Crypto analysis for BTC, ETH, EGLD, SUSHI and ALGO - December 23, 2024
Crypto market in the last 24h:
🌐 Global market cap: $3.25T (-1.05%)
📊 Total 24h volume: $153.54B (+11.30%)
💰 DeFi volume: $11.03B (7.19% of total volume)
🔒 Stablecoins volume: $144.29B (93.97% of total volume)
💵 Bitcoin dominance: 57.17% (-0.39%)
Bitcoin (BTC) Analysis
BTC is currently in a no-trade zone, offering opportunities for both bullish and bearish scenarios.
BTC is showing the structure of a head and shoulders pattern with bearish divergence, increasing the probability of a bearish move. For confirmation, we need a breakdown and candle closing below the support zone of 90,670 USD. If this happens, the downside targets could be 87,417 USD and 83,833 USD.
On the bullish side, BTC has the potential to form a W pattern, signaling a bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 99,364 USD. If successful, the upside targets could be 102,839 USD and 106,325 USD.
Ethereum (ETH) Analysis
ETH is currently showing potential for forming a W pattern, which aligns with the bullish trend. If ETH breaks out of the resistive trendline and achieves a breakout with a candle closing above the resistance zone of 3,576 USD, it will significantly increase the probability of a bullish move. The potential targets following this confirmation are 3,796 USD and 4,078 USD.
MultiversX (EGLD) Analysis
EGLD is exhibiting similar price action to ETH, as it’s following a resistive trendline and is currently near the support zone. If EGLD forms a W pattern at this level and successfully breaks out of the resistive trendline, achieving a breakout with a candle closing above the resistance zone of 38.34 USD, it will confirm the bullish move. The expected targets after confirmation are 41.88 USD and 45.75 USD.
SushiSwap (SUSHI) Analysis
SUSHI has formed an inverse cup & handle pattern, which increases the probability of a bearish move. However, confirmation is essential. A breakdown and candle closing below the support zone of 1.22 USD would confirm the bearish scenario. After confirmation, the expected targets are 1.02 USD and 0.87 USD.
Algorand (ALGO) Analysis
ALGO is currently moving within a descending channel, which on a larger timeframe could also be interpreted as a bull flag, increasing the probability of a bullish move. We are looking for the formation of a W pattern and a breakout with a candle closing above the resistance zone of 0.38 USD. If confirmed, the potential targets are 0.45 USD and 0.54 USD.
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices
With the help of our platform, you can deposit, withdraw, buy or sell any of these cryptocurrencies using the free digital wallet. SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available in our app.
Limitation of Liability
This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.
The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.