Market update and analysis for BTC, ETH, EGLD, SUI and BNB - August 12, 2024
Crypto market in the last 24h:
🌐 Global market cap: $2.07T (-3.61%)
📊 Total 24h volume: $64.68B (+66.43%)
💰 DeFi volume: $3.22B (4.99% of total volume)
🔒 Stablecoins volume: $59.03B (91.26% of total volume)
💵 Bitcoin dominance: 56.04% (-0.21%)
Bitcoin (BTC) Analysis
BTC has formed a descending channel, which is generally considered a bullish pattern. However, in this scenario, we could anticipate a bearish move because, on the larger timeframe, BTC is showing signs of a potential triple bottom pattern. For confirmation, we need a breakdown and candle closing below the key level of 54,277 USD, which could lead to targets of 50,872 USD and 47,518 USD.
Ethereum (ETH) Analysis
ETH has the potential for a significant bearish move if the price declines from its current level and forms a head and shoulders pattern. This formation would increase the likelihood of a bearish move, but for confirmation, we need a breakdown below the 2,112 USD level. Such a move could set up targets at 1,871 USD and 1,666 USD.
MultiversX (EGLD) Analysis
EGLD has the potential of a breakout and candle closing above the level of 28.90 USD is necessary. This would validate the W pattern and bullish divergence, potentially leading to targets of 31.11 USD and 33.55 USD.
Sui (SUI) Analysis
SUI has formed a W pattern with bullish divergence, which increases the probability of a bullish move. However, for confirmation, a breakout above the level of 0.95396429 USD is needed. This could set the stage for targets at 1.17257465 USD and 1.43766626 USD.
Binance Coin (BNB) Analysis
BNB is looking bearish due to the formation of an M pattern coupled with bearish divergence, which increases the probability of a bearish reversal. However, for confirmation, a breakdown below the level of 499.4 USD is required. If this occurs, it could lead to potential targets of 491.2 USD and 483.5 USD.
All cryptocurrencies are available for trading on Tradesilvania , and their prices can be seen on the Tradesilvania price page, accessible through the following link: https://tradesilvania.com/en/prices
With the help of our platform, you can deposit, withdraw, buy or sell any of these cryptocurrencies using the free digital wallet. SEPA Top-up (On-Ramp & Off-Ramp) Euro and RON instant transfers and over 100 cryptocurrencies, are all available in our app.
Limitation of Liability
This report issued by Tradesilvania is purely informative and is not intended to be used as a tool for making investment decisions in crypto-assets. Any person who chooses to use this report in the process of making investment decisions assumes all related risks. Tradesilvania SRL has no legal or other obligation towards the person in question that would derive from the publication of this report publicly.
The content provided on the Tradesilvania website is for informational purposes only and should not be considered as investment advice, financial advice, trading advice, or any other form of advice. We do not endorse or recommend the buying, selling, or holding of any cryptocurrency. It is important that you conduct your own research and consult with a financial advisor before making any investment decisions. We cannot be held responsible for any investment choices made based on the information presented on our website.
The information in this report was obtained from public sources and is considered relevant and reliable within the limits of publicly available data. However, the value of the digital assets referred to in this report fluctuates over time, and past performance does not indicate future growth.
Total or partial reproduction of this report is permitted only by mentioning the source.