Market update and analysis for BTC, ETH, EGLD, PEPE and SOL - July 25, 2024
![Market update and analysis for BTC, ETH, EGLD, PEPE and SOL - July 25, 2024](/blog/content/images/size/w2000/2024/07/3-8.png)
Crypto market in the last 24h:
🌐 Global market cap: $2.31T (-4.55%)
📊 Total 24h volume: $84.07B (+5.94%)
💰 DeFi volume: $4.54B (5.40% of total volume)
🔒 Stablecoin volume: $77.27B (91.92% of total volume)
💵 Bitcoin dominance: 54.83% (+0.57%)
Bitcoin (BTC) Analysis
BTC has shown a Change of Character (CHoCH) towards a bullish market structure and is currently experiencing a pullback. We could expect a bounce from the support zone. For confirmation, the price needs to show an Internal Change of Character (I-CHoCH) from the support zone and move above the level of 59,625 USD. If this occurs, it can open the way for higher targets of 61,545 USD and 63,677 USD.
![Bitcoin (BTC) Analysis](https://tradesilvania.com/blog/content/images/2024/07/BTC-D-5.png)
Ethereum (ETH) Analysis
ETH is looking bearish due to the formation of a bear flag, which is a trend continuation pattern. This pattern increases the probability of a bearish move. However, for confirmation, we need a breakdown below the level of 3,135 USD. If this occurs, it can open the way for lower targets of 3,102 USD and 3,071 USD.
![Ethereum (ETH) Analysis](https://tradesilvania.com/blog/content/images/2024/07/ETH-1H-5.png)
MultiversX (EGLD) Analysis
EGLD can potentially form a head and shoulders pattern, which is a bearish reversal pattern. If the price consolidates and then breaks down below the level of 31.70 USD, this would confirm the pattern and increase the likelihood of a bearish move. Upon confirmation, the targets for this downward movement would be 30.42 USD and 29.35 USD.
![MultiversX (EGLD) Analysis](https://tradesilvania.com/blog/content/images/2024/07/EGLD-4H-13.png)
PEPE (PEPE) Analysis
PEPE has broken out of a resistive trendline and formed an inverse head and shoulders pattern, which increases the probability of a bullish move. However, for confirmation, we need a breakout above the level of 0.00001383 USD. If this level is breached, it can open up targets of 0.00001631 USD and 0.00001876 USD.
![PEPE (PEPE) Analysis](https://tradesilvania.com/blog/content/images/2024/07/PEPE-4H-3.png)
Solana (SOL) Analysis
SOL has formed an M pattern, which is a bearish formation increasing the probability of a downward move. However, for confirmation, we need a breakdown below the level of 167.48 USD. If this level is breached, it can open up targets of 160.27 USD and 153.46 USD.
![Solana (SOL) Analysis](https://tradesilvania.com/blog/content/images/2024/07/SOL-4H-1.png)
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