Market update and analysis for BTC, ETH, EGLD, FLOKI and LINK - July 5, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $1.99T (-8.22%)
📊 Total 24h volume: $119.43B (+40.87%)
💰 DeFi volume: $7.69B (6.44% of total volume)
🔒 Stablecoins volume: $111.89B (93.69% of total volume)
💵 Bitcoin dominance: 54.03% (+0.61%)
Bitcoin (BTC) Analysis
BTC is looking bearish due to the formation of an M pattern coupled with bearish divergence. These indicators suggest a potential downside movement.
For confirmation of the bearish move, the price needs to break down below the level of 56,442 USD. This breakdown can lead to targets of 51,775 USD and 48,591 USD.
Ethereum (ETH) Analysis
ETH is currently at a crucial support zone and the supportive trendline of a descending channel. The price has also broken the previous low, which could indicate a trap for sellers if the price moves back above this level, potentially leading to a bullish reversal.
For confirmation of this bullish move, the price needs to break out above the level of 3,266 USD. This breakout can lead to targets of 3,357 USD and 3,434 USD.
MultiversX (EGLD) Analysis
The flag and pole pattern of EGLD indicates a potential continuation of the bearish trend. A breakdown below 28.92 USD would confirm this outlook, targeting 28.30 USD and 27.50 USD. Keep a close watch on the price action around this level for confirmation.
Floki Inu (FLOKI) Analysis
FLOKI has formed a head and shoulders pattern, a bearish reversal signal that increases the likelihood of a downward move.
For confirmation of this bearish outlook, we need a breakdown below the level of 14,711 USD. This breakdown can lead to targets of 12,933 USD and 11,415 USD.
Chainlink (LINK) Analysis
LINK has formed an M pattern, a bearish reversal signal that increases the likelihood of a downward move.
For confirmation of this bearish pattern, we need a breakdown below the level of 12.26 USD. This breakdown can lead to targets of 10.62 USD and 9.21 USD.
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