Market update and analysis for BTC, ETH, EGLD, SUI and AAVE - August 8, 2024
Crypto market in the last 24h:
š Global market cap: $2.03T (+1.08%)
š Total 24h volume: $91.44B (-7.05%)
š° DeFi volume: $3.98B (4.35% of total volume)
š Stablecoins volume: $84.39B (92.29% of total volume)
šµ Bitcoin dominance: 56.16% (+0.03%)
Bitcoin (BTC) Analysis
BTC has formed a cup and handle pattern, which is generally a bullish pattern indicating potential upward momentum. This pattern increases the likelihood of a bullish move. However, for confirmation, we need a breakout above the resistive trendline and the resistance zone at 58,437 USD. Once this breakout is achieved, we can expect potential targets of 61,676 USD and 65,287 USD.
Ethereum (ETH) Analysis
ETH has formed a W pattern, which suggests a potential bullish reversal. This pattern increases the probability of a move to the upside. However, for confirmation, we need a candle closing above the resistance zone at 2,576 USD. Once this breakout occurs, we can target potential levels of 2,762 USD and 2,939 USD.
MultiversX (EGLD) Analysis
EGLD has formed a W pattern, similar to ETH, indicating a high probability of a bullish move. However, for confirmation, we need to watch for a breakout of the resistive trendline and the resistance zone at 28.52 USD. If this breakout occurs, it can set the stage for potential targets of 30.65 USD and 32.65 USD.
Sui (SUI) Analysis
SUI is showing an increased probability of a bullish reversal due to the formation of an inverse head and shoulders pattern. This pattern suggests potential upward momentum, but for confirmation, we need a breakout above the resistance zone at 0.666557061 USD. If this breakout occurs, it can set the stage for potential targets of 0.74278545 USD and 0.82150432 USD.
Aave (AAVE) Analysis
AAVE has formed a head and shoulders pattern, which is increasing the probability of a bearish move. For confirmation, we need a breakdown of the support zone at 95.41 USD. If this level is breached, it could give us the targets of 90.66 USD and 86.01 USD, potentially grabbing liquidity near the gap.
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