Market update and analysis for BTC, ETH, EGLD, AAVE and AVAX - September 26, 2024
Crypto market in the last 24h:
š Global market cap: $2.25T (+0.35%)
š Total 24h volume: $65.21B (-13.25%)
š° DeFi volume: $4.02B (6.16% of total volume)
š Stablecoins volume: $59.56B (91.34% of total volume)
šµ Bitcoin dominance: 56.08% (-0.23%)
Bitcoin (BTC) Analysis
BTC has broken out of the ascending channel, which is typically a bearish signal. Additionally, the bearish divergence further increases the probability of a bearish move. However, for confirmation of this outlook, we need a breakdown and candle closing below the support zone of 61,780 USD. If this occurs, it could give us the next targets of 60,941 USD and 60,250 USD.
Ethereum (ETH) Analysis
ETH is in the process of forming a head and shoulders pattern, which, combined with the bearish divergence, is a potential bearish reversal signal. For confirmation of the bearish move, we need a breakdown and candle closing below the support zone of 2,526 USD. This could give us the targets of 2,469 USD and 2,413 USD.
MultiversX (EGLD) Analysis
EGLD has formed an ascending channel accompanied by bearish divergence, suggesting a potential bearish move. If the price falls and breaks down below the support zone of 27.98 USD, with a candle closing below this level, it will also confirm the formation of an M pattern. In that scenario, we can expect targets of 27.44 USD and 26.93 USD.
AAVE (AAVE) Analysis
AAVE has recently shown a bullish move, and a pullback can be expected. The price has also formed an inverse cup & handle pattern, increasing the probability of a bearish move. For confirmation of this pattern, we need a breakdown and candle closing below the support zone of 160.55 USD, which can give us the targets of 156.00 USD and 152.02 USD.
Avalanche (AVAX) Analysis
AVAX is providing opportunities for both bullish and bearish scenarios.
AVAX is forming a bull flag structure, which increases the probability of a continuation of the bullish move. For confirmation, we need a breakout and candle closing above the resistance zone of 28.84 USD, which could give us the targets of 29.77 USD and 30.81 USD.
On the other hand, the price is forming an M pattern structure, which increases the probability of a bearish move. For confirmation of this pattern, we need a breakdown and candle closing below the support zone of 26.17 USD, which could give us the targets of 25.34 USD and 24.54 USD.
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