Crypto analysis for BTC, ETH, EGLD, PEPE and XRP - January 20, 2024
Crypto market in the last 24h:
š Global market cap: $3.72T (+2.79%)
š Total 24-hour volume: $379.67B (+81.33%)
š° DeFi volume: $20.73B (5.46% of total volume)
š Stablecoins volume: $350.24B (92.25% of total volume)
šµ Bitcoin dominance: 57.62% (+0.10%)
Bitcoin (BTC) Analysis
BTC is showing strength as it has broken its all-time high with significant volume, partly influenced by the inauguration of Donald Trump, which is seen as bullish for the market. If BTC retraces to fill the gap, we could anticipate a bounce from the support zone at 105,819 USD.
For confirmation, we would need bullish patterns such as a W pattern or an inverse head and shoulders on the lower timeframes to increase the probability of a bullish move. Upon confirmation, potential targets could be 107,848 USD and 109,950 USD.
Ethereum (ETH) Analysis
ETH has formed a W pattern accompanied by bullish divergence, increasing the probability of a bullish move. However, for confirmation, we need a breakout and candle closing above the resistive trendline and resistance zone of 3444 USD. If this happens, we can expect potential targets at 3597 USD and 3744 USD.
MultiversX (EGLD) Analysis
EGLD has formed a W pattern and is currently taking resistance from the resistance trendline. For confirmation of bullish strength, we need a breakout and candle closing above the resistance trendline and resistance zone of 35.48 USD. If this occurs, it could lead to potential targets at 37.42 USD and 39.94 USD.
PEPE (PEPE) Analysis
PEPE has trapped the sellers and formed a W pattern with bullish divergence, which increases the probability of a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 0.00001801 USD. If this happens, potential targets could be 0.00001967 USD and 0.00002153 USD.
Ripple (XRP) Analysis
XRP has formed a bull flag, which increases the probability of bullish trend continuation. For confirmation, we need a breakout and candle closing above the resistance zone of 3.28 USD. If this occurs, the potential targets could be 3.40 USD and 3.52 USD.
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