. Daily Crypto Analysis - Bitcoin comeback, ETH surge, XRP hurdles, Cardano rally.

Daily Crypto Analysis – Bitcoin comeback, ETH surge, XRP hurdles, Cardano rally.

Daily Crypto Analysis – Bitcoin comeback, ETH surge, XRP hurdles, Cardano rally.

15 Jan 2024

Introduction 

Bitcoin, facing a dip to $41,707, is poised for recovery above $42,500 after a brief retreat. Bitcoin supply rise and profit-taking by whales contributed to a neutral sentiment on the fear and greed index. Ethereum experiences an 11.4% surge as whales engage in significant accumulation. XRP’s attempt to breach $0.600 is hindered by the SEC’s pursuit of Ripple’s financial statements. Cardano, despite the potential for 31% gains, shows bearish signals, complicating its rally prospects after a correction in December. 

Markets In Focus Today – BITCOIN

Bitcoin bears hit pause at $41,700, BTC price is likely to begin recovery soon.  

Bitcoin price dropped to $41,707, and BTC price made a comeback above $42,500 on Monday. Rising Bitcoin supply on exchanges saw the BTC fear and greed index shift to neutral. Bitcoin whales engaged in profit-taking as the BTC price slipped from $46,900 to $41,700, according to Sentiment data. Bitcoin’s (BTC) price slipped to its support zone on Monday as market participants turned their attention to Ethereum and altcoins. BTC Spot ETF approvals by the Securities and Exchange Commission (SEC) turned out to be a sell-the-news event, with Bitcoin suffering a 15% decline in its price. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 43801.36 | Negative Crossover | Bearish 
  • MA 20 : 43812.97 | Negative Crossover | Bearish 
  • MA 50 : 42178.71 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 44498.95 | Negative Crossover | Bearish 
  • MA 20 : 43944.67 | Negative Crossover | Bearish 
  • MA 50 : 42750.63 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 46.37 | Buy Zone | Bullish 

Stochastic   Oscillator : 13.38 | Buy Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 44310.51 R2 : 45983.99 
  • S1 : 38893.00 S2 : 37219.52 

Trade Suggestion: Limit Buy: 42074.10 | Take Profit: 44367.64 | Stop Loss: 40793.98 

ETHEREUM

Ethereum (ETH) Jumps 11.4%, Here’s How Whales Are Changing Game.  

There is the ongoing mega accumulation of Ethereum (ETH) by whales within the crypto ecosystem. According to data from the crypto analytics platform Lookonchain, Overall, this whale has bought a total of 50,733 ETH $99.2 million at an average price of $1,955 since Sept. 19, 2023. Ethereum whales are notably helping to change the game as the digital currency strives to recoup its lost ground to price action. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2464.92 | Positive Crossover | Bullish 
  • MA 20 : 2399.64 | Positive Crossover | Bullish 
  • MA 50 : 2276.20 | Positive Crossover | Bullish 
  • MA 10 : 2444.24 | Positive Crossover | Bullish 
  • MA 20 : 2375.22 | Positive Crossover | Bullish 
  • MA 50 : 2283.70 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 59.77 | Buy Zone | Bullish 

Stochastic   Oscillator : 67.75 | Buy Zone | Negative 

Resistance   And Support Levels :  

  • R1 : 2410.75 R2 : 2505.13 
  • S1 : 2105.19 S2 : 2010.81 

Overall Sentiment: Bullish Market Direction: Buy  

Trade Suggestion: Limit Buy: 2442.58 | Take Profit: 2635.95 | Stop Loss: 2327.23 

RIPPLE

XRP price could witness correction as SEC goes after Ripple’s financial statements.  

XRP price seems to be struggling to breach the $0.600 mark as the market is presently focused on Bitcoin. The SEC is continuing its futile attempts at bringing down Ripple, now filing a motion to produce the company’s financial statement The focus of the crypto market at the moment is entirely on Bitcoin owing to the recent spot BTC ETF approval, but the same cannot be said about the Securities and Exchange Commission (SEC) that continues to fight Ripple, impacting the XRP price in return. Per its latest attempt, the regulatory body now wants the company’s financial statement for the past year. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish 
  • MA 20 : 0.59 | Negative Crossover | Bearish 
  • MA 50 : 0.60 | Negative Crossover | Bearish 
  • Simple :
  • MA 10 : 0.58 | Positive Crossover | Bullish 
  • MA 20 : 0.59 | Negative Crossover | Bearish 
  • MA 50 : 0.61 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 45.03 | Neutral Zone | Neutral 

Stochastic   Oscillator : 52.99 | Buy Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 0.68 R2 : 0.71 
  • S1 : 0.59 S2 : 0.56 

Overall Sentiment: Bearish Market Direction: Sell  

Trade Suggestion: Stop Sell: 0.56 | Take Profit: 0.52 | Stop Loss: 0.59 

CARDANO

Despite room for 31% gains, ADA might find it difficult to rally again.  

Cardano’s price corrected over the second half of December but is still sustaining the long-term uptrend. The price indicators are suggesting a likely bearish turn of events, exhibiting the first bearish signal in four months. Cardano’s price noted a significant increase followed by a sharp fall towards the end of December. While it was an expected course of action from the altcoin, the present scenario dictates that the bearishness may not have completely waned off even though there is still room for growth for ADA. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.55 | Negative Crossover | Bearish 
  • MA 20 : 0.56 | Negative Crossover | Bearish 
  • MA 50 : 0.53 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 0.54 | Positive Crossover | Bullish 
  • MA 20 : 0.57 | Negative Crossover | Bearish 
  • MA 50 : 0.54 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 47.29 | Neutral Zone | Neutral 

Stochastic   Oscillator : 41.81 | Neutral Zone | Neutral 

Resistance   And Support Levels :  

  • R1 : 0.67 R2 : 0.74 
  • S1 : 0.43 S2 : 0.36 

Overall Sentiment: Neutral Market Direction: Sell  

Trade Suggestion: Stop Sell: 0.51 | Take Profit: 0.44 | Stop Loss: 0.56 

Elsewhere In The Crypto Market

Bitcoin is up (2.21%) at 42,638, Ethereum is up (2.27%) at 2,528.7, Litecoin is up (1.86%) at 71.04, Solana is down (6.39%) at 91.08, Dogecoin is down (5.37%) at 0.080. 

Key Economic Events & Data Release Today:

(EUR) Industrial Production (MoM) (Nov) Forecast -0.3%, Previous –0.7% at 15:30. (CAD) Manufacturing Sales (MoM) Forecast 1.0%, Previous –2.8% at 19:00. (CAD) Wholesale Sales (MoM) (Nov) Forecast 0.8%, Previous –0.5% at 19:00.