Crypto Market update and analysis for BTC, ETH, EGLD, SOL and AAVE - April 8, 2024
Crypto Market in the last 24h:
💰 Global Market Cap: $2.68T (+3.84%)
📈 Total 24h Volume: $79.45B (+35.83%)
💹 DeFi Volume: $8.26B (10.40% of total volume)
💰 Stablecoins Volume: $70.81B (89.12% of total volume)
🔝 Bitcoin Dominance: 52.69%
BTC (Bitcoin) Analysis
BTC formed a W pattern. This pattern resembles the letter “W” and is often seen as a bullish signal.
To confirm the validity of this pattern, we’ll be closely watching for a breakout above the key resistance level of 71965 USD. If the price successfully breaches this level, it could indicate a strong bullish momentum, with potential targets around 74408 USD and 78448 USD.
ETH (Ethereum) Analysis
For ETH, we’re observing some promising patterns that suggest a potential bullish move ahead. First off, there’s the flag and pole pattern, which often signals a continuation of the existing uptrend. This pattern is characterized by a sharp upward move (the pole) followed by consolidation (the flag). Additionally, we’re seeing the formation of a W pattern.
To confirm these patterns and increase our confidence in a bullish move, we’ll be closely monitoring the price action. Specifically, we’re looking for a breakout above the resistance level of 3524 USD. If the price successfully breaches this level, it would validate both the W and the flag and pole patterns, signaling a strong bullish momentum. Once confirmed, we can anticipate potential targets around 3716 USD and 3860 USD.
MultiversX (EGLD) Analysis
For EGLD, we’re witnessing the formation of a falling wedge pattern, accompanied by bullish divergence. To confirm the bullish outlook, we’ll be closely watching for two key developments:
Breakout of the Falling Wedge: We need to see the price break out above the upper trendline of the falling wedge pattern. This breakout signifies a shift in momentum from bearish to bullish and validates the potential reversal indicated by the pattern.
Breakout Above Resistance: Additionally, we’ll be looking for the price to surpass the resistance level situated at 56.18 USD. This breakout would provide further confirmation of bullish strength and open the door to higher price targets.
If these conditions are met and the price successfully breaks out above both the falling wedge pattern and the resistance level, we can anticipate potential targets around 60.28 USD and 64.05 USD.
SOL (Solana) Analysis
For SOL, we’ve observed a breakout from a descending channel and the formation of a W pattern, indicating a potential bullish reversal. Confirmation awaits with a breakout above the resistance at 182.89 USD. If this occurs, targets of 189.90 USD and 197.30 USD are possible.
AAVE Analysis
For AAVE, we’ve noticed the formation of a W pattern originating from a supportive trendline, suggesting a potential bullish movement. To confirm this pattern, we’ll be watching for a breakout above the resistance at 132.74 USD. If this occurs, our targets stand at 143.14 USD and 152.08 USD.
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