Crypto Market update 10 July 2023
💰 Total Market Capitalization: €1.07T, a growth of 0.26% in the last day.
💼 Total Volume: €24.18B, an increase of 32.40%.
📊 DeFi: €1.7B, representing 7.03% of the total crypto market volume in the last 24 hours.
💱 Stablecoins Volume: €22.51B, representing 93.10% of the total market volume in the last 24 hours.
📉 Bitcoin Dominance: 49.92%, a decrease of 0.02% in the last day.
Discover below the analysis for July 10th of the following tokens: BTC (Bitcoin), ETH (Ethereum), EGLD (MultiversX), NEAR (NEAR Protocol), DOGE (Dogecoin), XRP (Ripple), and PEPE (Pepe).
Bitcoin (BTC) analysis and update
BTC breakout above its previous all-time high initially sparked enthusiasm among investors. However, the subsequent decline has raised concerns about a possible bearish reversal. Those who entered positions during the breakout phase should exercise caution as they may find themselves trapped in a bearish scenario. It is crucial to monitor the key support level of 27,000 Euro, as a breach below it could trigger additional selling pressure.
There are potential buying opportunities at the target levels of 25,974 Euro and 24,861 Euro, supported by a historical trendline that has proven its significance in the past. Nevertheless, for the bullish trend to be sustained, BTC must successfully break out above the 29,000 Euro level. Traders and investors should remain vigilant, implement effective risk management strategies, and closely monitor market developments in order to navigate the dynamic landscape of Bitcoin.
Ethereum (ETH) analysis and update
Ethereum has recently encountered a notable trendline breakdown, resulting in a consolidation phase within a previous support zone. Seasoned investors are now attentively observing this cryptocurrency pair, eagerly anticipating critical breakout or breakdown levels that could present potential trading prospects.
In the event that ETH successfully surpasses the 1,703 Euro level, it may serve as a signal for additional upward momentum, with target levels at 1,715 Euro and 1,728 Euro. On the other hand, a breakdown beneath the 1,677 Euro level could indicate a bearish continuation, with targets set at 1,650 Euro and 1,636 Euro.
MultiversX (EGLD) analysis and update
The head and shoulders pattern that has emerged on the daily timeframe of EGLD indicates a possible shift in market sentiment. Seasoned investors are carefully monitoring the crucial level of 30.53 Euro, awaiting confirmation of a breakdown.
If MultiversX manages to breach this level, traders will likely show interest in the downside targets of 29.80 Euro and 29.29 Euro.
Ripple (XRP) analysis and update
Ripple has displayed encouraging indications as it has successfully found support within a distinct zone for the third time and made contact with a trendline. This convergence of factors indicates the potential for a bullish upswing, with traders setting their sights on the upper trendline as a target.
The projected resistance levels of 0.4319 Euro and 0.4367 Euro carry significance as potential barriers.
Dogecoin (DOGE) analysis and update
Dogecoin has been displaying a significant rising wedge pattern, characterized by its price action closely adhering to the pattern's structure. Currently, the cryptocurrency pair finds itself in close proximity to the lower trendline, which serves as a potential support zone.
This confluence of factors has led traders to anticipate a potential bullish movement in DOGE, with projected targets set at 0.06036 Euro and 0.06142 Euro.
Pepe (PEPE) analysis and update
PEPE/EUR is currently positioned near a demand zone, which indicates the possibility of a bullish trend in the near future.
NEAR Protocol (NEAR) analysis and update
NEAR's formation of a triangle pattern near the demand zone presents an interesting opportunity for traders.
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