Market update and analysis for BTC, ETH, EGLD, LTC and XRP - July 29, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.48T (+3.23%)
📊 Total volume 24h: $54.53B (-26.06%)
💰 DeFi volume: $3.21B (5.89% of total volume)
🔒 Stablecoin volume: $49.01B (89.87% of total volume)
💵 Bitcoin dominance: 55.46% (+0.02%)
Bitcoin (BTC) Analysis
BTC has formed an M pattern, and if it breaks down below the level of 67093, we can expect targets at the levels of 65,928 and 64,975. This breakdown can potentially trap new buyers who entered at the top, reinforcing the bearish outlook. Traders should watch for a decisive move below 67,093 to confirm the bearish scenario and anticipate further declines to the mentioned target levels.
Ethereum (ETH) Analysis
ETH has broken out of a resistive trendline and formed a W pattern, increasing the probability of a bullish move. However, for confirmation, we need a breakout and candle closing above the level of 3,561, which can give us targets of 3,735 and 3,903. This breakout would validate the bullish outlook, signaling potential upward momentum towards the specified target levels.
MultiversX (EGLD) Analysis
EGLD has formed a W pattern on the support zone, which increases the probability of a bullish move. However, for confirmation, we need a breakout above the level of 33.95, which can give us targets of 35.36 and 36.72.
Litecoin (LTC) Analysis
LTC has broken out of a resistive trendline and formed an inverse head and shoulders pattern, increasing the probability of a bullish move. However, for confirmation, we need a breakout above the level of 76.51, which can give us targets of 81.69 and 87.59.
Ripple (XRP) Analysis
XRP has formed a bull flag, which increases the probability of a bullish move. For confirmation, we need a breakout and candle closing above the level of 0.6379. This breakout can give us targets of 0.6807 and 0.7260.
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