Market update and analysis for BTC, ETH, EGLD, AVAX and ADA - August 29, 2024
Crypto market in the last 24h:
š Global Market Cap: $2.1T (+0.02%)
š Total 24h Volume: $77.14B (-17.12%)
š° DeFi Volume: $4.09B (5.30% of total volume)
š Stablecoins Volume: $71.97B (93.30% of total volume)
šµ Bitcoin Dominance: 56.02% (-0.13%)
Bitcoin (BTC) Analysis
BTC presents opportunities for both bullish and bearish movements. On the bullish side, if the price rises, it could form a W pattern with bullish divergence. Confirmation of this pattern would require a breakout and candle close above the resistance zone of 60,599 USD, potentially targeting 61,601 USD and 62,554 USD.
On the bearish side, a bear flag pattern may be forming due to price consolidation following a decline. For confirmation, a breakdown and candle close below the support zone of 57,930 USD would be necessary, which could lead to targets of 57,202 USD and 56,508 USD.
Ethereum (ETH) Analysis
ETH has formed a cup & handle pattern in an overbought zone, presenting an opportunity to capture a pullback. This pattern is typically a bullish reversal signal, but for confirmation, a breakout and candle close above the resistance zone of 2,590 USD is needed. If this occurs, potential targets could be 2,643 USD and 2,699 USD.
MultiversX (EGLD) Analysis
EGLD could potentially trap sellers by forming a W pattern with bullish divergence. For confirmation, the price needs to rise and break out with a candle close above the resistance zone of 28.91 USD. If this occurs, it could target 29.81 USD and 30.69 USD.
Avalanche (AVAX) Analysis
AVAX has formed a head and shoulders pattern, which increases the probability of a bearish move. However, for confirmation, a breakdown and candle close below the support zone of 22.77 USD is required. If this occurs, potential targets could be 21,88 USD and 20.91 USD.
Cardano (ADA) Analysis
ADA is currently at a key level, with the price consolidating at a support zone that was previously a resistance zone. If the price rises from here, it could form a W pattern, increasing the probability of a bullish move. However, for confirmation, a breakout and candle close above the resistance zone of 0.362 USD is needed. If this occurs, potential targets could be 0.370 USD and 0.377 USD.
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