Crypto Market update and analysis for BTC, ETH, EGLD, ADA and LTC - April 4, 2024
Crypto Market in the last 24h:
💰 Global Market Cap: $2.48T (-0.78%)
📊 Total 24h Volume: $94.43B (-22.93%)
🏦 DeFi Volume: $12.24B (12.96% of total volume)
💲 Stablecoins Volume: $88.87B (94.11% of total volume)
⚡ Bitcoin Dominance: 52.08%
BTC (Bitcoin) Analysis
Currently, the price of BTC is hovering near a crucial support zone. If it breaks down from this level of 60757 USD, it could signal the formation of an M pattern, typically indicating a bearish trend ahead. In such a scenario, traders might set their sights on targets around 58554 USD and 55770 USD.
Conversely, if the price manages to break out above the resistance level of 73538 USD for the bullish scenario, it could pave the way for further upward movement because of the flag & pole pattern. In this case, traders might target levels around 76952 USD and 80508 USD.
ETH (Ethereum) Analysis
For ETH we’re noticing a shift from higher highs to lower lows, which suggests a potential bearish trend forming. If the price breaks below the level of the recent lower low, it could signal further downward movement, with potential targets around 2898 USD and 2760 USD.
Conversely, if the price manages to break out above the recent lower high level, currently around 3653 USD, it could indicate a bullish reversal. In such a scenario, traders might anticipate targets around 3815 USD and 3955 USD.
EGLD (MultiversX) Analysis
EGLD is forming an M pattern, accompanied by bearish divergence on the MACD indicator. This suggests a potential bearish trend developing. To confirm this pattern, we’ll be looking for a breakdown below the level of 46.32 USD. It could indicate further downward movement, with potential targets around 40.20 USD and 34.28 USD.
ADA (Cardano) Analysis
The price of ADA has broken below a supportive trendline and has formed a head and shoulders pattern. This pattern often indicates a potential bearish trend ahead. To confirm this pattern, we’ll be closely monitoring the price action for a breakdown below the key level of 0.554 USD.
If the price indeed breaks below this level, it could signal further downward movement, with potential targets around 0.508 USD and 0.480 USD.
LTC (Litecoin) Analysis
LTC shows the triple top formation. This occurs when the price reaches a resistance level three times without breaking above it, suggesting a significant barrier for further upward movement. Typically, this pattern is viewed as bearish by traders.
To confirm the validity of this pattern, we’ll be closely monitoring the price action for a breakdown below the key support level of 92.84 USD. If the price indeed falls below this level, it could signal a continuation of the bearish trend, with potential downside targets around 89.32 USD and 86.37 USD.
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