Crypto Market update 7 July 2023
📈 The global cryptocurrency market cap is €1.08 trillion, experiencing a 3.13% decrease in the last day.
💰 The total crypto market volume in the last 24 hours is €37.74 billion, marking a significant increase of 16.72%.
🔥 The total volume in DeFi currently stands at €2.33 billion, accounting for 6.17% of the total crypto market volume in the past 24 hours.
💱 The volume of all stable coins now amounts to €35.12 billion, which represents a substantial 93.06% of the total crypto market volume in the last 24 hours.
💪 Bitcoin's dominance is currently at 49.91%, showing a slight decrease of 0.04% within a day.
Discover below our analysis for the following cryptocurrencies: BTC, ETH, EGLD, BNB, SHIB, GALA, and ALGO.
Bitcoin (BTC) analysis and update
Currently, BTC exhibits promising signs of bullishness, primarily driven by a retracement following a consolidation phase. This retracement serves as a natural correction, allowing the market to gather momentum before continuing its upward trajectory. Additionally, the pair is nearing the demand zone, a region characterized by increased buying interest. The convergence of these factors further reinforces the case for a continuation of the bullish trend.
Based on our analysis of the prevailing market dynamics, the emerging bullish signals, and the proximity to the demand zone, we confidently identify the price targets of 27,959 Euro and 28,187 Euro as attainable levels for BTC/EUR. These targets represent significant milestones where the market could experience notable shifts in sentiment and potential price surges.
Ethereum (ETH) analysis and update
Ether (ETH) is currently undergoing a retracement after reaching its recent peak, offering an enticing opportunity for astute investors to contemplate a potential bullish reversal. The overarching trend in the market continues to be bullish, and the recent recovery from the demand zone, marked by a bullish green candle, suggests a revitalized enthusiasm for buying. With the targets set at 1,724 Euro and 1,738 Euro, traders should keep a close eye on these levels as they may trigger significant market reactions.
MultiversX (EGLD) analysis and update
eGold is currently exhibiting initial indications of a potential double-top pattern, implying a potential shift in the prevailing bullish trend. It is crucial for investors to closely observe the breakdown level of 29.46 Euro, as a decisive breach below this level would reinforce the pattern's significance. In the event of such a scenario, targets at 28.46 Euro and 27.42 Euro emerge as potential focal points for bearish traders.
Shiba Inu (SHIB) analysis and update
SHIB/EUR's proximity to the demand zone offers an enticing opportunity for traders. The potential emergence of a W pattern, indicating a bullish reversal, further enhances the significance of the market's upward potential. As astute investors closely monitor SHIB/EUR, targets at 0.00000682 Euro and 0.00000702 Euro come into view as potential price levels to closely observe.
BNB (BNB) analysis and update
The potential formation of a W pattern near to the demand zone, signaling a bullish reversal, adds further weight to the market's upward potential. As traders keenly observe BNB/EUR, targets at 219 and 223 emerge as potential price levels to monitor.
GALA (GALA)
Just like SHIB and BNB, GALA is on the verge of forming a bullish W pattern.
Algorand (ALGO)
Algorand is approaching a critical level, indicating the potential for a breakout or breakdown. The formation of a triangle pattern emphasizes the ongoing consolidation and market indecision.
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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 content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
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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