Market update and analysis for BTC, ETH, EGLD, AVAX and FIL - September 23, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.24T (+1.60%)
📊 Total 24h volume: $66.53B (+48.41%)
💰 DeFi volume: $3.62B (5.45% of total volume)
🔒 Stablecoins volume: $60.51B (90.96% of total volume)
💵 Bitcoin dominance: 56.38% (-0.09%)
Bitcoin (BTC) Analysis
BTC is offering opportunities for both bullish and bearish scenarios. On the bearish side, it could form an M pattern with bearish divergence, increasing the probability of a downside move. For confirmation, a breakdown and candle closing below the support zone of 62,234 USD is required, which could lead to targets of 61,542 USD and 60,875 USD.
On the bullish side, price consolidation following a recent bullish move raises the likelihood of a continuation. For confirmation, a breakout and candle closing above the resistance zone of 64,099 USD is needed, which could bring targets of 64,922 USD and 65,755 USD.
Ethereum (ETH) Analysis
If ETH experiences a decline from its current level, it could form an M pattern with bearish divergence, increasing the probability of a bearish move. For confirmation, a breakdown and candle closing below the support zone of 2,515 USD is necessary, which could lead to targets of 2,474 USD and 2,432 USD.
MultiversX (EGLD) Analysis
EGLD is currently in the process of forming a head and shoulders pattern with bearish divergence, which increases the probability of a bearish move. However, for confirmation, we need a breakdown and candle closing below the support zone of 27.09 USD, which could open up targets of 26.47 USD and 25.95 USD.
On the bullish side, if the price rises and breaks out above the resistance zone of 29.02 USD, with a candle closing above it, this would confirm a breakout of a bull flag. In this case, we could expect targets of 29.65 USD and 30.35 USD.
Avalanche (AVAX) Analysis
AVAX has formed an inverse cup & handle pattern, which signals a potential bearish move. If the price breaks down and closes a candle below the 26.17 USD support zone, it will confirm the formation of a lower low and lower high structure. This would further increase the probability of a bearish move, with expected targets at 25,30 USD and 24,58 USD.
Filecoin (FIL) Analysis
FIL has formed a W pattern and has already broken out of its resistance zone. However, for confirmation of the breakout and to ensure the retest is successful, we need a candle closing above the resistance zone of 3.79 USD. If this confirmation occurs, it can give us the next targets of 3.96 USD and 4.16 USD.
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