Crypto Market update and analysis for BTC, ETH, EGLD, MATIC and AAVE - March 26, 2024
Crypto Market in the last 24h:
📊 Global Market Cap: $2.67T (+4.49% ⬆)
📈 Total Volume 24h: $112.01B (+40.27% ⬆)
💹 DeFi Volume: $11B (9.82% of total volume)
💰 Stablecoins Volume: $99.18B (88.54% of total volume)
🔝 Bitcoin Dominance: 51.86% (+0.19% ⬆)
BTC (Bitcoin) Analysis
BTC has not seen a breakout above the resistance level as we expected in our previous analysis. However, after a period of consolidation, the price has formed a W pattern, indicating a potential bullish reversal. Additionally, we’re observing a Change of Character (CHoCH) in the price action, suggesting a shift towards bullish sentiment. Furthermore, the recent low hasn’t been breached, adding to the bullish outlook. If the price manages to break above the level of 69,106.00 USD, it could confirm the bullish momentum, potentially leading to targets around 71,170.00 USD and 73,074.00 USD.
ETH (Ethereum) Analysis
ETH has a breakout from the resistant trendline, indicating a potential shift in momentum. Additionally, a cup and handle pattern has formed, which is typically seen as a bullish signal. To confirm this pattern, we’ll be looking for a breakout above the level of 3,602.00 USD. If this occurs, it could signal further upward movement, with potential targets around 3,741.00 USD and 3,960.00 USD.
EGLD (MultiversX) Analysis
EGLD has broken out of a trendline and formed an inverse head and shoulders pattern. This pattern often suggests a potential reversal from a bearish to a bullish trend. However, for us to be more confident in this reversal, we’d like to see the price break out above the level of 63.18 USD. If this breakout occurs, it could signal further upward movement, with potential targets around 66.41 USD and 68.49 USD.
MATIC (Polygon) Analysis
MATIC has broken out of a trendline and formed a W pattern. This pattern, coupled with signs of a Change of Character (CHoCH) in the price, indicates a potential shift towards a bullish market structure. However, to confirm this pattern and bullish sentiment, we’ll need to see the price rise above the level of 1.037 USD. If this breakout occurs, it could signal further upward movement, with potential targets around 1.095 USD and 1.142 USD.
AAVE (Aave) Analysis
For AAVE we’ve observed an inverse head and shoulders formation, but we’re currently awaiting confirmation. For this confirmation to occur, we need to see the price break out above the level of 129.47 USD. If this breakout happens, it could signal a further upward movement, with potential targets around 140.10 USD and 147.88 USD.
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