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Market Analysis

Multi-Format Thursday - Volume 3

Updated: Jul 25, 2024
Published: Aug 12, 2021
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Multi-Format Tuesday has been officially rebranded into Multi-Format Thursday. The reason is to maintain a time spread between it and Weekly Technicals Pro.

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BTC

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Bitcoin first broke out from $40,000 and turned it into support, now it has broken out from $45,000 and turned that into support. The next level we are looking at is mid-$50,000s, especially as funding has turned very low again which shows lack of confidence from market participants.

ETH

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Unlike BTC, Ether is facing resistance at $3,200. We've not seen any strong buying touch ETH just yet which would help it cross above $3,200. There is intermediate support underneath near the psychological level of $3,000.

DOT

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DOT is above support and that sets the stage for it to continue its rally towards $27.

SNX

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No changes on SNX as it has not yet reclaimed $11, nonetheless it is setting higher lows which increases the odds of an upside break.

RUNE

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RUNE's performance will ultimately depend on that of BTC (which dictates the broader market direction). As of now, this token is in mid-air between two key levels ($5.75 & $8.85). We project that support will hold and we'll see a rally towards the $8.85 resistance in the coming weeks.

SOL

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After a lot of knocking, SOL has finally broken out from $40 which now sets the stage for a run towards $50 and setting ATHs after it.

SRM

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Currently moving slower than SOL, nonetheless SRM is setting intermediate higher highs and higher lows and setting up to rally towards $6.40.

FTT

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The most surprising and greatest performance by far as it breaks through resistances like a hot knife through butter. $50 has now been turned from resistance into support.

MINA

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MINA is at a liquidity area and treating as support. The bottom end of that area is $2.80 - as long as that price holds on the daily timeframe, MINA is poised to test $4.88.

XRP

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After a long quiet time, XRP rallied rapidly yesterday and was able to close a daily candle above the $1 mark; sets the stage for a test of $1.25. Given the strength and the reflexivity of markets, there are decent odds that XRP continues to rally towards $2.

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