Market update and analysis for BTC, ETH, EGLD, XRP and SOL - June 7, 2024
Crypto Market in the last 24h:
š Global market cap: $2.64T (+0.40%)
š Total volume 24h: $75.49B (-5.55%)
šµ DeFi volume: $5.19B (6.88% of total volume)
š Stablecoins volume: $72.35B (95.84% of total volume)
š° Bitcoin dominance: 53.24% (+0.17%)
Bitcoin (BTC) Analysis
BTC has formed a head and shoulders pattern with bearish divergence, a classic bearish reversal indicator. This pattern has developed in the overbought zone, which further increases the probability of a bearish move.
For confirmation of this bearish outlook, we need a breakdown below the crucial level of 70,509 USD. This breakdown would validate the pattern and likely lead to further declines towards the targets of 70,102 USD and 69,746 USD.
Ethereum (ETH) Analysis
ETH is exhibiting bullish potential, having shown an upward move followed by consolidation, forming a bull flag pattern. This pattern indicates a likely continuation of the bullish trend.
To confirm this bull flag pattern, we need a breakout above the critical level of 3,878 USD. This breakout would likely lead to further gains towards the targets of 3,896 USD and 3,913 USD.
MultiversX (EGLD) Analysis
EGLD has formed an ascending channel, typically a bearish pattern that suggests a potential pullback. Given the overall market conditions, a bearish move seems likely.
To confirm this bearish outlook, we need a breakdown below the critical level of 39.59 USD. This breakdown would likely lead to further declines towards the targets of 39.28 USD and 39.02 USD.
Ripple (XRP) Analysis
XRP is showing bullish potential, having formed an inverse head and shoulders pattern, a classic bullish reversal indicator.
For confirmation of this bullish reversal, we need a breakout above the critical level of 0.5334 USD. This breakout would likely lead to further gains towards the targets of 0.5408 USD and 0.5479 USD.
Solana (SOL) Analysis
SOL has broken above the previous swing high but has now formed a head and shoulders pattern, indicating a potential bearish reversal.
For confirmation of this head and shoulders pattern and to trap the buyers, we need a breakdown below the critical level of 172.26 USD. This breakdown would likely lead to further declines towards the targets of 170.77 USD and 169.70 USD.
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