Market update and analysis for BTC, ETH, EGLD, PEPE and DOT - June 3, 2024
Crypto Market in the last 24h:
š Global market cap: $2.55T (+0.77%)
š Total volume 24h: $67.51B (+47.93%)
š DeFi volume: $5.19B (7.69% of total volume)
š° Stablecoins volume: $62.25B (92.21% of total volume)
š¶ Bitcoin dominance: 52.96% (+0.31%)
Bitcoin (BTC) Analysis
BTC is currently showing a bull flag pattern, a bullish continuation indicator that suggests the potential for an upward move.
To confirm this bullish outlook, we need a breakout and candle closing above the resistance level of 68,832.98 USD. This confirmation would likely lead to further gains, targeting 70,351.00 USD and 71,745.00 USD.
Ethereum (ETH) Analysis
ETH has broken out of a resistive trendline, showing an internal Change of Character (I-CHoCH) and an internal Break of Structure (I-BOS) towards a bullish market structure. This development, along with the formation of a cup and handle pattern, increases the probability of a bullish move.
For confirmation of this bullish outlook, we need a breakout and candle closing above the key level of 3,846.00 USD. This breakout would likely lead to further gains towards the targets of 3,898.00 USD and 3,953.00 USD.
MultiversX (EGLD) Analysis
EGLD has experienced several liquidity traps around the resistance trendline and is currently range-bound.
For a bullish move to be confirmed, we need a breakout and candle closing above the crucial level of 41.91 USD. This breakout would signal a potential upward trend, aiming for targets of 44.14 USD and 46.25 USD.
Pepe (PEPE) Analysis
PEPE has formed an M pattern, a bearish reversal pattern that suggests a potential downward move.
For confirmation of this bearish pattern, we need a breakdown and candle closing below the critical level of 0.00001320 USD. This validation would likely lead to further declines towards the targets of 0.00001231 USD and 0.00001154 USD.
Polkadot (DOT) Analysis
DOT has formed an inverse head and shoulders pattern, a bullish reversal indicator that suggests a potential upward move.
For confirmation of this bullish reversal, we need a breakout above the critical level of 7.15 USD. This breakout would likely lead to further gains towards the targets of 7.28 USD and 7.39 USD.
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