Crypto Market update 4 July 2023
💰 Crypto Market Cap is at €1.12 trillion, registering a 0.51% growth in the last day. This significant increase in the total market value reflects the continuous interest and evolution of cryptocurrencies.
💼 The total volume of the cryptocurrency market in the last 24 hours is €33.76 billion, representing a significant growth of 11.60%. This increase in transaction volume indicates increased activity and involvement in the crypto market.
📊 DeFi (Decentralized Finance) represents 7.73% of the total market volume in the last 24 hours, with a volume of €2.61 billion.
💱 Stablecoins, which are cryptocurrencies pegged to real-world currencies, account for 91.95% of the total market volume in the last 24 hours, with a volume of €31.04 billion. This indicates that many investors prefer stablecoins to maintain value and reduce volatility in their transactions.
📉 Bitcoin's (BTC) dominance is currently at 49.56%, with a growth of 0.33% during the day. This demonstrates that Bitcoin remains the most important cryptocurrency in the market and continues to influence the overall market trend.
Today's market analysis focuses on Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Algorand (ALGO), Cardano (ADA), XRP (XRP), and Shiba Inu (SHIB).
Bitcoin (BTC) analysis and update
Currently, BTC/EUR is displaying indications of developing an M-shaped pattern on its price chart. The cryptocurrency has reached a peak and undergone a retracement, followed by an unsuccessful attempt to surpass the previous high. This formation suggests that a breakdown may be imminent if the critical support level of 28,328 Euro is breached.
In the event that BTC/EUR falls below the 28,328 Euro level, it introduces the possibility of further downward movement towards the projected targets of 28,181 Euro and 28,049 Euro.
However, it is crucial to bear in mind that technical analysis is not infallible, and market dynamics can be unpredictable. Traders and investors should exercise caution and employ proper risk management techniques when making trading decisions.
Ethereum (ETH) analysis and update
Currently, Ethereum is displaying indications of forming a head and shoulders pattern on its price chart. The cryptocurrency reached a peak, known as the left shoulder, then experienced a retracement. Subsequently, it formed a higher peak, referred to as the head, followed by another retracement, leading to the formation of the right shoulder. This particular pattern suggests that a breakdown might occur if the critical support level of 1,787 Euro is breached.
In the event that the ETH/EUR pair falls below the 1,787 Euro level, it could signal further potential downside movement, with projected targets at 1,782 Euro and 1,779 Euro. These levels represent potential zones where traders, especially those with short positions, may consider placing sell orders or securing profits.
MultiversX (EGLD) analysis and update
In EGLD/EUR pair, the formation of an M pattern on the price chart suggests a potential trend reversal in the near future. If the pattern unfolds as anticipated, we could witness a decline in the EGLD/EUR pair towards the projected targets of 31.50 Euro and 30.80 Euro. This indicates a possible selling opportunity for traders who are considering short positions or profit-taking strategies. It is important to monitor the price action closely and employ appropriate risk management techniques when making trading decisions.
Algorand (ALGO) analysis and update
Algorand (ALGO) is displaying indications of a rising wedge pattern forming on its price chart. This cryptocurrency has demonstrated a series of higher highs and higher lows, but the trendlines that define the upward movement are converging, resulting in a wedge-shaped formation. This pattern suggests a possible breakdown if it reaches completion.
Should ALGO/EUR breach the support level of 0.1153 Euro, it could signal additional downward potential, with potential target levels at 0.1123 Euro and 0.1094 Euro.
Cardano (ADA) analysis and update
Cardano (ADA) is currently approaching a notable resistance level on its price chart, which has historically acted as a strong barrier, resulting in price retracements. The formation of an M pattern suggests a potential shift in market sentiment from bullish to bearish. If the pattern unfolds as anticipated, it could signify a change in the price trajectory.
In the event of a reversal from this level, it is possible that ADA/EUR may target the levels of 0.2653 Euro and 0.2601 Euro.
XRP (XRP) analysis and update
XRP/EUR is currently nearing a critical supply zone on its price chart. This zone signifies a significant region where selling pressure could intensify, potentially resulting in a price reversal or a deceleration in the upward momentum.
It is essential for traders to closely observe the price action as XRP/EUR interacts with this zone.
Shiba Inu (SHIB) analysis and update
The SHIB/EUR pair is exhibiting a bearish flag and pole pattern, indicating a potential bearish reversal in the near future. This pattern typically consists of a sharp price decline (pole) followed by a consolidation phase (flag), characterized by a slight upward or sideways movement.
Traders should closely observe the price action and exercise caution, waiting for confirmation of the pattern before making any trading decisions.
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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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