Market update and analysis for BTC, ETH, EGLD, DOGE and ALGO - July 11, 2024
Crypto Market in the last 24h:
🌐 Global Market Cap: $2.14T (-0.33%)
📊 Total 24h Volume: $58.58B (-8.12%)
💰 DeFi Volume: $3.41B (5.81% of total volume)
🔒 Stablecoin Volume: $54.11B (92.37% of total volume)
💵 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.
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices
With the help of our platform, you can deposit, withdraw, buy or sell any of these cryptocurrencies using the free digital wallet. SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available in our app.
Limitation of Liability
This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.
The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.
Total or partial reproduction of this report is permitted only by mentioning the source.