Crypto Market update and analysis for BTC, ETH, EGLD, AAVE and DOT - February 02, 2024
Crypto Market in the last 24h
📊 Global crypto market: $1.65T (+2.13% ⬆️)
💹 24h Volume: $48.4B (-24.95% ⬇️)
🔗 DeFi Volume: $5.42B (11.20% of total 24h volume)
💱 Stablecoins Volume: $44.53B (92.01% of total 24h volume)
₿ Bitcoin Dominance: 51.14% (-0.03% ⬇️)
Bitcoin (BTC) Analysis
The BTC/USD chart shows bearish signals with the emergence of bearish divergence in the MACD and the processing head and shoulders pattern. Historical data also suggests the possibility of a correction before a potential bullish rally, often associated with halving events. We advised to keep a close eye on the critical level of 41470 USD; a breakdown below this level could trigger a correction, leading to a potential decline towards targets at 40352 USD and 39699 USD. Aggressive traders can hold half of their shorts positions too by setting SL (Stop-Loss) at BE (Break Even) if they achieve 1st target, That would be a great plan for upcoming days.
Ethereum (ETH) Analysis
The ETH/USD chart is showing signs of potential bullish momentum. A notable observation is the formation of a 4-hour green candle, aligning with a supportive trendline. We are keen on the key breakout level of 2302 USD for confirmation. A successful breakout could propel the price towards targets at 2346 USD and 2370 USD. It’s worth noting that the resistive trendline could act as a magnet after the breakout of this level, adding to the significance of this potential bullish move.
MultiversX (EGLD) Analysis
EGLD/USD is currently in a consolidation phase, presenting trading opportunities for both bulls and bears. For the bullish side keep eyeing on potential breakout above the resistance level of 60.43 USD, which could signify the validation of a W pattern. In the event of a successful breakout, we may target at 66.63 USD and 70.34 USD.
On the flip side, bearish scenarios come into play if there is a breakdown below the support level of 47.21 USD. This breakdown would be interpreted as the confirmation of a bearish flag and pole pattern, with potential targets at 41.97 USD and 38.43 USD.
Aave (AAVE) Analysis
AAVE/USD shows the probability of bearish reversal, forming a head and shoulders pattern with a bearish divergence in the MACD. The critical element for confirmation is a breakdown below the support level of 83.09 USD. Once this breakdown occurs, We can expect the fall towards target levels at 73.13 USD and 66.64 USD.
Polkadot (DOT) Analysis
DOT/USD is displaying an encouraging pattern on the chart – a W pattern with a bullish divergence in the MACD. This combination enhances the likelihood of a bullish move in the market. To validate this signal, We need a breakout above the key level of 6.69 USD. Once this breakout occurs, it may pave the way for further upward movement, targeting levels around 6.77 USD and 6.81 USD.
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