a bull flag pattern that increases the probability of a bullish continuation. However, confirmation is required through a breakout and candle closing above the resistance zone of 248 USD, which could set targets at 256 USD and 263 USD.
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