. Daily Crypto Analysis - Altcoins Ripple and Dogecoin Show Bullish Trends.

Daily Crypto Analysis – Altcoins Ripple and Dogecoin Show Bullish Trends.

Daily Crypto Analysis – Altcoins Ripple and Dogecoin Show Bullish Trends.

16 May 2024

Introduction

Bitcoin surged over 7.5% , marking its best day since March, amid growing expectations of global monetary easing. Weak U.S. economic data bolstered hopes for a Fed rate cut, while similar moves are anticipated from the BOE and ECB. Altcoins like XRP and DOGE also showed bullish trends, driven by whale accumulation and favorable market conditions. Ethereum (ETH) appears poised for a short-term bull run after breaking out of a five-day consolidation phase.

Markets In Focus Today – BITCOIN

Bitcoin price today rebounds above $65k after CPI data, but still rangebound.

Bitcoin price rose on Thursday, benefiting from a weaker dollar after some relatively softer consumer inflation readings for April, although the token remained comfortably range bound as sentiment towards crypto remained subdued. Bitcoin price cheered by softer dollar after CPI data .Bitcoin rebounded on Wednesday after sinking as low as $60,000 earlier this week. Bitcoin (BTC) posted its biggest single-day gain in nearly two months on Wednesday as weak U.S. economic data raised the probability that the Federal Reserve (Fed) will join its advanced nation peers in easing monetary policy with rate cuts over the summer months. The rebound was fueled largely by a slide in the dollar, which hit one-month lows after some softer consumer price index readings for April.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63407.0789 | Positive Crossover | Bullish
  • MA 20 : 63249.2797 | Positive Crossover | Bullish
  • MA 50 : 63570.1028 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62676.7490 | Positive Crossover | Bullish
  • MA 20 : 62484.4015 | Positive Crossover | Bullish
  • MA 50 : 65190.7244 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.7168 | Buy Zone | Bullish

Stochastic   Oscillator : 98.58 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 64549.20 | Take Profit : 67174.01 | Stop Loss : 63072.74

RIPPLE

XRP sustains above $0.50, eyes further gain as whales accumulate Ripple tokens.

Ripple whales, holding between 1 million and 10 million XRP, continued accumulating in May. XRP holders digested the developments in the SEC vs. Ripple lawsuit and await court rulings.XRP is likely to extend gains to $0.60, testing resistance at $0.50 on Thursday. Ripple (XRP) is being accumulated by large wallet investors as XRP holders await a court ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the firm. The altcoin’s accumulation by whales is a positive sign for XRPLedger’s native token. Ripple whales holding between 1 million and 10 million XRP have added 60 million tokens to their holdings in May, as seen on crypto intelligence tracker Santiment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5133 | Positive Crossover | Bullish
  • MA 20 : 0.5182 | Positive Crossover | Bullish
  • MA 50 : 0.5385 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5115 | Positive Crossover | Bullish
  • MA 20 : 0.5164 | Positive Crossover | Bullish
  • MA 50 : 0.5439 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.3067 | Buy Zone | Bullish

Stochastic   Oscillator : 98.35 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.499 | Take Profit : 0.546 | Stop Loss : 0.473

DOGECOIN

DOGE’s 15% upside potential hinges on Bitcoin holding above $65K.

Dogecoin price has crossed above resistance due to a descending trendline amid growing bullish momentum.DOGE could make a 15% run to $0.18 if Bitcoin price holds above $65,000.A candlestick close below $0.12 would invalidate the bullish thesis.Dogecoin (DOGE) price is trading with a bullish bias, leading meme coins north as sector bulls resurface. This show of hand comes after Bitcoin (BTC) price broke past the $65,000 threshold and could extend if the pioneer cryptocurrency holds above this level. A number of Dogecoin metrics have turned bullish in the last few days, showing increased interest from investors. This ranges from the meme coin’s daily derivatives trading volumes to its open interest seeing a significant increase.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1493 | Positive Crossover | Bullish
  • MA 20 : 0.1501 | Positive Crossover | Bullish
  • MA 50 : 0.1531 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1477 | Positive Crossover | Bullish
  • MA 20 : 0.1467 | Positive Crossover | Bullish
  • MA 50 : 0.1647 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 52.2118 | Buy Zone | Bullish

Stochastic   Oscillator : 96.84 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.145 | Take Profit : 0.166 | Stop Loss : 0.133

ETHEREUM

Ethereum exhibits modest bullish signals as the SEC encounters multiple obstacles in its efforts to block spot Ethereum ETFs.

Recent data showing Ethereum Mainnet underperformed in terms of revenue sparks heated debate about ETH’s long-term value.There’s no legal path for SEC to deny spot ETH ETF, says Nate Geraci.Ethereum could be on verge of attempting short-term bull run.Ethereum (ETH) is looking to attempt a short-term bull run after breaking out from a five-day horizontal movement. Reduced revenue on ETH Mainnet and the Securities & Exchange Commission’s (SEC) potential decision on spot ETH ETFs have also sparked debate in the crypto community. However, Ethereum remains below the critical $3,000 mark. Despite the optimistic technical signals, external factors such as regulatory challenges could influence Ethereum’s trajectory.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2985.9358 | Positive Crossover | Bullish
  • MA 20 : 3030.3341 | Negative Crossover | Bearish
  • MA 50 : 3130.5558 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2965.0260 | Positive Crossover | Bullish
  • MA 20 : 3039.2800 | Negative Crossover | Bearish
  • MA 50 : 3193.7182 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.5609 | Neutral Zone | Neutral

Stochastic   Oscillator : 92.13 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 3028.33 | Take Profit : 3207.93 | Stop Loss : 2913.21

Elsewhere In The Crypto Market

Bitcoin up (0.11%) at 66,317, Ethereum down (1.27%) at 2996.7, Litecoin down (0.23%) at 82.18, Solana up (2.44%) at 162.47, Dogecoin down (0.55%) at 0.154.

Key Economic Events & Data Release Today:

(JPY) GDP (QoQ) (Q1) Forecast -0.3%, Previous 0.1% at 05:20. (AUD) Employment Change (Apr) Forecast 22.4K, Previous –6.6K at 07:00. (USD) Initial Jobless Claims Forecast 219K, Previous 231K at 18:00. (USD) Building Permits (Apr) Forecast 1.480M, Previous 1.467M at 18:00.