Crypto Market update and analysis for BTC, ETH, EGLD, ALGO and DOT - January 15, 2024
Crypto market in the last 24h:
📉 Total Market Cap: $1.68T (-0.14%),
📈 Total Volume: $53.62B (+18.66%),
💼 DeFi Volume: $4.91B (9.16%),
💰 Stablecoins Volume: $47.75B (89.06%),
🔍 Bitcoin Dominance: 49.70% (-0.11%).
Bitcoin (BTC) Analysis
BTC/USD is forming an M pattern with a bearish divergence in the daily timeframe, indicating a potential shift towards bearish sentiment. However, to confirm this pattern on the chart, we are waiting for a breakdown below the level of 40,612 USD. A successful break of this point could reveal potential targets at 38,012 USD and 36,579 USD.
Ethereum (ETH) Analysis
ETH/USD is currently demonstrating more bullish momentum compared to BTC and has showcased better returns in the previous bullish run. This makes it a preferred choice today for capturing the next bullish movement. Notably, Ethereum is currently forming a bullish flag and pole pattern. To target potential levels at 2,647 USD and 2,700 USD, we are eyeing a breakout above the level of 2,583 USD.
MultiversX (EGLD) Analysis
EGLD/USD is forming a head and shoulders pattern, which typically indicates a higher likelihood of a bearish move. We are looking for a level of 51.17 USD to get a breakdown, as a move below this point could trigger a potential fall to targets at 47.92 USD and 46.19 USD.
Algorand (ALGO) Analysis
ALGO/USD is showing signs of a sellers’ trap in the 1-hour chart. Upon closer observation of the sideways zone, it becomes apparent that ALGO is attempting to trap more traders. The probability is high that many stop-loss orders are positioned around the level of 0.1945 USD. In anticipation of a bullish move above this level, we are eyeing potential targets at 0.2024 USD and 0.2070 USD.
Polkadot (DOT) Analysis
DOT/USD is currently following a supportive trendline and consolidating on the Fibonacci golden levels, indicating the strength of the bulls in the market. To confirm this positive scenario, we need a breakout above the level of 7.71 USD. If this breakout occurs, it could pave the way for potential targets at 8.08 USD and 8.30 USD.
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