Market update and analysis for BTC, ETH, EGLD, SUI and DOGE - May 23, 2024
Crypto Market in the last 24h:
š° Global market cap: $2.59T (-0.29%)
š Total volume 24h: $95.76B (-19.06%)
š DeFi volume: $6.6B (6.89% of total volume)
šµ Stablecoins volume: $89.05B (92.99% of total volume)
āæ Bitcoin dominance: 52.94% (-0.11%)
Bitcoin (BTC) Analysis
BTC has formed an M pattern, or double top, within a bearish order block (OB) on a larger timeframe. This pattern suggests a potential bearish reversal, indicating that the uptrend might be losing steam and a downward move could be on the horizon.
For this bearish scenario to play out, we need to see a breakdown below the key support level of 68,480 USD. A breakdown below this level will confirm the bearish reversal, with potential targets at 67,544 USD and 66,737 USD.
Ethereum (ETH) Analysis
ETH is presenting two key patterns: a flag and pole and an M pattern. Additionally, there's a bearish divergence, which adds complexity to the outlook.
The flag and pole pattern is a continuation pattern where the price consolidates within parallel lines after a strong upward move (the pole). For the bullish flag to be confirmed, we need a breakout above the 3,833 USD level. This breakout could push prices to our targets of 3,897 USD and 3,954 USD.
The M pattern, or double top, suggests a potential bearish reversal. Confirmation of this pattern requires a breakdown below the 3,657 USD level. If this level is breached, we can expect the price to move towards 3,593 USD and 3,548 USD.
MultiversX (EGLD) Analysis
EGLD has formed a bearish flag pattern, a continuation pattern that suggests the recent downtrend may persist. To confirm the bearish flag pattern, we need to see a breakdown below the key support level of 35.201 USD. This breakdown would signal a continuation of the downtrend, with potential targets set at 32,340 USD and 29,985 USD.
SUI (SUI) Analysis
SUI is showing signs of a bullish reversal. We've seen a change of character (CHoCH) towards a bullish market structure, indicating a shift from bearish to bullish sentiment. Additionally, the pair has formed an inverse head and shoulders pattern, a classic signal of a potential upward move.
For the bullish reversal to be confirmed, we need a breakout above the 1.175 USD level, aiming for targets of 1.299 USD and 1.415 USD.
Dogecoin (DOGE) Analysis
DOGE is displaying clear bearish signals that traders should watch closely. We are seeing hidden sellers through a bearish divergence, where the price makes higher highs but momentum indicators make lower highs. This is a strong sign that upward momentum is weakening.
Additionally, there is a head and shoulders pattern forming, a classic bearish reversal pattern that further supports the potential for a downward move. Watch for a breakdown below 0.1615 USD to confirm the bearish move, with targets at 0.1569 USD and 0.1541 USD.
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