. Weekly Crypto Analysis - Bitcoin stalls, Cardano rises, Chainlink falls, Ethereum soars.

Weekly Crypto Analysis – Bitcoin stalls, Cardano rises, Chainlink falls, Ethereum soars.

Weekly Crypto Analysis – Bitcoin stalls, Cardano rises, Chainlink falls, Ethereum soars.

02 Mar 2024

Introduction

Bitcoin’s upward momentum faces resistance as Grayscale accuses the SEC of unfair treatment towards its shareholders. BTC’s rejection from the $62,905-$68,212 supply zone suggests a potential 5% correction to $60,000, providing a buying opportunity. A candlestick close below $60,000 might extend the fall to $50,000. Meanwhile, Cardano records a 10% gain, trading at $0.7196, with a market cap of $25.0707B. Chainlink faces resistance at $20.70, with a potential 10% drop to $18.12 before another upward move. Ethereum hits a new yearly high above $3,500, with 26% of Ether staked, and anticipates the Dencun upgrade on March 13.

Markets In Focus Today – BITCOIN

Bitcoin price rally eases as Grayscale calls out SEC for unfair discrimination against its shareholders.

Bitcoin price uptrend has lost steam after a rejection from the supply zone between $62,905 and $68,212. BTC could drop 5% to $60,000 as part of a healthy correction to give sidelined investors a buying opportunity. A candlestick close below $60K could instigate and extend BTC falls to $50,000. Bitcoin’s (BTC) price has suffered rejection from a multi-year supply barrier, but this correction looks healthy to give sidelined investors and late buyers a chance to buy the dip. Meanwhile, Grayscale is the subject of a new contention with the US financial regulator as it looks to reach a new class of customers.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 57796.2085 | Positive Crossover | Bullish
  • MA 20 : 54487.3056 | Positive Crossover | Bullish
  • MA 50 : 49491.9256 | Positive Crossover | Bullish

Simple :

  • MA 10 : 56437.8790 | Positive Crossover | Bullish
  • MA 20 : 53991.0025 | Positive Crossover | Bullish
  • MA 50 : 47286.8552 | Positive Crossover | Bullish

RSI (Relative Strength Index): 79.0486 | Buy Zone | Bullish

Stochastic   Oscillator : 83.0073 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 64017.8939 R2 : 69245.4261
  • S1 : 47094.8661 S2 : 41867.3339

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 60294.41 | Take Profit: 64027.57 | Stop Loss: 58313.54

CARDANO

Cardano Climbs 10% In Bullish Trade.

Cardano was trading at $0.7196 by 18:56 (23:56 GMT) on the Investing.com Index on Friday, up 10.03%. It was the largest one-day percentage gain since March 1. The move upwards pushed Cardano’s market cap up to $25.0707B, or 1.08% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B. Cardano had traded in a range of $0.6531 to $0.7196 in the previous twenty-four hours. Over the past seven days, Cardano has seen a rise in value, gaining 20.98%. The volume of Cardano traded in the twenty-four hours to the time of writing was $896.3205M or 0.84% of the total volume of all cryptocurrencies. It has traded in a range of $0.5700 to $0.7196 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6541 | Positive Crossover | Bullish
  • MA 20 : 0.6203 | Positive Crossover | Bullish
  • MA 50 : 0.5752 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6346 | Positive Crossover | Bullish
  • MA 20 : 0.6157 | Positive Crossover | Bullish
  • MA 50 : 0.5518 | Positive Crossover | Bullish

RSI (Relative Strength Index): 79.5724 | Buy Zone | Bullish

Stochastic   Oscillator : 83.2732 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7024 R2 : 0.7579
  • S1 : 0.5229 S2 : 0.4674

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.61 | Take Profit : 0.71 | Stop Loss: 0.56

CHAINLINK

Chainlink Price Prediction: Another buy opportunity at $18.12 is likely for LINK traders.

Chainlink price has taken its wave-like motion the next step, establishing another higher range. LINK could drop 10% before another leg up, providing entry for traders looking to buy the dip. A break and close below $18.86 would produce a lower low, initiating a possible trend change. Chainlink (LINK) price is trading with a bullish bias, recording higher highs and higher lows since October when cryptocurrency markets turned bullish. The altcoin has provided one of the easiest trades since November, with a defined and predictable wave-like motion within a range. If history rhymes, LINK traders could have another chance to buy LINK at discounted rates. Chainlink (LINK) price is confronting resistance at $20.70 for the second time in February. The altcoin could suffer a rejection, potentially falling 10% to $18.12, and giving another buy opportunity around this level before the next leg up.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.6231 | Positive Crossover | Bullish
  • MA 20 : 19.1978 | Positive Crossover | Bullish
  • MA 50 : 17.9207 | Positive Crossover | Bullish

Simple :

  • MA 10 : 19.1538 | Positive Crossover | Bullish
  • MA 20 : 19.4767 | Positive Crossover | Bullish
  • MA 50 : 17.5112 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.9553 | Buy Zone | Bullish

Stochastic   Oscillator : 74.8142 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 20.6115 R2 : 21.9613
  • S1 : 16.2419 S2 : 14.8921

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy : 18.08 | Take Profit: 20.80 | Stop Loss: 16.53

ETHEREUM

Ethereum price hits a new yearly high at above $3,500 as staked Ether rises to 26%.

Ethereum price climbed to a new high on Thursday, ETH hit above $3,500. 26% of Ether’s supply is now staked, meaning it is removed from circulation. Dencun upgrade will activate on the Ethereum mainnet on March 13. Ethereum price is in an uptrend, the altcoin is rallying towards its $4,000 target. Ethereum’s psychologically important price level is $3,000. The second largest asset by market capitalization has sustained above the $3,000 level and hit a new yearly high amidst catalysts like Bitcoin’s rally and the upcoming Dencun upgrade.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3233.9790 | Positive Crossover | Bullish
  • MA 20 : 3044.2001 | Positive Crossover | Bullish
  • MA 50 : 2741.1462 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3201.4300 | Positive Crossover | Bullish
  • MA 20 : 3015.8850 | Positive Crossover | Bullish
  • MA 50 : 2636.7748 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 82.3003 | Buy Zone | Bullish

Stochastic   Oscillator : 84.7659 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3526.0116 R2 : 3828.3417
  • S1 : 2547.2817 S2 : 2244.9516

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3291.33 | Take Profit: 3500.93 | Stop Loss : 3177.80

Elsewhere In The Crypto Market

Bitcoin is down (0.59%) at 62,076, Ethereum is up (0.14%) at 3,440.5, Litecoin is up (5.83%) at 90.02, Solana is down (0.14%) at 129.26, Dogecoin is up (2.53%) at 0.142.

Key Economic Events & Data Release Today:

(CHF) CPI (MoM) (Feb) (Monday) (JPY) Tokyo Core CPI (YoY) (Feb) (Tuesday) (GBP) Service PMI (Feb) (Tuesday) (USD) ISM Manufacturing PMI (Feb) (Tuesday) (AUD) GDP (QoQ) (Q4) (Wednesday) (AUD) Retail Sales (Wednesday) (USD) ADP Nonfarm Employment Change (Feb) (Wednesday) (CAD) BoC Interest Rate Decision (Wednesday) (USD) JOLTs Job Openings at (Jan) (Wednesday) (EUR) German Factory Orders (MoM) (Jan) Forecast –6.5%, Previous 8.9% at 12:30.