Market update and analysis for BTC, ETH, EGLD, FIL and FLOKI - August 5, 2024
Crypto market in the last 24h:
š Global Market Cap: $1.84T (-14.45%)
š Total Volume 24h: $172.54B (+167.53%)
š° DeFi Volume: $9.13B (5.29% of total volume)
š Stablecoin Volume: $161.78B (93.76% of total volume)
šµ Bitcoin Dominance: 56.18% (+0.52%)
Bitcoin (BTC) Analysis
Recently, Bitcoin has tapped a strong support zone, suggesting a potential bullish move from this level. However, to confirm a bullish reversal, we need to see the formation of bullish patterns such as a W pattern or an inverse head and shoulders. If these patterns are confirmed, it would indicate a higher probability of a bullish move. In that scenario, we can expect potential targets at 58,050 USD and 60,891 USD.
Ethereum (ETH) Analysis
Ethereum has recently shown a bearish move. If the price pulls back and then breaks down below the 2,028 level, it could indicate the completion of a head and shoulders pattern, which is a bearish reversal pattern. In this scenario, we can expect further downside targets at 1,879 USD and 1,764 USD. This breakdown would confirm the bearish outlook and suggest a continuation of the downward trend.
MultiversX (EGLD) Analysis
MultiversX is currently showing bearish signs, indicated by the formation of an M pattern, which can also be interpreted as an inverse cup and handle pattern. These patterns suggest a potential bearish move. However, for confirmation, we need to see a breakdown below the critical level of 17.77. If this breakdown occurs, it could open the door to further downside targets at 9.40 USD and 5.86 USD.
Filecoin (FIL) Analysis
Filecoin is currently situated at a support area, but there hasn't been any confirmation of a bullish move yet. If the price starts to move upwards and breaks through the resistance zone at 5.02, it would complete a W pattern, indicating a potential bullish breakout. This breakout could lead to further upward targets at 7.06 USD and 9.58 USD.
FLOKI (FLOKI) Analysis
FLOKI is looking bearish due to the formation of an inverse cup and handle pattern. However, for confirmation, we need a breakdown below the level of 0.00009958. If this level is breached, it can potentially lead to further downside targets of 0.00007181 and 0.00005132.
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