Market update and analysis for BTC, ETH, EGLD, PEPE and DOGE - September 30, 2024
Crypto market in the last 24h:
š Global market cap: $2.28T (-0.92%)
š 24h total volume: $62.28B (+29.64%)
š° DeFi volume: $4.08B (6.54% of total volume)
š Stablecoins volume: $55.59B (89.26% of total volume)
šµ Bitcoin dominance: 56.01% (-0.33%)
Bitcoin (BTC) Analysis
BTC has broken down from its supportive trendline, along with bearish divergence, increasing the probability of a bearish move. For confirmation of this bearish scenario, we need a breakdown and candle closing below the support zone of 64,400 USD, which could give us the targets of 63,301 USD and 62,273 USD.
Ethereum (ETH) Analysis
ETH has formed an M pattern with bearish divergence, which does increase the probability of a bearish move. However, before jumping to conclusions, it's important to consider the overall market context. A breakdown and candle closing below the 2,526 USD support zone would indeed confirm this bearish outlook, leading to potential targets of 2,466 USD and 2,409 USD.
MultiversX (EGLD) Analysis
EGLD has formed a head and shoulders pattern with bearish divergence, which indeed increases the probability of a bearish move. For confirmation, a breakdown and candle closing below the 28.27 USD support zone is required. If this occurs, it could lead to potential targets of 27.65 USD and 27.10 USD, aligning with the bearish reversal pattern's expectations.
Pepe (PEPE) Analysis
PEPE is presenting opportunities on both the bullish and bearish sides:
Bullish Scenario: The price is forming a bull flag pattern, suggesting the potential for a bullish trend continuation. However, for confirmation, a breakout and candle closing above the 1,191 USD resistance zone is necessary. This could lead to targets of 1,235 USD and 1,277 USD.
Bearish Scenario: PEPE has also formed a head and shoulders pattern with bearish divergence, increasing the probability of a bearish reversal. For confirmation of this, a breakdown and candle closing below the 1,074 USD support zone is required. This could lead to downside targets of 1,040 USD and 1,004 USD.
Dogecoin (DOGE) Analysis
DOGE is displaying similar price action to ETH, showing signs of a potential trap and forming an M pattern with bearish divergence. This increases the probability of a bearish move. For confirmation of this pattern, a breakdown below the 0.1197 USD support zone is needed. If this occurs, it could lead to targets of 0.1165 USD and 0.1136 USD.
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