Market update and analysis for BTC, ETH, EGLD, GALA and DOT - October 3, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.11T (-2.00%)
📊 Total 24h volume: $95.08B (-17.64%)
💰 DeFi volume: $5.37B (5.64% of total volume)
🔒 Stablecoins volume: $87.12B (91.63% of total volume)
💵 Bitcoin dominance: 56.98% (+0.62%)
Bitcoin (BTC) Analysis
BTC is showing potential for a pullback as is forming a W pattern structure. The price is also approaching the breakout of a descending channel. However, for confirmation of this bullish scenario, a breakout and candle closing above the 62,043 USD resistance zone is crucial. If this confirmation occurs, it could give targets of 63,051 USD and 64,063 USD.
Ethereum (ETH) Analysis
ETH has formed an M pattern, which increases the probability of a bearish move. However, for confirmation of this bearish scenario, a breakdown and candle closing below the 2,129 USD support zone is necessary. If this breakdown occurs, the expected targets would be 1,921 USD and 1,727 USD.
MultiversX (EGLD) Analysis
EGLD has formed an inverse cup & handle pattern, which aligns with its current bearish trend, increasing the probability of a bearish move. For confirmation, a breakdown and candle closing below the 22.05 USD support zone is required. If this happens, the expected targets would be 17.29 USD and 13.65 USD.
Gala (GALA) Analysis
GALA has experienced a bearish move and is now consolidating, forming a bear flag structure. For confirmation of this pattern, we need a breakdown and candle closing below the support zone of 0.01668942 USD. If confirmed, the expected targets would be 0.01416465 USD and 0.01199408 USD.
Polkadot (DOT) Analysis
DOT has formed the left shoulder and the head of a head and shoulders pattern, and we now need to wait for the formation of the right shoulder. If the price completes this pattern and then breaks down and closes a candle below the support zone of 3.91 USD, it will confirm the bearish pattern. In that case, we can expect targets of 3.67 USD and 3.46 USD.
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