Crypto analysis for BTC, ETH, EGLD, LINK and ADA - October 31, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.42T (-0.65%)
📊 Total volume 24h: $83.26B (-20.35%)
💰 DeFi volume: $4.03B (4.84% of total)
🔒 Stablecoin volume: $76.46B (91.83% of total)
💵 Bitcoin dominance: 59.02% (+0.27%)
Bitcoin (BTC) Analysis
BTC has developed a bull flag pattern, accompanied by an inverse head and shoulders pattern within the flag. This combination significantly increases the probability of a bullish move. However, confirmation is essential; a breakout and candle closing above the key resistance level at 73,969 USD are required to validate the bullish scenario. If this level is breached, BTC could target 86,177 USD, with a further potential move up to 100,043 USD.
Ethereum (ETH) Analysis
ETH has broken out of a key resistive trendline and formed a cup and handle pattern, accompanied by bullish divergence. This combination strengthens the likelihood of a bullish move. For confirmation, however, a breakout and candle closing above the critical resistance level at 2,834 USD are required. Should this level be breached, ETH could target 3,211 USD initially, with further potential moves to 3,508 USD and 3,921 USD.
MultiversX (EGLD) Analysis
EGLD has developed a descending channel pattern with bullish divergence. This combination suggests an increased probability of a bullish move. For confirmation, a breakout and candle closing above the resistance zone at 28.14 USD are essential. If this level is breached, EGLD could target 32.32 USD initially, with a further potential move to 37.19 USD.
Chainlink (LINK) Analysis
LINK has broken out of a resistive trendline and formed a W pattern, with bullish divergence adding further strength to the potential bullish outlook. For confirmation, a breakout and candle closing above the resistance level at 12.97 USD are needed. If this level is surpassed, it could open up targets at 15.46 USD, with an extended target at 18.15 USD.
Cardano (ADA) Analysis
ADA has shown signs of a seller’s trap and is forming a W pattern, supported by bullish divergence, which suggests an increased probability of a bullish move. However, confirmation is required through a breakout of the resistive trendline and the key resistance level at 0.374 USD. If this level is broken with a candle closing above, it could open up targets at 0.394 USD, with a further target at 0.414 USD.
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