. Daily Crypto Analysis - Bitcoin $67K, XRP steady, Litecoin grows, Dogecoin spikes

Daily Crypto Analysis – Bitcoin $67K, XRP steady, Litecoin grows, Dogecoin spikes

Daily Crypto Analysis – Bitcoin $67K, XRP steady, Litecoin grows, Dogecoin spikes

25 Mar 2024

Introduction

Cryptocurrency markets are bouncing back from a recent correction, with Bitcoin leading the charge. Bitcoin’s price surged 4% in the last 24 hours to hit $67,000, reclaiming ground lost during last week’s downturn. Investor interest in Bitcoin spot exchange-traded funds (ETFs) continues to drive demand, while anticipation of Bitcoin’s upcoming halving in April adds further support. Meanwhile, Ripple’s XRP price remains steady above $0.63 despite technical hiccups, and Litecoin sees increased activity ahead of Bitcoin’s halving. Additionally, Dogecoin experienced a sudden 8% surge, sparking speculation of a potential rally in April amid regulatory nods.

Markets In Focus Today – BITCOIN

Bitcoin Prices Head Higher as Cryptos Climb Out of Correction.

Bitcoin and other cryptocurrencies rose Monday, with the largest digital asset trading higher a week after a wider correction rocked crypto markets. The price of Bitcoin has gained 4% over the past 24 hours to $67,000, with the biggest crypto recently trading as high as near $68,000. Bitcoin hit a record high above $73,000 less than two weeks ago before last week saw prices slump amid a correction. Bitcoin is crawling back to peak levels, supported by multiple factors. Among them is continued demand for spot Bitcoin exchange-traded funds (ETFs), which were approved in the U.S. in January and have ushered in a fresh wave of investor interest in crypto. Bitcoin’s “halving” also looms in April, when the issuance of new tokens will be cut in half, further supporting prices at a time when the demand has been rising.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66416.7598 | Positive Crossover | Bullish
  • MA 20 : 65726.1196 | Positive Crossover | Bullish
  • MA 50 : 60197.3038 | Positive Crossover | Bullish

Simple :

  • MA 10 : 65958.1300 | Positive Crossover | Bullish
  • MA 20 : 67781.5855 | Negative Crossover | Bearish
  • MA 50 : 58980.4220 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.1997 | Buy Zone | Bullish

Stochastic   Oscillator : 41.4475 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 67727.68 | Take Profit: 71295.79 | Stop Loss: 65882.11

RIPPLE

XRP price sustains above $0.63 after Ripple encounters an error with AMM liquidity pools.

XRP Ledger’s Automated Market Makers experienced a technical glitch, leading to transaction discrepancies. Ripple called community participants to vote on the amendment and act quickly to fix the error. XRP price sustained above $0.63 on Monday, maintaining its upward trend. Ripple identified a technical issue in a few of its Automated Market Maker (AMM) Liquidity Pools (LP) over the weekend, failing many transactions. The firm asked users to redeem the LP tokens as Ripple’s engineering team worked on resolving the issue. XRP price – the native cryptocurrency of the payment network developed by Ripple – maintained its uptrend on Monday, climbing slightly to $0.63.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6269 | Positive Crossover | Bullish
  • MA 20 : 0.6236 | Positive Crossover | Bullish
  • MA 50 : 0.6026 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6198 | Positive Crossover | Bullish
  • MA 20 : 0.6345 | Negative Crossover | Bearish
  • MA 50 : 0.5877 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.6010 | Buy Zone | Bullish

Stochastic   Oscillator : 34.0953 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion : Stop Buy: 0.625 | Take Profit: 0.684 | Stop Loss: 0.586

LITECOIN

Litecoin 90,000 new users acquire LTC ahead of Bitcoin Halving.

Litecoin (LTC) price opened trading on March 25 just below the $90 mark, having maintained an upward momentum over the weekend. Litecoin has recorded 90,000 new funded wallets in March 2024, according to on-chain data pulled from Sentiment. With Bitcoin halving in less than a month, LTC bulls have mounted highly leveraged positions, betting on an imminent $100 price breakout. As trading commenced on Monday, March 25, Litecoin (LTC) began just shy of the $90 level, continuing its upward trend initiated by a recent bullish reversal on March 20. Insights from on-chain data reveal a growing influx of new participants into the Litecoin ecosystem, accompanied by speculative traders making optimistic investments in anticipation of the upcoming Bitcoin halving event.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 87.2730 | Positive Crossover | Bullish
  • MA 20 : 86.5323 | Positive Crossover | Bullish
  • MA 50 : 81.8077 | Positive Crossover | Bullish

Simple :

  • MA 10 : 85.4652 | Positive Crossover | Bullish
  • MA 20 : 88.8849 | Positive Crossover | Bullish
  • MA 50 : 79.7682 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.8364 | Buy Zone | Bullish

Stochastic   Oscillator : 40.7421 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 84.1465 R2 : 88.6554
  • S1 : 69.5501 S2 : 65.0412

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 90.49 | Take Profit: 98.13 | Stop Loss: 86.43

DOGECOIN

Dogecoin Price Suddenly Jumps 8%.

Dogecoin surges by 8%, sparking speculation of imminent April rally amid regulatory nods toward mainstream acceptance. In a notable market development, the price of Dogecoin (DOGE) has experienced a sudden increase of over 8%, positioning it as one of the most profitable cryptocurrencies within the last 24 hours. This surge has propelled DOGE to surpass Cardano in market capitalization, making it the eighth-largest cryptocurrency in the market. Despite this surge, some caution remains due to factors such as Dogecoin’s heavy capitalization and the presence of long-term holders who acquired positions during previous ATH periods. Nonetheless, the convergence of regulatory advancements and evolving market dynamics suggests the potential for significant developments in the upcoming month.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1609 | Positive Crossover | Bullish
  • MA 20 : 0.1546 | Positive Crossover | Bullish
  • MA 50 : 0.1330 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1540 | Positive Crossover | Bullish
  • MA 20 : 0.1615 | Positive Crossover | Bullish
  • MA 50 : 0.1235 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.2165 | Buy Zone | Bullish

Stochastic   Oscillator : 67.7078 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy : 0.155 | Take Profit: 0.187 | Stop Loss: 0.135

Elsewhere In The Crypto Market

Bitcoin is down (0.37%) at 66,937, Ethereum is down (0.13%) at 3,449.2, Litecoin is up (0.06%) at 89.74, Solana is up (2.93%) at 189.31, Dogecoin is down (2.9%) at 0.171.

Key Economic Events & Data Release Today:

(JPY) Monetary Policy Meeting Minutes at 05:20. (EUR) ECB President Lagarde Speaks at 15:30. (USD) Building Permits Forecast 1.518M, Previous 1.489M at 17:30. (USD) New Homes Sales (Feb) Forecast 675K, Previous 661K at 19:30.