Crypto Market update and analysis for BTC, ETH, EGLD, BNB and ADA - May 9, 2024
Crypto Market in the last 24h:
🌍 Global Market Cap: $2.26T (↓1.20%)
💸 Total 24h Volume: $62.89B (↓1.74%)
💡 DeFi Volume: $7.14B (11.35% of total volume)
💵 Stablecoins Volume: $57.64B (91.64% of total volume)
📊 Bitcoin Dominance: 53.18% (↓0.36%)
Bitcoin (BTC) Analysis
The BTC price is facing resistance from a trendline. To confirm this bearish move, we need to see the price break down below the level of 60,186 USD. If this happens, it could lead to targets around 58,153 USD and 56,388 USD.
Ethereum (ETH) Analysis
For ETH, a head and shoulders pattern has emerged, which is often a bearish reversal signal. If ETH breaks down below the key level of 2,849 USD, it could continue the bearish trend and lead to the formation of a new lower low. In this scenario, we might see targets around 2,706 USD and 2,596 USD.
MultiversX (EGLD) Analysis
For EGLD the short-term trend is bearish, and the price has formed a bear flag pattern. This pattern typically indicates the potential continuation of the current downtrend. For confirmation of this scenario, the price needs to break down below the level of 33.81 USD. If the price falls below this key level, potential targets could be around 28.39 USD and 23.71 USD.
Binance Coin (BNB) Analysis
In the case of BNB, a bull flag pattern has formed, which is typically a signal of a potential continuation of the current uptrend. This pattern suggests that the market may resume its upward trajectory after a brief consolidation period. For confirmation of this bullish scenario, we need to see a breakout above the level of 630 USD. If the price surpasses this level, potential targets could be around 693 USD and 751 USD.
Cardano (ADA) Analysis
An inverse cup and handle pattern has formed for ADA, suggesting a potential bearish move ahead. This pattern indicates the possibility of a downtrend resuming. For confirmation of this scenario, we’ll need a candle closing below the level of 0.427 USD. If that happens, we might expect targets around 0.376 USD and 0.332 USD.
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