Market update and analysis for BTC, ETH, EGLD, AAVE and PEPE - June 25, 2024
Crypto Market in the last 24h:
🌐 Global Market Cap: $2.26T (-0.29%)
📊 Total 24h Volume: $95.91B (+87.85%)
💰 DeFi Volume: $6.36B (6.63% of total volume)
🔒 Stablecoin Volume: $89.18B (92.98% of total volume)
💵 Bitcoin Dominance: 53.38% (-0.79%)
Bitcoin (BTC) Analysis
BTC shows bullish potential with the formation of a falling wedge pattern and bullish divergence. A falling wedge often signals a reversal, and bullish divergence indicates momentum shifting towards bulls. We focus on the bullish side, despite the falling knife scenario, which can be risky.
Watch for a breakout above 64,528 USD to confirm the bullish move, targeting 65,742 USD and 66,785 USD.
Ethereum (ETH) Analysis
ETH recently broke through a support zone, and a significant move has occurred. Now, it might be prudent to watch for a bullish move. Additionally, bullish divergence increases the probability of an upward move.
To confirm this bullish move, the price needs to break out above 3,438 USD. This breakout would likely lead to gains towards targets of 3,490 USD and 3,532 USD.
MultiversX (EGLD) Analysis
EGLD has formed a descending channel, generally a bullish reversal pattern, along with bullish divergence. Together, these factors increase the probability of a bullish move.
To confirm this bullish move, the price needs to break out above the descending channel and the resistance zone at 29.51 USD. This breakout would likely lead to further gains towards targets of 30.85 USD and 31.99 USD.
Aave (AAVE) Analysis
AAVE has formed a head and shoulders pattern, a classic bearish pattern, and the overall trend leans towards the bearish side. Together, these factors increase the probability of a bearish move.
To confirm this bearish scenario, we need a breakdown and candle closing below the support level of 79.41 USD. This breakdown would likely lead to further declines towards targets of 73.06 USD and 69.39 USD.
Pepe (PEPE) Analysis
PEPE shows bearish potential with the formation of an M pattern and a break of structure towards the bearish side. Resistance at the bearish OB and the M pattern indicate further downward movement. Watch for a breakdown below 1,005 USD to confirm the bearish move, targeting 952 USD and 908 USD.
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