Crypto analysis for BTC, ETH, EGLD, AVAX and SUI - October 28, 2024
Crypto market in the last 24h:
š Global market cap: $2.32T (+1.45%)
š Total volume 24h: $55.36B (+23.26%)
š° DeFi volume: $3.56B (6.44% of total volume)
š Stablecoin volume: $49.91B (90.15% of total volume)
šµ Bitcoin dominance: 58.31% (+0.22%)
Bitcoin (BTC) Analysis
BTC is currently trading in an overbought zone, making it prudent to look for potential bearish opportunities. The price has formed an "M" pattern structure, which could also be interpreted as a triple top pattern. Both formations indicate possible bearish momentum, though confirmation is crucial.
To validate the bearish scenario, a breakdown and a candle closing below the support zone at 65,207 USD is required. This confirmation could set an initial target at 64,141 USD, with an extended target of 63,068 USD.
Ethereum (ETH) Analysis
ETH is displaying a descending channel structure, and within this channel, a head and shoulders pattern has formed. This combination strengthens the likelihood of a bearish move; however, confirmation is essential. To validate this bearish scenario, a breakdown and candle closing below the key support level at 2,380 USD is required. Should this level be breached, it would open up downside targets at 2,299 USD, with an extended target of 2,215 USD.
MultiversX (EGLD) Analysis
EGLD recently broke down below a previous swing low, however, there is a bullish divergence on the MACD, signaling potential for a reversal. If the price rebounds and closes above the reclaimed support zone at 24.29 USD, this would likely trap sellers and increase the probability of a bullish move. In this scenario, we could expect targets at 25.16 USD, with an extended target at 26.19 USD.
Avalanche (AVAX) Analysis
AVAX has formed an "M" pattern, which suggests a higher probability of a bearish move. For this scenario to be confirmed, a breakdown and candle closing below the key support level at 23.86 USD is necessary. Such a confirmation could set downside targets at 22.55 USD, with a further target at 21.50 USD if bearish momentum continues.
SUI Analysis
SUI has formed a head and shoulders pattern at the top of the chart, a classic indicator of a potential bearish reversal. For this bearish outlook to be confirmed, a breakdown and candle closing below the support zone at 1.605 USD is needed. If this level is breached, it could open downside targets at 1.482 USD, with an extended target at 1.371 USD.
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