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Market Analysis

Multi-Format Thursday - Vol 37

Updated: Jul 25, 2024
Published: Apr 14, 2022
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Welcome to Multi-Format Thursdays, where we analyse the cryptocurrency market in both text & video formats.

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Disclaimer: Not financial nor investment advice. Any capital-related decisions you make are your entire responsibility and yours only.

Market is in a very uncertain place at the moment - in moments like these patience is required (except for scalpers these are 24/7 degens).

Total Market Cap

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The Total MCap had a bearish engulfing candle on the weekly but nonetheless it incoming to support near $1.7T. We cannot assume a break of support here, if it does happen then it would be pretty dim for crypto - otherwise this would become a higher low and continues the newly set bullish market structure.

Altcoins Market Cap

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Similar situation with the bearish engulfing candle. Now the question is whether we see a closure under $1T or not, if we do that again can be very dim for Alts, whereas a closure above it can reboost prices - this is the boring part of uncertain markets.

Bitcoin

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Coming into a weekly support and a psychological level: $40,000. This is a level bulls would not want to see broken on the weekly or else it opens up the road to $30,000.

Ether

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Another bearish engulfing candle. This one will depend on weekly closures from the indices as its support is relatively far at $2,500.

DOT

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DOT's chart was not able to make reclaims during the most recent run which is concerning for bulls as it can bring it back towards the previous lows.

MINA

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Arguably the only chart that looks good with a break in market structure and turn of resistance into support. As long as support holds then $5.40 is on the cards.

SNX

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SNX set a bullish engulfing candle on the monthly timeframe which means that a rally is potentially on the cards - especially with the recent improvement in fundamentals. A closure above $7.35 would confirm a rally to $15+.

RUNE

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After a massive run, RUNE closed a bearish engulfing candle on the weekly. If this week closes above $8.85 then redemption is plausible, otherwise $5.75 is on the cards.

SOL

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Break in market structure which can lead towards [$90-$95].

SRM

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Weekly candle closure under $2.50 which puts it in bear land.

FTT

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The endless [$35-$50] range is still alive and well with two deviations - one from each side - but no clear breakouts yet.

DYDX

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After a short rally, price is back in our "fundamentally good" zone of [$3-$5] where we believe the bottom would be set.

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