Market update and analysis for BTC, ETH, EGLD, SOL and LINK - September 12, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.05T (+2.62%)
📊 Total 24h volume: $71.25B (+13.83%)
💰 DeFi volume: $3.18B (4.46% of total volume)
🔒 Stablecoins volume: $65.51B (91.95% of total volume)
💵 Bitcoin dominance: 56.30% (+0.26%)
Bitcoin (BTC) Analysis
BTC has broken out of a resistive trendline and formed an inverse head and shoulders pattern with bullish divergence, increasing the probability of a bullish move. However, for confirmation, a breakout and candle closing above the resistance zone of 58,563 USD is necessary. If this occurs, potential targets could be 60,158 USD and 61,906 USD.
Ethereum (ETH) Analysis
ETH has formed a cup and handle pattern with bullish divergence, which increases the probability of a bullish reversal. However, for confirmation, a breakout and candle closing above the resistance zone of 2,406 USD is required. If this occurs, potential targets could be 2,482 USD and 2,565 USD.
MultiversX (EGLD) Analysis
EGLD has broken out of a resistive trendline, shown signs of a seller's trap, and formed an inverse head and shoulders pattern, all of which increase the probability of a reversal from this point. However, for confirmation, a candle closing above the resistance zone of 27.76 USD is needed. If this occurs, potential targets could be 29.72 USD and 31.56 USD.
Solana (SOL) Analysis
SOL has broken out of a resistive trendline and formed a cup and handle pattern with bullish divergence, which increases the probability of a bullish move. For confirmation of this bullish outlook, a candle closing above the resistance zone of 138.94 USD is needed. If this occurs, potential targets could be 146.75 USD and 154.43 USD.
Chainlink (LINK) Analysis
LINK is presenting opportunities for both bullish and bearish scenarios. On the bullish side, it has formed a potential bull flag structure, but for confirmation, a breakout and candle closing above the resistance zone of 10.83 USD is required, which could lead to targets of 11.11 USD and 11.43 USD. On the bearish side, if the price falls from here, it may form an M pattern. If the price breaks down and closes a candle below the support zone of 10.18 USD, it could lead to targets of 9.88 USD and 9.64 USD.
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