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Market Analysis

Multi Format Thursday - Vol 38

Updated: Aug 31, 2024
Published: Apr 21, 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.

 Total Market Cap

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Looking at the market from the most important index lens, we can view that prices are near support after having set a higher high and the current potential of setting a higher low. Unless $1.65T breaks, crypto should be relatively good for the remainder of Q2.

Altcoins Market Cap

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The same comment regarding the break in market structure can be said about the Alts MCap but the reclaim of $1.115T is crucial to validate any short-term bull thesis.

Bitcoin

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Bitcoin is mirroring the Total MCap's situation while being at support here at the [$39,500-$40,650] range.

Ether

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ETH on the other hand is mirroring the Alts MCap by having resistance overhead that must be reclaimed for any near term bullishness and upside continuation - in this case $3,200.

DOT

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Higher high? Yes but $19.40 turned into resistance invalidates that. This is a level that DOT bulls would want to see reclaimed, otherwise $15 would be up next here.

SNX

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Never faded a bullish monthly engulfing candle and not going to start doing so anytime soon. Listen to the video for an update on SNX's fundamentals!

RUNE

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Bearish engulfing candle set two weeks ago can be overturned if this week's candle closes a bullish engulfing one above $8.85 - if it doesn't then $5.75 would be on the cards...

SOL

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Perfectly nailed trade with the falling wedge breakout leading all the way to the technical target of $120 and beyond. Currently, SOL "could" be setting up for further upside granted that it holds $105. If it doesn't then further downside would be warranted towards $70s - very dependent on what BTC does next.

SRM

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$2.50 has been turned into resistance which is bearish and tells us that $1.50 is now on the cards. SRM could save the day if it reclaims $3.

FTT

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FTT is in a never-ending range from $35 to $50 and has been since the start of the year. Breakout needed here for direction.

DYDX

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Selling pressure is slowly decreasing while trading at our target valuation of [$3-$5]. This is likely to remain boring for a few months time here before people figuring out that they can scoop up a part of an exchange that has massive revenues and start generating good passive income.

MINA

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Arguably the best looking chart out of all of the ones covered. Given that $2.20 holds for MINA, $6 is up next.

ALGO (requested)

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Quite surprised that someone requested a chart for such a poor performer. ALGO near its lows and beating the market to the downside here. $0.50 looks like the next area of support for ALGO.

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