Market update and analysis for BTC, ETH, EGLD, AAVE and ALGO - September 9, 2024
Crypto market in the last 24h:
🌐 Global market cap: $1.95T (+0.97%)
📊 Total 24h volume: $49.05B (+19.64%)
💰 DeFi volume: $2.3B (4.69% of total volume)
🔒 Stablecoin volume: $44.23B (90.16% of total volume)
💵 Bitcoin dominance: 55.73% (+0.08%)
Bitcoin (BTC) Analysis
BTC may be poised for a pullback and has formed a W pattern, which increases the probability of a bullish move. However, confirmation is necessary through a breakout and candle closing above the resistance zone of 55,535 USD. If this occurs, it could lead to potential targets of 56,145 USD and 56,725 USD.
Ethereum (ETH) Analysis
ETH is offering opportunities for both bullish and bearish moves. On the bullish side, it is forming a W pattern, similar to BTC, which is a trend reversal pattern. For confirmation, a breakout and candle closing above the resistance zone of 2,329 USD is required, potentially leading to targets of 2,377 USD and 2,430 USD.
On the bearish side, there is the possibility of a bear flag pattern forming, supported by the short-term bearish trend. Confirmation would require a breakdown and candle closing below the support zone of 2,211 USD, which could target 2,172 USD and 2,131 USD.
MultiversX (EGLD) Analysis
EGLD has formed a clear bear flag pattern, which could also be considered a falling wedge. For confirmation, we need a breakdown and candle closing below the support zone of 24.36 USD. If this occurs, it could lead to targets of 23.85 USD and 23.37 USD.
Aave (AAVE) Analysis
AAVE has recently shown a short-term bullish trend, and the current price consolidation presents opportunities for both bullish and bearish scenarios. On the bullish side, if the price rises and breaks out above the resistance zone of 149.08 USD, with a candle closing above this level, it would increase the probability of a bullish move, potentially targeting 167.34 USD and 188.67 USD.
On the bearish side, the price is showing a potential M pattern structure. For confirmation of this bearish scenario, a breakdown and candle closing below the support zone of 116.58 USD would be needed, which could lead to targets of 101.87 USD and 91.98 USD.
Algorand (ALGO) Analysis
ALGO has formed an inverse head and shoulders pattern, but the current structure does not yet appear bullish. For overall confirmation, the price needs to break out above the resistance zone of 0.12905064 USD, which is considered the Higher High point. If a candle closes above this level, it would signal a shift toward a bullish market structure and confirm the pattern. This could lead to potential targets of 0.13412512 USD and 0.13915498 USD.
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