Market update and analysis for BTC, ETH, EGLD, XRP and SOL - June 7, 2024
![Market update and analysis for BTC, ETH, EGLD, XRP si SOL - June 7, 2024](/blog/content/images/size/w2000/2024/06/3-1.png)
Crypto Market in the last 24h:
🌐 Global market cap: $2.64T (+0.40%)
📊 Total volume 24h: $75.49B (-5.55%)
💵 DeFi volume: $5.19B (6.88% of total volume)
🔒 Stablecoins volume: $72.35B (95.84% of total volume)
💰 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.
![](https://tradesilvania.com/blog/content/images/2024/06/BTC-1H-1.png)
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.
![](https://tradesilvania.com/blog/content/images/2024/06/ETH-1H-3.png)
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.
![](https://tradesilvania.com/blog/content/images/2024/06/EGLD-30m-1.png)
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.
![](https://tradesilvania.com/blog/content/images/2024/06/XRP-1H-1.png)
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.
![](https://tradesilvania.com/blog/content/images/2024/06/SOL-1H-1.png)
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