Market update and analysis for BTC, ETH, EGLD, PEPE and SOL - July 25, 2024
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.
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.
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.
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.
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.
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