Crypto analysis for BTC, ETH, EGLD, BNB and ADA - November 11, 2024
Crypto market in the last 24h:
🌍 Global market cap: $2.8T (+2.86%)
📈 24-hour total volume: $238.45B (+73.83%)
💰 DeFi volume: $15.1B (6.33% of total volume)
🔒 Stablecoin volume: $218.53B (91.65% of total volume)
💪 Bitcoin dominance: 58.23% (+0.53%)
Bitcoin (BTC) Analysis
BTC may enter a consolidation phase or experience a pullback at current levels. If the price consolidates and breaks out above the resistance zone with a confirmed candle close, this would confirm a bull flag breakout, increasing the probability of further upward movement. Upon breakout, BTC could target 82,896 USD initially, with a further target at 83,917 USD.
Ethereum (ETH) Analysis
ETH has formed an M pattern with bearish divergence, suggesting an increased probability of a bearish move. To confirm this setup, a breakdown and candle closing below the support zone at 3,048 USD is required. If this level is breached, ETH could target 3,000 USD initially, with a further target at 2,950 USD.
MultiversX (EGLD) Analysis
EGLD is exhibiting a price action pattern similar to ETH, forming an M pattern with bearish divergence, which signals an increased probability of a bearish move. To confirm this setup, a breakdown and candle closing below the support zone at 28.69 USD is needed. If EGLD breaks this level, it could target 27.84 USD initially, with a further target at 27.04 USD.
Binance Coin (BNB) Analysis
BNB is currently providing potential opportunities for both bullish and bearish scenarios. If the price breaks out and closes a candle above the resistance zone at 644 USD, this would confirm a bull flag pattern, increasing the probability of an upward move. In this scenario, BNB could target 661 USD initially, with a further target at 679 USD.
Conversely, if the price breaks down and closes a candle below the support zone at 607 USD, it would confirm a triple top pattern, signaling a potential bearish move. This breakdown could target 590 USD as the first level, with a secondary target at 576 USD.
Cardano (ADA) Analysis
ADA has formed an inverse cup & handle pattern, which increases the probability of a bearish move. For confirmation of this pattern, a breakdown and candle closing below the support zone at 0.545 USD is required. If this level is breached, ADA could target 0.517 USD initially, with a further target at 0.491 USD.
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