Market update and analysis for BTC, ETH, EGLD, PEPE and BNB - June 20, 2024
Crypto Market in the last 24h:
🌐 Global market cap: $2.4T (+1.19%)
📊 Total 24h volume: $58.43B (-33.44%)
💰 DeFi volume: $4.87B (8.33% of total volume)
🔒 Stablecoins volume: $53.58B (91.71% of total volume)
💵 Bitcoin dominance: 54.03% (-0.16%)
Bitcoin (BTC) Analysis
BTC has formed a W pattern, also known as a double bottom, which is a bullish reversal pattern. This pattern suggests that the price has found a strong support level and is likely to move higher. The bullish divergence on the MACD further strengthens this outlook by indicating that momentum is shifting in favor of the bulls.
For confirmation of this bullish move, we need a breakout above the critical level of 65710 USD. This breakout would likely lead to further gains towards the targets of 66505 USD and 67331 USD.
Ethereum (ETH) Analysis
ETH is showing bullish potential with the formation of an inverse head and shoulders pattern and bullish divergence. The inverse head and shoulders pattern, a well-known bullish reversal indicator, combined with the bullish divergence, increases the likelihood of an upward move. Watch for a breakout above 3655 USD to confirm the bullish move, targeting 3747 USD and 3846 USD.
MultiversX (EGLD) Analysis
EGLD has formed a cup and handle pattern, a bullish pattern that often signals the potential for further upward movement. This pattern suggests that the price has paused before potentially continuing its previous uptrend.
For confirmation of this bullish move, we need a breakout above the resistance level of 30.70 USD. This breakout would likely lead to further gains towards the targets of 31.73 USD and 32.78 USD.
Pepe (PEPE) Analysis
PEPE has shown a trap and formed a descending channel, which is typically a bullish reversal pattern. The bullish divergence on the MACD further supports the likelihood of an upward move. Together, these factors increase the probability of a bullish move.
For confirmation of this bullish move, we need a breakout above the resistance level of 1183 USD. This breakout would likely lead to further gains towards the targets of 1244 USD and 1312 USD.
Binance Coin (BNB) Analysis
BNB is showing bullish potential with the formation of an inverse head and shoulders pattern and bullish divergence. The pattern, combined with the bullish divergence, indicates a possible upward move. Watch for a breakout above the resistive trendline and resistant zone of 611 USD to confirm the bullish move, targeting 623 USD and 634 USD.
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