Crypto analysis for BTC, ETH, EGLD, LINK and SUSHI - November 18, 2024

Crypto market in the last 24h:

🌐 Global market cap: $3.06T (+0.83%)
📊 Total 24h volume: $153.65B (-14.14%)
💰 DeFi volume: $9.44B (6.14% of total volume)
🔒 Stablecoins volume: $139.31B (90.67% of total volume)
💵 Bitcoin dominance: 58.88% (-0.19%)

Bitcoin (BTC) Analysis

BTC is presenting opportunities for both bullish and bearish scenarios based on its current price action.

• Bullish scenario: BTC is forming a potential W pattern, signaling a possible upward move. For confirmation, a breakout and candle closing above the resistance zone at 93,193 USD are required. If confirmed, the price could target 96,305 USD and 99,781 USD.
• Bearish scenario: BTC is also showing signs of a triangle pattern with bearish divergence, increasing the likelihood of a downward move. For confirmation, a breakdown and candle closing below the support zone at 86,687 USD are needed. If confirmed, the price could target 84,608 USD and 82,267 USD.

Ethereum (ETH) Analysis

ETH has broken out of its resistive trendline and is forming a W pattern, signaling potential bullish continuation.

To confirm the move, ETHUSD needs a breakout and candle closing above the resistance zone at 3,241 USD. If this level is breached, the price could target 3,328 USD and 3,417 USD.

MultiversX (EGLD) Analysis

EGLD has broken out of its resistive trendline and formed an inverse head and shoulders pattern accompanied by bullish divergence, significantly increasing the probability of an upward move.

For confirmation, a breakout and candle closing above the resistance zone at 34.58 USD are required. If confirmed, the price could move toward targets of 41.26 USD and 49.76 USD.

Chainlink (LINK) Analysis

LINK has broken out of a descending channel and is exhibiting bullish divergence, which increases the likelihood of an upward move.

For confirmation from price action, a breakout and candle closing above the resistance zone at 15.34 USD are required. If confirmed, the price could target 18.17 USD and 21.08 USD.

SushiSwap (SUSHI) Analysis

SUSHI appears promising, having formed a cup and handle bullish reversal pattern accompanied by bullish divergence, increasing the likelihood of an upward move.

For confirmation, a breakout and candle closing above the resistance zone at 0.9326 USD are required. If confirmed, the price could target 1.2176 USD and 1.5939 USD.

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