Market update and analysis for BTC, ETH, EGLD, SOL and FIL - July 15, 2024
Crypto Market in the last 24h:
š Global Market Cap: $2.3T (+3.78%)
š Total 24h Volume: $62.98B (+19.78%)
š° DeFi Volume: $3.93B (6.24% of total volume)
š Stablecoins Volume: $57.32B (91.02% of total volume)
šµ Bitcoin Dominance: 53.86% (+0.27%)
Bitcoin (BTC) Analysis
BTC is showing potential to form an inverse head and shoulders pattern, a classic bullish reversal pattern. However, for this pattern to fully develop and confirm, we need to see some consolidation before a breakout above the resistance zone.
For confirmation of this inverse head and shoulders pattern, we need the price to consolidate and then break above the resistance level of 64,588 USD. If this breakout occurs, it could open up the path towards the targets of 67,222 USD and 70,034 USD.
Ethereum (ETH) Analysis
ETH has already broken out of the descending channel, signaling a potential bullish move.
If ETH can break through the resistance zone of 3,515 USD, it will confirm the bullish breakout and likely push the price towards the targets of 3,703 USD and 3,868 USD.
MultiversX (EGLD) Analysis
EGLD is currently showing a descending channel pattern. Given the previous bullish trend, this structure resembles a bull flag, which is a trend continuation pattern.
If EGLD can break through the level of 37.09 USD, it will confirm the bullish continuation and potentially push the price towards the targets of 38.68 USD and 39.84 USD.
Solana (SOL) Analysis
SOL has formed a W pattern, also known as a double bottom, which is a bullish reversal pattern. Additionally, there is a bullish divergence on the MACD, further increasing the probabilities for a bullish move.
For confirmation of the bullish move, we need a breakout above the level of 155.32 USD. If this breakout occurs, it can potentially push the price towards the targets of 172.69 USD and 188.39 USD.
Filecoin (FIL) Analysis
FIL has formed a cup and handle pattern, which is a bullish pattern, and there is a bullish divergence on the MACD. These factors together increase the probability of a bullish move.
For confirmation of the bullish move, we need a breakout above the level of 4.623 USD. If this breakout occurs, it can potentially push the price towards the targets of 4.994 USD and 5.430 USD.
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