Crypto Market update 11 July 2023
📊 The global crypto market capitalization has reached €1.08 trillion, with a growth of 0.87% in the past day.
💹 The total trading volume of the crypto market in the last 24 hours was €29.03 billion, representing an increase of 25.25%. Of this, 6.95% was attributed to DeFi trading volume.
💰 Stablecoin trading volume accounted for 92.01% of the total market volume in the last 24 hours.
📉 Bitcoin’s market dominance currently stands at 49.90%, experiencing a slight decrease of 0.01% in the past day.
Bitcoin (BTC) analysis and update
Currently, Bitcoin has established a robust support zone between 27,378 Euro and 27,260 Euro. This zone represents a historically significant level where buyers have consistently stepped in to support the price, halting further downward movement. Consequently, it is expected that this support zone will act as a catalyst for a potential rebound.
Although the current consolidation phase indicates a temporary pause in price action, it is important to look ahead and consider potential upside targets. Based on technical analysis and historical price patterns, BTC/EUR has identified promising targets at 27,936 Euro and 28,104 Euro. These levels signify potential areas of resistance where the price could encounter selling pressure. Traders and investors will closely monitor the price action around these targets to gauge market sentiment and make well-informed decisions.
Ethereum (ETH) analysis and update
After achieving our bullish targets successfully, Ethereum has now formed a significant resistance zone between 1,765 Euro and 1,759 Euro. These levels serve as barriers that attract selling pressure, potentially impeding any further upward momentum. Traders will closely observe the market's reaction as the price approaches this zone in order to assess the strength of the resistance. If the barrier proves insurmountable, it may indicate a short-term trend reversal, offering a selling opportunity for traders aiming to capitalize on potential downward movements.
When considering a selling opportunity, it is vital to establish clear targets. In the case of ETH/EUR, downside targets have been identified at 1,745 Euro and 1,735 Euro. These levels represent potential areas where the price could encounter support, leading to a temporary pause or reversal of the downward movement. Traders will closely monitor price action around these targets to make informed decisions regarding profit-taking or the potential for further downside.
MultiversX (EGLD) analysis and update
MultiversX (EGLD) has recently demonstrated intriguing price dynamics. After previously trapping traders, it is currently approaching a pivotal resistance zone that offers two potential scenarios: a breakout or a reversal.
As EGLD draws closer to this significant level, investors are anticipating a decisive movement, with projected upside targets of 34.49 Euro and 34.79 Euro in the event of a breakout, or downside targets of 32.67 Euro and 32.19 Euro if a reversal takes place.
Gala (GALA) analysis and update
Gala has continued to impress traders by hitting previous targets and breaking out of a triangle pattern. This breakout indicates a potential increase in bullishness, with the next targets projected at 0.02349 Euro and 0.02399 Euro.
Traders who currently hold GALA can expect further upward movement and may consider adjusting their positions accordingly. However, for those considering a new position, caution is advised, and position sizing should be kept small to manage risk effectively.
Litecoin (LTC) analysis and update
Litecoin's formation of an inverse head and shoulders pattern presents an intriguing trading opportunity for market participants.
If LTC successfully breaks out above the resistance level of 89.78 Euro , it could signify a reversal from a downtrend to an uptrend. Traders can look to potential targets at 91.86 Euro and 93.51 Euro as key areas of resistance
Cardano (ADA) analysis and update
Cardano nears a critical supply zone, it is prudent for market participants to exercise caution as a potential shift towards bearish sentiment becomes apparent. The close proximity to this zone indicates heightened selling pressure, which could potentially lead to a downward trajectory in prices.
Investors are advised to closely monitor the market dynamics and consider implementing appropriate risk management strategies in light of these circumstances.
BNB (BNB) analysis and update
BNB is currently in close proximity to a supply zone which indicates that many traders may be interested in selling their holdings. This could lead to a bearish trend and downward pressure on prices.
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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.
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