Crypto Market update and analysis for BTC, ETH, EGLD, ALGO and GALA - March 18, 2024
Crypto Market in the last 24h:
💰 Global market cap: $2.57T (↑0.92%)
📉 Total volume: $120.76B (↓22.22%)
🛠️ DeFi volume: $10.81B (↓8.95%)
💳 Stablecoins volume: $109.65B (90.80% of total volume)
🔝 Bitcoin dominance: 51.95% (↑0.13%)
Bitcoin (BTC) Analysis
BTC/USD has shown a change of character (CHoCH) indicating a shift towards the bullish side. This change is further supported by forming an inverse head and shoulders pattern, a classic bullish reversal signal. However, we’re looking for a candle closing above $70318 to confirm this bullish sentiment. If we see this breakout, it could pave the way for further upward movement, with potential targets around $72023 and $74000.
Ethereum (ETH) Analysis
ETH/USD we’re witnessing a notable change of character (CHoCH) indicating a shift towards the bullish side. Alongside this, we’ve observed the formation of a cup and handle pattern, a bullish continuation pattern often seen in upward trends. However, for confirmation of this pattern, we’ll be closely watching for a breakout above the resistance level of $3667. If we see this breakout, it could indicate further upward momentum, potentially leading to targets around $3803 and $3913.
MultiversX (EGLD) Analysis
We’ve seen a scenario where buyers who entered after the breakout of the previous high have been trapped. This situation has led to the formation of an M pattern, a bearish reversal pattern suggesting a potential downward move. To confirm this pattern, we’ll be watching for a breakdown below the level of $56.60. If this breakdown occurs, it could indicate further downside momentum, with potential targets around $51.12 and $46.64.
Algorand (ALGO) Analysis
We’re observing a shift in character (CHoCH) towards a bearish structure. This change is highlighted by forming a head and shoulders pattern, a classic bearish reversal signal. For confirmation of this pattern, we need a breakdown below the level of 0.2514. If this breakdown occurs, we can expect targets around $0.22 and $0.19.
Gala (GALA) Analysis
We’ve spotted a flag and pole pattern emerging, which often signals a bullish continuation. To confirm this pattern, we’ll be watching for a breakout above the swing level of $0.07. If the price manages to surpass this level, it could pave the way for further upside momentum, with potential targets around $0.08 and $0.09.
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