Market update and analysis for BTC, ETH, EGLD, APE and FIL - August 26, 2024
Crypto market in the last 24h:
š Global Market Cap: $2.24T (-0.58%)
š 24h Total Volume: $51.62B (-11.63%)
š° DeFi Volume: $3.22B (6.24% of total volume)
š Stablecoins Volume: $47.19B (91.42% of total volume)
šµ Bitcoin Dominance: 56.21% (+0.03%)
Bitcoin (BTC) Analysis
BTC has formed an M pattern with bearish divergence, increasing the probability of a bearish move. However, confirmation is needed through a breakdown and candle close below the support zone of 63,174 USD. If this occurs, potential targets could be 62,667 USD and 62,089 USD.
Ethereum (ETH) Analysis
ETH has formed a head and shoulders pattern with bearish divergence, increasing the probability of a reversal. However, confirmation is required through a breakout and candle close below the support zone of 2,715 USD. If this happens, potential targets could be 2,681 USD and 2,653 USD.
MultiversX (EGLD) Analysis
EGLD has shown a CHoCH (Change of Character) toward a bearish market structure, increasing the probability of a bearish move. It has also formed a head and shoulders pattern. For confirmation from price action, a breakdown and candle close below the support zone of 30.33 USD is needed, which could lead to a decline to the levels of 29.51 USD and 28.94 USD.
Apecoin (APE) Analysis
APE has shown a strong bullish move, which increases the probability of a pullback now. It has also formed an inverse cup & handle pattern. To increase the likelihood of a bearish move, confirmation is needed through a breakdown and candle close below the level of 0.70324081 USD. If this occurs, potential targets could be 0.67363716 USD and 0.64972345 USD.
Filecoin (FIL) Analysis
FIL has formed an inverse cup & handle pattern, which can also be considered an M pattern. The right head is lower than the left top, indicating strong bearish momentum. However, for confirmation of this pattern, a breakdown and candle close below the support zone of 4.06 USD is required. If confirmed, this could lead to targets of 3.99 USD and 3.93 USD.
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