. Daily Crypto Analysis - Bitcoin at $62k, Ethereum Eyes $2,900 Break

Daily Crypto Analysis – Bitcoin at $62k, Ethereum Eyes $2,900 Break

Daily Crypto Analysis – Bitcoin at $62k, Ethereum Eyes $2,900 Break

15 May 2024

Introduction

Cryptocurrencies await inflation data’s verdict. Bitcoin struggles near $62k despite a weaker dollar, with investor caution holding sway ahead of key US inflation figures. Ethereum eyes a breakout above $2,900, while XRP holds at $0.50 amid its ongoing SEC battle. Cardano faces potential downside pressure as its price weakens.

Markets In Focus Today – BITCOIN

Bitcoin price today pinned aroud $62k with CPI data on tap.

Bitcoin price fell slightly on Wednesday, seeing little positive movement even as the dollar weakened, although traders remained largely risk-averse ahead of key U.S. consumer inflation data. Bitcoin saw little relief even as the dollar sank on Tuesday, after Federal Reserve Chair Jerome Powell said that current monetary policy was restrictive enough, indicating that interest rates will not rise further. But Powell warned that the central bank had little confidence that inflation was moving back towards its 2% annual target. This came after producer price index data read hotter than expected for April, potentially setting the stage for a strong consumer price index reading later on Wednesday. Signs of dwindling capital flows into Bitcoin and crypto investment products, along with the threat of more regulatory action, also kept sentiment towards crypto markets muted.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62167.3135 | Positive Crossover | Bullish
  • MA 20 : 62615.1264 | Positive Crossover | Bullish
  • MA 50 : 63329.7027 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62036.8070 | Positive Crossover | Bullish
  • MA 20 : 62193.8335 | Positive Crossover | Bullish
  • MA 50 : 65189.5588 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.5356 | Buy Zone | Bullish

Stochastic   Oscillator : 61.78 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 63111 | Take Profit : 65200 | Stop Loss : 61813

ETHEREUM

Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish.

Ethereum price is eyeing an upside break above the $2,900 level. ETH must settle above $2,900 and $2,940 to continue higher in the near term. Ethereum is forming a base above the $2,860 support zone. Ethereum price struggled to settle above the $3,000 level and started another decline, like Bitcoin. ETH traded below the $2,950 and $2,940 support levels. The price even traded below $2,900. However, the bulls were again active near the $2,860 support zone. A low was formed at $2,860 and the price is now consolidating losses. It is slowly moving higher above the $2,885 level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2958.7696 | Negative Crossover | Bearish
  • MA 20 : 3021.0047 | Negative Crossover | Bearish
  • MA 50 : 3130.7442 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2958.3570 | Negative Crossover | Bearish
  • MA 20 : 3039.2805 | Negative Crossover | Bearish
  • MA 50 : 3201.0976 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.1843 | Neutral Zone | Neutral

Stochastic   Oscillator : 49.07 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 2924.3 | Take Profit : 2860.2 | Stop Loss : 2947.9

RIPPLE

XRP holds gains as attorneys debate relevance of discounts offered to Ripple’s institutional clients.

The SEC calls for legally mandated repayment of gains from discounts offered by Ripple to institutional clients.Ripple offered different discounts to institutional clients, the SEC expects the firm to pay back “ill-gotten gains.”XRP consolidates and sustains above $0.50 on Wednesday.Ripple (XRP) price consolidates in a tight range around $0.50 on Wednesday as the Securities and Exchange Commission (SEC) legal battle against payment-remittance firm Ripple intensifies with two key issues in focus this week. The first issue is the fines to be imposed on the payment firm for alleged violations of securities laws by sale of XRP to institutional clients. The second is the issue of “disgorgement” or ill-gotten gains from different discounts offered to Ripple’s institutional clients.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5090 | Negative Crossover | Bearish
  • MA 20 : 0.5165 | Negative Crossover | Bearish
  • MA 50 : 0.5386 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5119 | Negative Crossover | Bearish
  • MA 20 : 0.5159 | Negative Crossover | Bearish
  • MA 50 : 0.5454 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.3328 | Neutral Zone | Neutral

Stochastic   Oscillator : 74.62 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.498 | Take Profit : 0.451 | Stop Loss : 0.535

CARDANO

Cardano (ADA) Price May Fall Below Support as Bearish Pressure Mounts.

Cardano may extend its 30-day decline as it appears poised to breach a key support level. ADA trades at $0.41 at press time, logging a 6.5% price decline in the last month. Although this price decline mirrors the downtrend in the general market during that period, it has also been due to the steady fall in ADA demand among market participants. The decline in the coin’s demand in the last month is connected to the low profits yielded by ADA investments during that period.ADA’s key momentum indicators also hinted at the possibility of a continued downtrend if sentiment remains bearish.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4424 | Negative Crossover | Bearish
  • MA 20 : 0.4550 | Negative Crossover | Bearish
  • MA 50 : 0.4997 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4436 | Negative Crossover | Bearish
  • MA 20 : 0.4510 | Negative Crossover | Bearish
  • MA 50 : 0.5087 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.0181 | Sell Zone | Bearish

Stochastic   Oscillator : 43.24 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.419 | Take Profit : 0.374 | Stop Loss : 0.455

Elsewhere In The Crypto Market

Bitcoin up (2.17%) at 62,848, Ethereum up (1.24%) at 2916.4, Litecoin up (0.29%) at 79.01, Solana up (2.2%) at 145.14, Dogecoin up (3.17%) at 0.150.

Key Economic Events & Data Release Today:

(EUR) GDP (YoY) (Q1) Forecast 0.4%, Previous 0.1% at 14:30. (EUR) Industrial Production (MoM) (Mar) Forecast 0.5%, Previous 0.8% at 14:30. (USD) Core Retail Sales (MoM) (Apr) Forecast 0.2%, Previous 1.1% at 18:00. (USD) Retail Sales (MoM) (Apr) Forecast –0.4%, Previous 0.7% at 18:00. (USD) CPI (MoM) (Apr) Forecast 0.4%, Previous 0.4% at 18:00. (USD) Core CPI (MoM) (Apr) Forecast 0.3%, Previous 0.4% at 18:00. (USD) CPI (YoY) (Apr) Forecast 3.4%, Previous 3.5% at 18:00.