Market update and analysis for BTC, ETH, EGLD, BNB and SUI - September 16, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.04T (-2.77%)
📊 24h total volume: $56.37B (+53.62%)
💰 DeFi volume: $3.48B (6.18% of total volume)
🔒 Stablecoin volume: $50.88B (90.26% of total volume)
💵 Bitcoin dominance: 56.78% (+0.23%)
Bitcoin (BTC) Analysis
BTC has formed an ascending channel, and the price is currently near a crucial support zone where a potential bounce could occur. However, for confirmation, it's advisable to wait for a strong bullish candle formation, such as a bullish engulfing or a bullish morning star pattern. This would increase the probability of an upward move, potentially targeting 59,395 USD and 60,123 USD.
Ethereum (ETH) Analysis
ETH has formed a head and shoulders pattern on a larger timeframe, which increases the probability of a bearish move. However, for confirmation, a breakdown and candle closing below the support zone of 2,128 USD is required. If this occurs, it could lead to potential targets of 1,843 USD and 1,624 USD.
MultiversX (EGLD) Analysis
EGLD is approaching a key support zone, and there is an expectation that the price could bounce from this level, potentially forming a W pattern. For confirmation of the bullish move, a breakout and candle closing above the resistance zone of 27.18 USD is needed. If confirmed, this could lead to targets of 28.65 USD and 30.94 USD.
Binance Coin (BNB) Analysis
BNB has formed an M pattern and broken down the supportive trendline, which increases the probability of a bearish move. However, given the current short-term bullish trend, it's advisable to wait for confirmation by observing a breakdown and candle closing below the support zone of 529 USD. If this occurs, it could lead to potential targets of 516 USD and 504 USD.
SUI Analysis
SUI is currently in a short-term bullish trend and has formed a cup & handle pattern, which aligns with the prevailing trend. For confirmation of this pattern, a breakout and candle closing above the resistance zone of 1.12 USD is needed. If this occurs, it could provide potential targets of 1.23 USD and 1.35 USD.
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