Crypto Market update and analysis for BTC, ETH, EGLD, ALGO and DOGE - May 17, 2024
Crypto Market in the last 24h:
🌐 Global Market Cap: $2.4T (+0.60%)
📈 Total Volume 24h: $80.92B (-17.67%)
💰 DeFi Volume: $7.62B (9.42% of total volume)
📊 Stablecoins Volume: $75.29B (93.08% of total volume)
🅱️ Bitcoin Dominance: 54.39% (-0.25%)
Bitcoin (BTC) Analysis
BTC has seen significant developments pointing towards a potential bullish move. The market has exhibited a Change of Character (CHoCH) and a Break of Structure (BOS) towards a bullish market structure, both encouraging signs. Additionally, BTC has formed an inverse head and shoulders pattern, a classic indicator of a bullish reversal.
For this bullish scenario to be confirmed, we need a breakout above the key resistance level of $67,430. If BTC surpasses this level, potential targets are $72,000 and $78,000.
Ethereum (ETH) Analysis
ETH shows signs of a bullish reversal with an inverse head and shoulders pattern, characterized by three troughs where the middle one is the lowest. This pattern, combined with bullish divergence (lower lows in price but higher lows in momentum indicators), increases the chances of a price rise. A breakout above the $3,064 level confirms the pattern, targeting $3,200 and $3,400.
MultiversX (EGLD) Analysis
EGLD has formed a bullish cup and handle pattern within a bullish order block and shown bullish divergence, increasing the chances of a bullish reversal. For confirmation, we need a breakout above $41.89, which could push prices towards targets of $44.50 and $47.00.
Algorand (ALGO) Analysis
ALGO has formed a bullish W pattern (double bottom), indicating a potential upward move. A breakout above the resistive trendline and resistance zone at $0.1828 could confirm this reversal, with targets at $0.1921 and $0.2002.
Dogecoin (DOGE) Analysis
DOGE displays bullish reversal signals with a Change of Character (CHoCH) towards a bullish market structure, breaking a resistive trendline, and forming a W pattern with bullish divergence. Confirmation requires a breakout above $0.1713, potentially leading to targets at $0.1935 and $0.2194.
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