Crypto Market update and analysis for BTC, ETH, EGLD, MATIC and SOL - January 8, 2024
Crypto Market update for the last 24h:
📉 Global crypto market cap: €1.49T, down by 1.29%.
📈 24-hour crypto market volume: €54.04B, up by 36.18%.
💼 DeFi volume: €5.62B, 10.40% of total 24-hour volume.
💱 Stable coins: €45.25B, 83.74% of total volume.
🔍 Bitcoin dominance: 52.75%, up by 0.56%.
Bitcoin (BTC) Analysis
BTC/EUR is currently presenting opportunities for both bullish and bearish scenarios on the daily timeframe. From the bullish perspective, a breakout above the resistant level of 41561 Euro is key, as it would be considered a breakout of a flag and pole pattern, potentially leading to targets at 44241 Euro and 45970 Euro. Conversely, for a bearish move, our eyes are on a potential breakdown below the support level of 37292 Euro, which could initiate a decline to targets at 35902 Euro and 34706 Euro because of the M pattern.
Ethereum (ETH) Analysis
ETH/EUR is forming a head and shoulders pattern in the 4-hour timeframe, a classic bearish reversal indicator. To confirm this potential bearish scenario, we are advised to closely monitor for a breakdown below the neckline and support level of 1938 Euro. If this confirmation occurs, it could open the way for potential targets at 1841 Euro and 1789 Euro.
MultiversX (EGLD) Analysis
EGLD/EUR is currently showing signs of bullishness in the 1-hour timeframe, marked by bullish divergence in the MACD indicator. To confirm this optimistic outlook, we are looking for a breakout above the resistive trend line. This breakout has the potential to decrease the bears’ confidence and trap sellers who have short positions in the buyers’ zone. The suggested entry level is above the critical point of 49.13 Euro, which could open the doors for targets at 52.53 Euro and 55.41 Euro.
Solana (SOL) Analysis
SOL/EUR has previously formed an M pattern & gave a break down from its support area. However, there’s a twist to the story, as a robust supportive trend line lies just below it, potentially trapping sellers who entered on the M pattern breakdown. To confirm this scenario, we need a breakout above the critical level of 87.76 Euro. If this occurs, it could trigger targets at 95.26 Euro and 100.92 Euro, driven by the stop-loss hunting of sellers, pushing the price upward.
Polygon (MATIC) Analysis
MATIC/EUR is forming a rising wedge pattern in the daily timeframe. The price is presently situated on the supportive trend line and within a bullish order block (OB), providing a potential base for an upward push. However, to confirm this bullish scenario, keep a close eye on a breakout above the critical level of 0.7584 Euro. It could set the stage for potential targets at 0.8277 Euro and 0.8633 Euro.
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