Crypto Market update and analysis for BTC, ETH, EGLD, FIL and ADA- April 22, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.43T (+1.46%)
💹 Total volume 24 hours: $65.3B (+5.42%)
🔗 DeFi volume: $5.32B (8.14% of total volume)
💵 Stablecoins volume: $60.44B (92.56% of total volume)
📈 Bitcoin dominance: 53.52% (+0.09%)
BTC (Bitcoin) Analysis
For BTC we’re observing the formation of an inverse head and shoulders pattern, a bullish reversal signal. This pattern, coupled with a change of character (CHoCH) towards a bullish market structure, suggests the possibility of further upward movement.
If the price breaks above the resistive trendline and resistance zone at 67,488.98 USD, it could confirm the bullish move and open the door for targets around 70,000 USD and 74,000 USD.
ETH (Ethereum) Analysis
ETH has shown a change of character (CHoCH) towards a bullish market structure, suggesting a potential upward trend. Additionally, a W pattern has formed, coupled with bullish divergence, further increasing the probability of a bullish move.
However, to confirm this scenario, we need to see a breakout above the level of 3,302.00 USD. If this level is breached, it could signal a strong bullish move, with potential targets around 3,500 USD and 3,800 USD.
MultiversX (EGLD) Analysis
EGLD is showing the formation of a cup and handle pattern, which suggests a potential continuation of an upward trend. This pattern is typically bullish and signals a possible increase in buying momentum.
For confirmation of this bullish move, we’ll need to see a breakout above the level of 45.35 USD. If this occurs, the price could advance towards targets of 51 USD and 56 USD.
FIL (Filecoin) Analysis
For FIL, an inverse head and shoulders pattern has emerged, which is often a sign of a potential bullish reversal. This pattern suggests that the price may change direction from a downtrend to an uptrend.
To confirm this bullish shift, we’ll need to see a breakout above the level of 6.856 USD. If the price surpasses this level, it could signal further upward movement, with potential targets around 7.500 USD and 9.000 USD.
ADA (Cardano) Analysis
ADA has formed an inverse head and shoulders pattern, suggesting a potential bullish reversal. This pattern often indicates a change from a downtrend to an uptrend.
To confirm this shift, the price needs to break above the level of 0.518 USD. If this breakout occurs, it could lead to upward movement, with potential targets around 0.564 USD and 0.615 USD.
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