Market update and analysis for BTC, ETH, EGLD, KSM and LTC - September 5, 2024
Crypto market in the last 24h:
🌐 Global Market Cap: $2.01T (+0.54%)
📊 24h Total Volume: $64.72B (-6.01%)
💰 DeFi Volume: $3.47B (5.36% of total volume)
🔒 Stablecoin Volume: $60.15B (92.93% of total volume)
💵 Bitcoin Dominance: 56.32% (+0.12%)
Bitcoin (BTC) Analysis
It seems Bitcoin is showing signs of a potential bullish move, forming an inverse head and shoulders pattern. This pattern, combined with the recent price movement, increases the probability of a bullish move. However, for confirmation, we need to see a breakout and a candle closing above the resistance zone at 58,717 USD. If this breakout occurs, potential targets could be 59,608 USD and 60,452 USD.
Ethereum (ETH) Analysis
Ethereum is displaying similar price action to Bitcoin, also forming an inverse head and shoulders pattern along with bullish divergence. This pattern and divergence increase the probability of a bullish move. However, confirmation is key. A breakout and a candle closing above the resistance level of 2,490 USD are necessary to validate the bullish scenario. If this breakout occurs, potential targets could be 2,526 USD and 2,562 USD.
MultiversX (EGLD) Analysis
EGLD has formed a descending channel pattern, accompanied by bullish divergence, which increases the probability of a bullish move. However, confirmation is crucial. A breakout and candle closing above the resistance level of 27.42 USD would be needed to confirm the bullish scenario. If this breakout occurs, potential targets could be 28.40 USD and 29.40 USD.
Kusama (KSM) Analysis
Kusama has broken out of a resistive trendline and formed a W pattern, accompanied by bullish divergence. This setup increases the probability of a bullish move. However, confirmation is essential. A breakout and candle closing above the resistance level of 18.93 USD would confirm the bullish scenario. If this breakout occurs, potential targets could be 19.64 USD and 20.41 USD.
Litecoin (LTC) Analysis
Litecoin has formed a flag and pole pattern, with an inverse head and shoulders pattern developing within it. This combination increases the probability of a bullish move. However, for confirmation, a breakout and a candle closing above the resistance level of 68.27 USD is necessary. If this breakout occurs, it could lead to potential targets of 70.33 USD and 72.48 USD.
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