Crypto Market Analysis: BTC, ETH, EGLD, ATOM, PEPE

Crypto Market in the last 24h:

📈 Global crypto market cap: €1.01T (-2.83% ⬇️).
🔄 Total market volume in the last 24 hours: €24.86B (+50.16% ⬆️).
💱 DeFi volume: €2.5B (10.05% of total 24-hour crypto market volume).
💰 All stablecoins volume: €22.53B (90.61% of total 24-hour crypto market volume).
🔝 Bitcoin dominance: 50.30% (+0.39% ⬆️).

Bitcoin (BTC) Analysis

BTC/EUR is shaping up an intriguing pattern on its 1-hour chart: the cup and handle pattern. This pattern hints at a short-term bullish trend, which is a positive sign for traders scouting for bullish opportunities.

In this pattern, the handle phase represents a shift towards higher highs and higher lows, indicating a change in the trend direction. So, our attention is on potential bullish trades.

For validation, we’re keeping a close eye on the resistance level at 26,800 Euro. If the price successfully surges above this level, it could set off a bullish movement with targets around 26,994 Euro and 27,157 Euro. If the price fails to surge above the resistance and dips below the low of the handle, the credibility of this pattern could be questioned.

Ethereum (ETH) Analysis

ETH/EUR’s 1-hour chart uncovers a W pattern, also known as a double bottom, accompanied by bullish divergence in the MACD. Both of these patterns are bullish indicators, suggesting a positive outlook for the pair.

Validation of this bullish sentiment requires a breakout above the resistance level of 1,570 Euro. If the price successfully breaches this level, we could aim for targets at 1,586 Euro and 1,600 Euro. It’s crucial to note that this pattern remains valid as long as the price doesn’t dip below the lows of the double bottom.

MultiversX (EGLD) Analysis

EGLD/EUR has exhibited some trapped price action recently. It initially broke below the lower trendline of a triangle pattern with a big red candle, indicating a surge in selling activity. However, what’s making this situation interesting is the consolidation of the price.

Rather than continuing bearish movement, the price has formed a W pattern. This is significant because it suggests a potential bullish reversal. If the price manages to break above the resistance level at 23.61 Euro, it could signify a bullish trend in the making. This breakout could trigger a cascade of events, including hitting the stop-loss orders of sellers, potentially driving the price higher.

If this scenario unfolds, we could be looking at targets around 24.29 Euro and 24.69 Euro. However, as always, prudent risk management and adherence to your trading strategy are crucial in navigating such price movements.

Pepe (PEPE) Analysis

In the 4-hour timeframe, PEPE/EUR has formed a bearish head and shoulders pattern. This pattern could indicate a bearish move. To confirm this sentiment, we need to see a breakdown below the neckline and the support level of 0.000000654 Euro. Such a breakdown could open the door to bearish targets at 0.000000619 Euro and 0.000000593 Euro.

Cosmos (ATOM) Analysis

ATOM/EUR is currently experiencing a bearish trend, and on the 4-hour timeframe, it’s shaping an “M” pattern. This pattern can be indicative of a potential downward movement in prices.

For confirmation of this bearish sentiment, we should keep a close eye on the support level at 6.42 Euro. If the price drops below this level, it could pave the way for further downward movement, potentially targeting levels around 6.20 Euro and 6.06 Euro. As always, it’s important to manage your risk and stick to your trading strategy when navigating these price movements.

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