Crypto Market update 30 june 2023.
💰 Global crypto market cap reaches €1.1T, recording a 1.29% increase in the last day.
💼 Total market volume in the past 24 hours is €37.52B, showing a significant increase of 30.54%.
📊 DeFi represents 7.16% of the total crypto market volume.
💱 Stablecoins contribute €34.28B, accounting for 91.38% of the 24-hour market volume.
📉 Bitcoin's dominance stands at 50.01%, with a slight decrease of 0.40% throughout the day.
Bitcoin (BTC)
BTC price has approached the critical "flag and pole" level of 28,935 Euro, with a potential breakthrough on the horizon. A successful breach could serve as a bullish signal, indicating a possible upward movement. In such a scenario, our target range for the upside lies between 30,000 Euro and 31,000 Euro.
Nevertheless, it is crucial to account for the possibility of a breakdown. Failure to surpass the flag and pole level, coupled with a downward breach below 27,439 Euro, may suggest a shift in market sentiment and the emergence of a bearish trend. In this case, the price could potentially target levels around 26,510 Euro on the downside.
It is noteworthy that our previous target has already been reached, highlighting the accuracy of our analysis thus far. However, it is important to recognize the inherent volatility of cryptocurrency markets, wherein external factors like news events, market sentiment, and regulatory changes can significantly impact price movements. Therefore, conducting thorough research and consulting multiple sources of information is always advisable before executing any trading decisions.
Ethereum (ETH)
We are witnessing the formation of a potential reversal pattern. The price has exhibited indications of a turnaround from the 1,744 Euro level, shaping a rising wedge pattern. Such a pattern commonly signifies a potential shift in the trend from bullish to bearish.
Considering this pattern, we can identify two possible downside targets. The initial target is approximately 1,727 Euro while the second target resides around 1,722 Euro. These levels represent potential support areas where the price may encounter stability amid the anticipated downward movement.
MultiversX (EGLD)
In the EGLD/EUR pair, we are witnessing the formation of a rising wedge pattern, which is a significant technical indicator for investors. This pattern suggests a potential reversal in the prevailing bullish trend, signaling a possible shift towards a bearish market sentiment.
Within this context, there are two critical levels that require close monitoring. Firstly, if the price successfully breaks above the 32.20 Euro level, it would be considered a bullish signal. This breakout could indicate a further upward movement, with our target for the upside positioned around 32.87 Euro. It implies that we can expect the price to climb towards that level, potentially offering profitable opportunities for investors.
If the price breaks below the 31.65 Euro level, it could indicate a change in sentiment and a shift towards a bearish trend. This breakdown would suggest a potential downward movement, with our downside target set at approximately 31.30 Euro. It signifies that the price may decline towards that level, highlighting the possibility of a bearish market scenario.
BNB (BNB)
We can see that the price is currently approaching a resistance zone. If the price exhibits indications of a reversal from this area, it could signify a potential bearish move. In such a scenario, we can identify two potential downside targets. The first target would be around 218 Euro, while the second target would be around 215 Euro. These levels represent areas where the price may find support during the expected downward movement.
If the price successfully breaks above the resistance level of 222 Euro, it could suggest a bullish momentum. In this case, our targets for the upside would be around 228 Euro and 233 Euro. These levels indicate potential areas where the price might experience upward momentum.
XRP (XRP)
On the XRP/EUR chart, we can observe that the price is currently approaching a bearish trendline. If the price shows signs of reversal from this level, it could indicate a potential downward move.
In such a scenario, we can identify two possible downside targets. The first target would be around 0.4272 Euro, followed by the second target at around 0.4136 Euro. These levels represent areas where the price may find support during the anticipated downward movement.
If the price successfully breaks above the bearish trendline, it could signify a bullish momentum. In this case, our targets for the upside would be around 0.4579 Euro and 0.4700 Euro. These levels suggest potential areas where the price might rise to the upside.
DogeCoin (DOGE)
Doge/EUR is forming a cW pattern we can expect a bullish movement on it.
Algorand (ALGO)
ALGO/EUR is showing bullish candles near the bullish trendline & demand zone.
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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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