Crypto Market update and analysis for BTC, ETH, EGLD, LINK and SUSHI - May 7, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.35T (-0.20%)
💹 Total volume 24h: $67.77B (+4.64%)
🔗 DeFi volume: $6.12B (9.03% of total volume)
💰 Stablecoins volume: $61.88B (91.30% of total volume)
📊 Bitcoin dominance: 53.39% (+0.08%)
Bitcoin (BTC) Analysis
In the case of BTC, if the price breaks above the level of 67,616 USD, we could see a bullish move. This breakout would suggest an inverse head and shoulders pattern with bullish divergence, indicating a potential reversal to an uptrend. In such a scenario, we could expect targets around 71,956 USD and possibly up to 80,000 USD.
Ethereum (ETH) Analysis
For ETH a W pattern has formed along with bullish divergence, suggesting a potential upward move. To confirm this scenario, the price needs to break out above the level of 3,371 USD. If this breakout occurs, targets could be around 3,592 USD and 4,001 USD.
MultiversX (EGLD) Analysis
For EGLD a W pattern has also formed, and beneath it, an inverse head and shoulders pattern is taking shape. Both patterns are accompanied by bullish divergence, which suggests a potential bullish reversal. For confirmation of this scenario, we need to see a breakout above the level of 46.01 USD. If the price surpasses this key level, it could pave the way for targets around 53.97 USD and 61.64 USD.
Chainlink (LINK) Analysis
And for LINK, a W pattern has formed, suggesting a potential bullish reversal. This pattern is strengthened by bullish divergence, indicating a shift towards upward momentum. For confirmation of this scenario, we need to see a breakout above the level of 16.08 USD. If the price manages to exceed this level, it could signal further bullish movement, with potential targets at 17.74 USD and 20.01 USD.
SushiSwap (SUSHI) Analysis
And for SUSHU we’re seeing a W pattern along with an inverse head and shoulders pattern with bullish divergence, which suggests increasing buying momentum. However, to confirm this scenario, we need to see a breakout above the level of 1.11 USD. If the price breaks out above this key level, it could pave the way for targets around 1.23 USD and 1.38 USD.
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