Crypto Market update and analysis for BTC, ETH, EGLD, PEPE and APE - March 7, 2024
Crypto Market in the last 24h
💰 Global Market Cap: $1.97T (-0.14% ⬇️)
🔄 24h Volume: $80.38B (⬆️ 30.32%)
💹 DeFi Volume: $6.67B (8.30% of total 24h volume)
💳 Stablecoins Volume: $72.36B (90.02% of total 24h volume)
₿ BTC Dominance: 51.67% (-0.10% ⬇️)
Bitcoin (BTC) Analysis
Things are heating up for BTC/USD as we approach the all-time high. Recently, there was a significant liquidation of around 2 billion USD in a single bearish move. Given this heightened market activity, traders must exercise caution by reducing their position sizes and implementing effective risk management strategies.
Turning to the chart analysis, we’re observing the formation of an inverse head and shoulders pattern. This pattern typically indicates a potential trend reversal, with three troughs—the middle one being the lowest—resembling a head and shoulders shape. To confirm this pattern, we’ll closely watch for a breakout above the resistance level of 69419 USD. If the price manages to break this level, it could signal further upward momentum, potentially reaching targets around 72000 USD and 75000 USD.
Ethereum (ETH) Analysis
At ETH/USD, we’re witnessing a noteworthy recovery signaled by the emergence of a Fair Value Gap (FVG) in the candlestick. This indicates that buyers are keen to purchase ETH at those levels, reflecting strength on the bullish side. Additionally, there’s been the formation of a bullish flag and pole pattern, another positive sign for bulls. To validate this bullish sentiment, we’ll be closely monitoring for a price breakout above the level of 3920 USD. If the price successfully surpasses this level, it could pave the way for further upward movement, with potential targets around 3995 USD and 4069 USD.
MultiversX (EGLD) Analysis
At EGLD/USD, we’re observing the formation of a classic cup and handle pattern within the supportive trendline. This pattern often signifies a potential bullish reversal. To validate this pattern, we’ll be closely monitoring for a breakout above the level of 68.69 USD. If the price manages to surpass this level, it could signal a strong upward momentum, with potential targets around 72.28 USD and 76.03 USD. The cup and handle pattern suggests that after a period of consolidation, buyers may regain control, driving the price higher.
Pepe (PEPE) Analysis
At PEPE/USD, we’re observing the potential formation of an M pattern with bearish divergence, which typically indicates a bearish reversal. To confirm this pattern, we’ll be closely watching for a breakdown below the level of 489 USD. If the price manages to drop below this level, it could signal further downside momentum, with potential targets around 388 USD and 258 USD. It’s important to note that it can be risky to go against the trend, so it’s advisable to consider it only if the overall market sentiment is bearish. If the market continues its bullish trend, it’s best to focus on other analysis and opportunities.
ApeCoin (APE) Analysis
APE/USD is forming a cup and handle pattern, which is a bullish signal. To confirm this pattern, we’ll be looking for a breakout above the level of 2.242 USD. If the price manages to sustain above this level, it could indicate further upside potential, with the targets around 2.357 USD and 2.450 USD.
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