Crypto Market update 29 june 2023.
The global cryptocurrency market cap has reached €1.08 trillion, recording a 0.62% increase compared to the previous day. However, the total market volume in the last 24 hours has experienced a significant decrease of 11.50%. Within this volume, stablecoins hold a significant share of 93.31%.
Bitcoin's dominance remains at a strong level, reaching 50.37%, reflecting a slight increase throughout the day.
Bitcoin (BTC)
In the BTC/EUR pair, when analyzing the 15-minute timeframe, we can observe the emergence of a W pattern. This pattern holds significant value among traders and presents potential trading opportunities.
According to the W pattern, the initial target level to monitor is 28,092 Euro, with a secondary target level at 28,216 Euro. If the price manages to break above the midpoint of the W formation, it has the potential to reach this target level. Traders who follow this pattern may consider opening a long position or taking profits if they previously held a short position.
However, it is important to note that technical analysis patterns are not infallible and should be used in conjunction with other indicators and analysis methods. Market conditions can change rapidly, and the pattern may not always unfold as anticipated.
On the 4-hour time frame, BTC is forming a Flag and Pole pattern. If the anticipated breakout occurs, it could signal the continuation of an upward trend in the BTC/EUR pair. In such a scenario, traders could anticipate the price potentially reaching a target range between 30,000 Euro and 31,000 Euro.
Ethereum (ETH)
There appears to be a formation of a rising wedge pattern. This pattern is defined by converging trendlines with higher highs and higher lows. It is essential to note that the rising wedge pattern is generally regarded as bearish, signaling a possible trend reversal or a deceleration in the upward trend.
If we take into account this pattern, there are a couple of potential target levels to monitor. The initial target is around 1,680 Euro, while the second target is approximately 1,673 Euro. These levels serve as potential support areas where the price may encounter a temporary pause or a rebound.
MultiversX (EGLD)
There are a couple of potential scenarios to consider. If the price successfully breaks above the upper trendline of the falling wedge pattern, it could indicate a bullish breakout. In this case, traders might target the first level around 31.17 Euro and the second level around 31.80 Euro. These levels represent potential resistance areas where the price may encounter selling pressure or experience a temporary pause.
However, if the price reverses from the upper trendline of the falling wedge pattern and fails to break above it, it could signal a continuation of the downward trend. In such a scenario, traders may adopt a bearish perspective, targeting the first level to the downside around 29.74 Euro and the second level around 29.28 Euro. These levels represent potential support areas where the price could attract buying interest or witness a temporary bounce.
ApeCoin (APE)
If the price undergoes a reversal from this robust demand zone, it could signal a bullish momentum and the potential for continued upward movement. In this particular scenario, traders may anticipate the initial target level to be approximately 2.030 Euro, followed by a second target level in the vicinity of 2.067 Euro.
BNB (BNB)
If the price exhibits a reversal from this robust demand zone, it could signal bullish momentum and the potential for additional upward movement. In this particular scenario, traders may anticipate the initial target level to be approximately 217.2 Euro, followed by a second target level near 220.2 Euro.
XRP (XRP)
XRP is currently forming a Head and Shoulders pattern. If this pattern breaks out, it could indicate potential target levels at 0.3971 Euro (1st target) and 0.3839 Euro (2nd target).
PEPE (PEPE)
PEPE is currently trending bearishly along a downward trendline, and further downward movements are anticipated.
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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 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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