The cryptocurrency market remains in a phase of consolidation and cautious sentiment as traders assess key technical patterns across major digital assets. Over the past 24 hours, the global crypto market cap has slightly dipped to $3.12 trillion, down 0.89%, while trading volume surged by over 25% to $139.5 billion—indicating rising interest amid volatility. DeFi accounted for nearly 24.6% of total volume, and stablecoins dominated with 96% of all transactions, reflecting risk-averse positioning. Bitcoin’s dominance has increased to 64.9%, signaling a potential flight to safety within the ecosystem.
This in-depth technical analysis covers Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Filecoin (FIL), and Ripple (XRP), focusing on chart patterns, divergence signals, and key levels that could determine short-term price direction.
Bitcoin (BTC) Technical Outlook
Bitcoin has formed a bearish M pattern—a classic double-top reversal structure—on the 4-hour timeframe. However, the price has not yet closed below the critical support zone at $100,726, which must break decisively to confirm the bearish setup.
A confirmed close under this level would validate the pattern and likely accelerate selling pressure. Initial downside targets would then be projected at $96,918** and **$93,099, based on measured move calculations.
Until that break occurs, the market remains in a neutral-to-bearish limbo. Traders should watch for strong red candle rejection near current levels as confirmation of momentum shifting downward.
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Ethereum (ETH) Shows Bearish Signs
Ethereum has recently taken liquidity from key support zones and printed a bearish Change of Character (CHoCH)—a structural shift indicating weakening bullish momentum. Additionally, bearish divergence is visible on the RSI, suggesting upward price movement is losing steam despite prior gains.
The critical resistance now lies at $2,385, which previously acted as support but has now flipped into resistance. A rejection from this zone—confirmed by a strong red candle—would open the door for further declines.
Potential downside targets include $2,178** and **$2,036, with the latter representing a deeper retracement level aligned with prior swing lows.
ETH investors should remain cautious until there's clear evidence of bullish recovery above $2,400.
MultiversX (EGLD) Building Bullish Momentum
MultiversX (EGLD) is showing promising signs of accumulation within a descending channel, a pattern often associated with bullish reversals after prolonged downtrends. More importantly, bullish divergence is forming on momentum indicators—price making lower lows while RSI forms higher lows—hinting at strengthening buying interest.
However, confirmation is essential. Traders should wait for a breakout and daily candle close above $13.62, the upper boundary of the channel and recent resistance zone.
A successful breakout could trigger a bullish continuation toward $16.05** and eventually **$19.15, representing a potential upside of over 40% from current levels.
Patience is key—entering before confirmation risks false breakouts common in low-volume altcoins.
Filecoin (FIL) Poised for Upside Breakout?
Filecoin has developed a textbook falling wedge pattern, typically a bullish reversal formation when confirmed. Combined with clear bullish divergence on momentum oscillators, the odds favor an upward breakout in the near term.
Still, price must close above the resistance level at $2.30 to confirm the pattern’s validity. Until then, FIL remains range-bound and vulnerable to downside shocks if broader market sentiment sours.
Upon confirmation, FIL could extend gains toward $2.49** and then **$2.68, driven by renewed investor interest in decentralized storage solutions.
Given its relatively low correlation with BTC, FIL may outperform during altcoin rotation phases—if macro conditions allow.
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Ripple (XRP) Faces Bearish Pressure
Ripple (XRP) is exhibiting a rising wedge pattern, traditionally a bearish reversal signal when followed by breakdown. Compounding this risk is bearish divergence, where price reaches higher highs but momentum fails to follow.
The crucial support lies at $2.00. A confirmed candle close below this psychological level would likely trigger further selling pressure.
Downside targets would then be projected at $1.99** and **$1.97, with potential for deeper correction if market structure breaks down.
While XRP remains one of the most traded altcoins due to its regulatory clarity and utility in cross-border payments, technicals suggest caution for short-term traders.
📈 Short-Term Price Estimates (Next 96 Hours)
Note: These estimates reflect technical probabilities based on current chart structures and are not financial advice. Always conduct your own research (DYOR).
- BTC: -1% to -3% — Bearish bias due to M pattern
- ETH: -2% to -4% — Downside risk after CHoCH and divergence
- EGLD: +2% to +4% — Potential upside if breakout confirmed
- FIL: +2% to +4% — Bullish scenario favored post-wedge
- XRP: -2% to -4% — Vulnerable to breakdown from rising wedge
Market sentiment remains fragile, with traders balancing between macroeconomic uncertainty and on-chain fundamentals.
Frequently Asked Questions (FAQ)
Q: What does an M pattern mean in crypto trading?
A: An M pattern, or double top, is a bearish reversal formation where price tests a resistance level twice and fails to break higher, often followed by a decline once support is broken.
Q: Why is bullish divergence important in technical analysis?
A: Bullish divergence occurs when price makes lower lows but momentum indicators make higher lows—suggesting weakening selling pressure and potential reversal upward.
Q: How reliable are wedge patterns like falling or rising wedges?
A: Wedge patterns are statistically significant when combined with volume and momentum confirmation. Falling wedges often precede bullish breakouts; rising wedges typically resolve bearishly.
Q: What is a Change of Character (CHoCH) in trading?
A: A CHoCH marks a structural shift in trend direction—when price breaks a recent swing point in the opposite direction of the trend, signaling possible reversal.
Q: Should I trade based on these predictions?
A: No single analysis guarantees results. Use these insights as part of a broader strategy involving risk management, stop-losses, and independent verification.
Q: How can I verify breakout validity?
A: Wait for a full candle close beyond key levels on higher timeframes (e.g., 4H or daily), accompanied by rising volume and momentum confirmation.
Final Thoughts
The current crypto landscape is defined by mixed signals—some assets like EGLD and FIL show early signs of recovery, while BTC, ETH, and XRP face increasing technical resistance. With Bitcoin dominance rising, capital may be rotating back into large caps amid uncertainty.
Traders should focus on confirmation over prediction, waiting for decisive candle closes before acting. In volatile markets, patience often yields better results than premature entries.
Whether you're monitoring BTC’s critical $100K threshold or watching for EGLD’s breakout potential, staying informed with accurate tools is essential.
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