Crypto Market update and analysis for BTC, ETH, EGLD, DOT and SOL - March 21, 2024
Crypto Market in the last 24h:
🌐 Global Market Cap: $2.53T (+5.34%)
📉 24h Volume: $151.61B (-6.02%)
💼 DeFi Volume: $12.95B (8.54% of total volume)
💱 Stablecoins Volume: $135.43B (89.33% of total volume)
🅱️ Bitcoin Dominance: 51.95% (-0.12%)
BTC (Bitcoin) Analysis
BTC had a change in character (CHoCH) towards a bullish market structure, indicated by a breakout from a descending channel. This suggests a shift in sentiment towards bullishness. However, after such a breakout, it’s common to see some consolidation as traders assess the new landscape. For confirmation of further bullish momentum, we’ll be looking for a price move above the level of 69,106.98 USD. If the price manages to break above this level, it could signal a continuation of the upward trend, with potential targets around 71,097.98 USD and 72,919.98 USD.
ETH (Ethereum) Analysis
ETH witnessed a breakout above a resistive trendline, indicating a potential shift towards bullish sentiment. Additionally, we’re observing the formation of an inverse head and shoulders pattern, which further strengthens the case for a bullish move. The price action has also displayed a change of character (CHoCH), adding to the bullish outlook. For confirmation of this upward momentum, we’ll be closely watching for a price breakout above the level of 3,666.98 USD. If the price manages to surpass this level, it would mark a new higher high and could pave the way for further gains. Potential targets to keep in mind are around 3,827.98 USD and 4,012.98 USD.
EGLD (MultiversX) Analysis
EGLD is presenting opportunities for both bullish and bearish sides, but the current price action leans more towards the bearish side. The price has been forming lower lows and lower highs, indicating a downward trend. However, if the price manages to break above the resistance level of 62.554 USD, it could signal a change of character (CHoCH) towards a bullish market structure. In such a scenario, we could anticipate targets around the next resistance levels of 65.606 USD and 68.073 USD. On the other hand, if the price breaks below the support level of 54.401 USD, it would suggest that the price is still following the downward trend. In this case, we might expect targets around the levels of 52.143 USD and 50.011 USD.
DOT (Polkadot) Analysis
DOT had a breakout from a descending channel, accompanied by the formation of a W pattern. These developments are increasing the likelihood of a bullish move ahead. To confirm this bullish sentiment, we’re looking for a breakout above the level of 9.69 USD. Once this breakout occurs, it could propel the price towards our targets at 10.18 USD and 10.84 USD.
SOL (Solana) Analysis
SOL has given a breakout from a resistive trendline, indicating potential bullish momentum. Additionally, an inverse head and shoulders pattern is formed, with the right shoulder currently in the process. Once the price breaks above the neckline level of 195.08 USD, it could signal a confirmation of the pattern. This breakout may lead to further upward movement, with potential targets at levels around 206 USD and 218 USD.
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