Crypto Market update and analysis for BTC, ETH, EGLD, DOGE and XRP - April 25, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.35T (-4.24%)
💹 Total volume 24h: $83.93B (+ 14.19%)
🔗 DeFi volume (24h): $6.35B (7.57% of total volume)
💰 Stablecoins volume (24h): $78.17B (93.15% of total volume)
📊 Bitcoin dominance: 53.45% (+0.21%)
Bitcoin (BTC) Analysis
BTC has formed a flag and pole pattern, signaling a potential bullish trend continuation. The price is approaching the supportive trendline of the flag and pole pattern, as well as a support zone, where a price bounce could occur.
However, for a solid confirmation of a bullish move, a change of character (CHoCH) towards a bullish market structure is needed. If the price breaks above this level, it could lead to targets of $76,640 USD and $82,000 USD.
Ethereum (ETH) Analysis
A bearish flag and pole pattern has formed for ETH, indicating a potential continuation of the downtrend. This pattern suggests a likely increase in bearish momentum.
For confirmation of the bearish move, we’ll need to see a breakdown below the level of $3,117.94 USD. If the price falls below this level, potential targets could be around $3,087 USD and $3,061 USD.
MultiversX (EGLD) Analysis
An inverse head and shoulders pattern has formed for EGLD, suggesting a potential bullish reversal. This pattern indicates a change in the market trend from bearish to bullish.
For confirmation of this pattern, the price needs to break out above the level of $42.101 USD. If the breakout occurs, the potential targets could be around $42.562 USD and $43.048 USD.
Dogecoin (DOGE) Analysis
We are observing a short-term bearish trend for DOGE, marked by the formation of an M pattern. This pattern often signals a potential bearish move ahead.
However, for confirmation of this bearish outlook, we’ll need to see a breakdown below the level of $0.1409 USD. If the price falls below this level, it could lead to further downward movement, with potential targets at $0.1308 USD and $0.1215 USD.
Ripple (XRP) Analysis
XRP has formed a head and shoulders pattern, typically seen as a bearish reversal signal. For this pattern to be confirmed, we need to observe a breakdown below the level of $0.5162 USD. If this happens, it could lead to further bearish movement with potential targets at $0.5059 USD and $0.4971 USD.
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