Market update and analysis for BTC, ETH, EGLD, MATIC and SOL - September 2, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.02T (-0.65%)
📊 24h total volume: $55.53B (+59.00%)
💰 DeFi volume: $2.74B (4.93% of total volume)
🔒 Stablecoins volume: $50.97B (91.78% of total volume)
💵 Bitcoin dominance: 56.40% (+0.18%)
Bitcoin (BTC) Analysis
BTC is in a bearish trend and has formed a head and shoulders pattern, which increases the probability of a bearish move. For confirmation of this pattern, a breakdown and candle close below the support zone of 56,197 USD is needed, which could lead to targets of 54,149 USD and 52,063 USD.
Ethereum (ETH) Analysis
ETH is presenting opportunities for both bullish and bearish scenarios. On the bearish side, there's a potential M pattern or bear flag structure forming, which increases the probability of a bearish move. For confirmation, a breakdown and candle close below the support zone of 2,401 USD is needed, which could lead to targets of 2,342 USD and 2,286 USD.
On the bullish side, there's the potential for a W pattern to form, backed by bullish divergence. If this structure materializes, a breakout and candle close above the resistance zone of 2,601 USD would be required for confirmation, which could give targets of 2,681 USD and 2,758 USD.
MultiversX (EGLD) Analysis
EGLD has formed an inverted cup and handle pattern, which is a bearish reversal pattern indicating a potential shift toward a lower high and lower low structure. For confirmation of this pattern, we need a breakdown and candle close below the support zone of 27.17 USD. If confirmed, this could lead to targets of 25.56 USD and 24.36 USD.
Polygon (MATIC) Analysis
MATIC has formed a head and shoulders pattern, increasing the probability of a bearish move. However, for confirmation, we need a breakdown and candle close below the support zone of 0.386 USD. This would confirm the head and shoulders pattern and could create panic among traders, potentially leading to a fall toward the targets of 0.353 USD and 0.325 USD.
Solana (SOL) Analysis
SOL is currently exhibiting a favorable setup for a bullish move. The price has formed a well-defined descending channel pattern accompanied by bullish divergence, which increases the likelihood of an upward breakout. For confirmation of this bullish scenario, a breakout above the descending channel and the resistance zone at 136.50 USD is required. If this occurs, it will also establish a W pattern, potentially leading to upside targets of 141.02 USD and 146.18 USD.
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