Market update and analysis for BTC, ETH, EGLD, SOL and ALGO - May 30, 2024
Crypto Market in the last 24h:
š Global market cap: $2.5T (-1.77%)
š Total volume 24h: $83.02B (-8.54%)
š DeFi volume: $6.39B (7.69% of total)
š° Stablecoins volume: $77.79B (93.69% of total)
ā” Bitcoin dominance: 53.00% (+0.57%)
Bitcoin (BTC) Analysis
BTC has formed an M pattern, a bearish reversal indicator. We need a breakdown and candle closing below the crucial level of 66,942 USD to confirm this bearish pattern. This confirmation likely leads to further declines towards the targets of 66,143 USD and 65,427 USD.
Ethereum (ETH) Analysis
ETH is displaying bearish signals with a trap followed by the formation of an M pattern. Despite the right top being higher than the left top, the MACD is showing a bearish divergence, indicating weakening bullish momentum and increasing the probability of a bearish move.
For confirmation of this bearish outlook, we need a candle closing below the support zone at 3,659 USD. This breakdown would validate the M pattern and likely lead to further declines towards the targets of 3,579 USD and 3,512 USD.
MultiversX (EGLD) Analysis
EGLD has formed an ascending channel, which is typically considered a bearish pattern. This pattern suggests that while the price is rising, it is likely to reverse and move lower once the channel support is broken.
For confirmation of the bearish outlook, we need a breakdown below the key level of 38.66 USD. This breakdown would validate the bearish pattern and likely lead to further declines towards the targets of 38.07 USD and 37.60 USD.
Solana (SOL) Analysis
SOL has formed a head and shoulders pattern, a classic bearish reversal pattern. Despite the bullish divergence, this pattern increases the probability of a bearish move if confirmed.
To confirm this bearish outlook, we need a breakdown and candle closing below the critical level of 165.85 USD. This confirmation would likely lead to the targets of 163.97 USD and 162.14 USD.
Algorand (ALGO) Analysis
ALGO is exhibiting similar price action to SOL, having formed a head and shoulders pattern accompanied by bearish divergence. This combination increases the likelihood of a bearish move if confirmed.
To confirm the bearish outlook, we need a breakdown below the critical level of 0.1878 USD. This confirmation would likely lead to further declines towards the targets of 0.1844 USD and 0.1815 USD.
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