Crypto Market update and analysis for BTC, ETH, EGLD, LINK and ALGO - March 11, 2024
Crypto Market in the last 24h:
🌐 Global crypto market cap: $2.7T (↑2.21%)
📈 Total crypto market volume: $139.01B (↑43.98%)
💼 DeFi volume: $12.75B (↑9.17%)
💱 Stablecoins volume: $125.21B (↑90.07%)
₿ Bitcoin dominance: 52.16% (↑0.18%)
Bitcoin (BTC) Analysis
The current structure of BTC/USD suggests a bullish trend.
Given recent events where the overnight market liquidated around 2 billion USD, it’s wise to trade with smaller quantities and be vigilant.
If the price does pull back, we might see a bounce from our bullish order block level. However, it’s essential to wait for confirmation.
If the price breaks above 65,517 USD after the bounce, we could anticipate targets around 68,472 USD and 72,000 USD. But from here if it breaks the all-time high, it might be a trap, so it’s best to proceed with caution and wait for clearer signals before making any significant moves.
Ethereum (ETH) Analysis
We’re seeing the formation of a bullish flag and pole pattern at ETH/USD. This pattern typically suggests a continuation of the bullish trend. For confirmation, we need to see the price break above the level of 3,904 USD.
If this breakout occurs, we could anticipate targets around 3,997 USD and 4,098 USD.
MultiversX (EGLD) Analysis
EGLD/USD is forming a head and shoulders pattern, however, it’s essential to note that in the larger timeframe, there’s also the development of an M pattern, signaling a bearish trend. To confirm the bearish scenario, we would need to see the price break below the neckline level, around 63.67 USD.
If this breakdown occurs, we could anticipate targets around 60.94 USD and 57.95 USD.
Algorand (ALGO) Analysis
ALGO/USD formed an inverse head and shoulders. This pattern often suggests a potential shift towards a bullish trend. Right now, we’re waiting for confirmation, which would come with a breakout above the level of 0.298 USD.
If we see this breakout, it could open the door to targets around 0.381 USD and 0.449 USD.
Chainlink (LINK) Analysis
At LINK/USD we’re observing a bullish trend, and an inverse head and shoulders. This pattern often signals a potential shift towards a bullish direction. Although the price broke out of the zone initially, it retraced afterward, indicating that some traders got trapped, and sellers took advantage of this minor pullback, anticipating a further decline in LINK’s price.
However, if the price surpasses the level of 21.706 USD, it could lead to a situation where many of these sellers find themselves trapped, potentially triggering their stoploss & a surge in price towards targets around 22.743 USD and 24.014 USD.
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