Crypto Market update and analysis for BTC, ETH, EGLD, ALGO and SOL - February 26, 2024
Crypto in the last 24h
💸 Global crypto market cap: $1.98T ⬇️ 0.14% (24h)
💼 Total market volume: $57.97B ⬆️ 16.66%
🚀 DeFi volume: $5.76B 💹 9.94%
💳 Stablecoins volume: $51.89B 💰 89.51%
🔍 Bitcoin dominance: 50.71% ⬇️ 0.35%
Bitcoin (BTC) Analysis
BTC/USD is in a bullish trend. Currently, BTC is forming a “double-bottom” pattern, a significant indicator of a potential bullish reversal. Furthermore, there’s a formation of an “inverse head and shoulders” pattern, further increasing the probability of a bullish move.
For confirmation of this bullish sentiment, we need an above-the-price level of $52,129.98. Once this level is breached, it could signal a clear path towards the $52,998.98 and $53,662.98 targets, respectively.
Ethereum (ETH) Analysis
ETH/USD is forming a “bullish flag and pole”, a common trend continuation formation in technical analysis. Alongside this pattern, there’s a notable supportive trendline that’s pushing the price upward on the price action.
While these indicators suggest a bullish outlook for Ethereum, it’s important to await confirmation before taking decisive action. For confirmation, we need a breakout above the level of $3,123.98. This breakout could serve as a strong signal for potential further upward movement, with targets projected at $3,137.98 and $3,152.98, respectively.
MultiversX (EGLD) Analysis
EGLD/USD is forming a “cup and handle” pattern, a classic bullish reversal formation. This pattern typically signifies a shift from a downtrend to an uptrend, indicating potential opportunities for traders to capitalize. The pattern will be validated if the price breakout above the level of $61.72, which can open the doors for target levels of $66.93 and $74.09.
Algorand (ALGO) Analysis
ALGO/USD is forming an “inverse head and shoulders” pattern, indicating a potential shift from a bearish market structure to a bullish one. This pattern is widely recognized in technical analysis as a bullish reversal formation, suggesting a change in market sentiment.
Confirmation of this pattern would require a breakout above the key level of $0.2103. Once this breakout occurs, it could signal a strong indication of further upward movement, potentially leading to the target levels of $0.2315 and $0.2424.
Solana (SOL) Analysis
SOL/USD has recently broken out of a descending channel, showing a significant shift in market dynamics. Additionally, the formation of an “inverse head and shoulders” pattern further increases the bullish sentiment, indicating a potential reversal from a downtrend to an uptrend.
For confirmation, we need a breakout above the key level of $106.60. Once this breakout occurs, it could provide a strong indication of continued upward momentum, potentially opening the way for targets around $110.35 and $113.25.
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