Crypto Market update and analysis for BTC, ETH, EGLD, SUI and LTC - January 25, 2024
Crypto Market in the last 24h
💰 Global cap: $1.55T (-0.32%)
📊 24h market volume: $48.54B (-23.04%)
🚀 DeFi volume: $3.89B (8.02%)
💲 Stablecoins volume: $44.15B (90.96%)
🌐 Bitcoin dominance: 50.52% (+0.10%)
Bitcoin (BTC) analysis
BTC/USD is currently in the process of forming a cup and handle pattern in the 1-hour timeframe. This pattern, recognised as a bullish reversal signal, will get validation if the price breaks out above the level of 40555 USD. Keep an eye on this breakout, as it could pave the way for potential targets at 41320 USD and 41282 USD.
Ethereum (ETH) analysis
ETH/USD is currently forming a W pattern with bullish divergence, signalling a potential shift in market dynamics. This pattern suggests that bears are losing control, unable to establish lower lows. We need a breakout above the critical level of 2265 USD to confirm the bullish trend. If this breakout occurs, potential targets at 2332 USD and 2373 USD come into play.
MultiversX (EGLD) analysis
EGLD/USD is currently following a resistive trendline and revealing a bullish divergence in the MACD, indicating hidden bullish strength. To capture a potential bullish move, we are waiting for the price to break the level of 51.14 USD. If this confirmation occurs, potential targets at 52.95 USD and 54.14 USD are expected.
SUI (SUI) analysis
SUI/USD is currently forming an M pattern, a bearish trend reversal pattern. Considering the bearish trend in larger timeframes, we can catch a potential bearish move upon a breakdown below the level of 1.2032 USD. If this breakdown occurs, expected targets are 1.1422 USD and 1.1054 USD.
Litecoin (LTC) analysis
LTC/USD is currently forming a rising wedge pattern, a typically bearish formation. However, the price presents two potential scenarios. In the first scenario, a breakout above the level of 65.89 USD would signify a reversal under the rising wedge, opening doors to targets at 66.46 USD and 66.79 USD. Conversely, the second scenario leans bearish, with a breakdown below the supportive trendline and the level of 64.85 USD, considering it as a breakdown of a bearish flag and pole. In this case, we could anticipate targets at 64.22 USD and 63.80 USD.
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