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.

Do you agree with our analysis and interpretation of the market?
Want to learn more or have a different perspective?

Let's discuss it in the Tradesilvania community 👉 Telegram Group
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices

With the help of our platform, you can deposit, withdraw, buy, or sell any of these cryptocurrencies using the free digital wallet.

SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available in our app.

Limitation of Liability

This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.

The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.

The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.

Total or partial reproduction of this report is permitted only by mentioning the source.