Market update and analysis for BTC, ETH, EGLD, BNB and ADA - August 1, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.31T (-2.77%)
📊 Total volume 24h: $78.33B (+22.76%)
💰 DeFi volume: $3.94B (5.03% of total volume)
🔒 Stablecoins volume: $72.2B (92.18% of total volume)
💵 Bitcoin dominance: 55.03% (+0.22%)
Bitcoin (BTC) Analysis
BTC has formed an M pattern, which increases the probability of a bearish move. For confirmation, we need a breakdown and candle closing below the level of 63,109 USD. This breakdown could potentially lead to target levels of 60,982 USD and 59,268 USD.
Ethereum (ETH) Analysis
ETH has formed an inverse cup and handle pattern, which increases the probability of a bearish move. For confirmation, we need a breakdown below the level of 3,127 USD. If this occurs, it could lead to potential target levels of 3,019 USD and 2,933 USD.
MultiversX (EGLD) Analysis
EGLD is currently looking bearish as the price has been falling sharply. However, given that the price is approaching a support zone, there is potential for a bounce. If the price touches the support zone and then breaks out above the level of 27.93 USD, it could signal a reversal and a potential pullback. For confirmation, a breakout above this level could lead to target levels of 28.98 USD and 30.16 USD.
Binance Coin (BNB) Analysis
BNB has formed a head and shoulders pattern, a bearish reversal pattern that suggests a potential downtrend. This formation increases the probability of a bearish move. However, for confirmation of this bearish scenario, we need a breakdown below the level of 554.4 USD. If this level breaks down, it could lead to further declines, with potential targets at 538.4 USD and 524.7 USD.
Cardano (ADA) Analysis
ADA has formed a structure resembling both an M pattern and an inverse cup and handle pattern, both of which are typically bearish patterns. These formations increase the likelihood of a downward move. However, confirmation of this bearish outlook requires a candle closing below the critical level of 0.382 USD. If this level is breached, it could indicate a continuation of the bearish trend, with potential targets at 0.367 USD and 0.356 USD.
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