Market update and analysis for BTC, ETH, EGLD, LINK and FIL - July 8, 2024
Crypto Market in the last 24h:
š Global Market Cap: $2.08T (-0.95%)
š Total 24h Volume: $69.75B (+26.86%)
š° DeFi Volume: $4.93B (7.06% of total volume)
š Stablecoins Volume: $64.68B (92.72% of total volume)
šµ Bitcoin Dominance: 53.63% (-0.24%)
Bitcoin (BTC) Analysis
BTC has formed a bear flag pattern, a trend continuation signal that suggests the previous bearish trend may resume. For confirmation, we need a breakout below the level of 53,611 USD, which could lead to targets of 51,465 USD and 49,802 USD.
Ethereum (ETH) Analysis
ETH presents opportunities for both bullish and bearish moves. On the bullish side, we need a breakout above the level of 3,102 USD, which would confirm the breakout of a W pattern and could target 3,209 USD and 3,308 USD. On the bearish side, a breakout below the level of 2,824 USD would confirm the breakdown of a bear flag and could lead to targets of 2,734 USD and 2,666 USD.
MultiversX (EGLD) Analysis
EGLD has formed an inverse head and shoulders pattern, indicating a potential bullish reversal. Additionally, a resistive trendline aligns with this setup, increasing the probability of a bullish move upon breakout. We are looking for a breakout above 36.04 USD, which could open the targets of 40.30 USD and 44.74 USD.
Chainlink (LINK) Analysis
LINK can show a bullish move if it forms a W pattern and breaks above the level of 13.35 USD. This breakout could target 14.17 USD and 14.98 USD, indicating a strong potential for upward momentum.
Filecoin (FIL) Analysis
FIL is showing a similar price action, currently in the process of forming a W pattern. For confirmation of this bullish move, we need a breakout above the level of 4.009 USD, which can give us the targets of 4.344 USD and 4.648 USD.
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