Market update and analysis for BTC, ETH, EGLD, DOGE and ALGO - July 11, 2024
Crypto Market in the last 24h:
š Global Market Cap: $2.14T (-0.33%)
š Total 24h Volume: $58.58B (-8.12%)
š° DeFi Volume: $3.41B (5.81% of total volume)
š Stablecoin Volume: $54.11B (92.37% of total volume)
šµ Bitcoin Dominance: 53.51% (-0.37%)
Bitcoin (BTC) Analysis
BTC has shown a Change of Character (CHoCH) towards a bullish market structure and formed a cup and handle pattern, which increases the probability of a bullish move. For confirmation, we need a breakout above the resistant trendline and resistance zone of 59,467 USD. This breakout can give us targets of 61,721 USD and 63,691 USD.
Ethereum (ETH) Analysis
ETH shows opportunities for both bullish and bearish movements. On the bullish side, it is forming a W pattern and for confirmation, the price needs to exceed the level of 3,173 USD, which can give us targets of 3,303 USD and 3,434 USD. On the bearish side, the price needs to fall below the support zone of 3,027 USD, which can give us targets of 2,950 USD and 2,879 USD.
MultiversX (EGLD) Analysis
EGLD has formed an M pattern, which is a bearish reversal pattern. For confirmation, the price needs to drop below the key level of 35.13 USD. If this level is broken, we can expect a decline towards targets of 34.29 USD and 33.54 USD.
Dogecoin (DOGE) Analysis
DOGE shows bullish signs due to the formation of a cup and handle pattern, a bullish reversal pattern. This pattern has formed in an overbought zone on larger timeframes, suggesting potential for a bullish move.
For confirmation of this bullish outlook, we need a breakout and candle closing above the level of 0.1157 USD. If this happens, it can pave the way towards targets of 0.1222 USD and 0.1294 USD.
Algorand (ALGO) Analysis
ALGO is showing strong bullish signs due to the formation of both a cup and handle pattern and a W pattern. These combined patterns significantly increase the probability of a bullish move.
For confirmation of this bullish outlook, we need a breakout above the level of 0.14151925 USD. If this breakout occurs, it can open the path towards targets of 0.14786668 USD and 0.15607106 USD.
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