. Daily Crypto Analysis - Bitcoin dips, Ethereum cheap, XRP battle, Dogecoin's challenge.

Daily Crypto Analysis – Bitcoin dips, Ethereum cheap, XRP battle, Dogecoin’s challenge.

Daily Crypto Analysis – Bitcoin dips, Ethereum cheap, XRP battle, Dogecoin’s challenge.

29 Apr 2024

Introduction

Bitcoin faced a downturn, slipping to $62k amidst apprehensions surrounding U.S. interest rates and changes in collateral rules by the DTCC. With a 2.5% drop over 24 hours, Bitcoin hovered near the lower end of its $60,000 to $70,000 range since mid-March. The DTCC’s decision compounded losses in a week marked by concerns over prolonged U.S. interest rates, a pivotal factor for cryptocurrencies. All eyes now turn to the upcoming Fed meeting for further rate indications.

Markets In Focus Today – BITCOIN

Bitcoin price slips to $62k amid rate jitters, DTCC headwinds.

Bitcoin price fell on Monday as sentiment towards cryptocurrencies remained dour in the face of higher-for-longer U.S. interest rates, while changes to collateral rules by the DTCC also presented some headwinds for crypto. Bitcoin fell 2.5% over the past 24 hours to $62,314.6 by 01:37 ET (05:37 GMT). The token was now trending closer to the lower end of a $60,000 to $70,000 trading range established in mid-March. The DTCC decision spurred extended losses in Bitcoin, which was already nursing losses over the past week. Fears of higher-for-longer U.S. interest rates were the biggest weight on Bitcoin in recent sessions, given that the token and the broader crypto space usually benefit from a low-rate, high-liquidity environment. Focus was now squarely on a Fed meeting later this week for more cues on rates. The central bank is widely expected to keep rates unchanged.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64044.0544 | Negative Crossover | Bearish
  • MA 20 : 64932.2001 | Negative Crossover | Bearish
  • MA 50 : 64539.8737 | Negative Crossover | Bearish

Simple :

  • MA 10 : 64539.7710 | Negative Crossover | Bearish
  • MA 20 : 65010.9310 | Negative Crossover | Bearish
  • MA 50 : 67154.4398 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.5753 | Sell Zone | Bearish

Stochastic   Oscillator : 43.9151 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 63080.53 | Take Profit: 59299.44 | Stop Loss: 65638.33

ETHEREUM

Ethereum fees drop to the lowest level since October, ETH sustains above $3,200.

Ethereum’s high transaction fees have been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost. The issue seems to have de-escalated with Ethereum’s average fee level dipping to $1.12 per network transaction. This is one of the lowest levels noted since October 18. Data shows that Ether’s circulating supply has surged, climbing to the highest level witnessed since March. A little over 120 million Ether is in circulation now and the sharp increase in supply can be attributed to the consistent decline in burn rate, in the past two weeks.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3188.4868 | Negative Crossover | Bearish
  • MA 20 : 3216.0305 | Negative Crossover | Bearish
  • MA 50 : 3259.2696 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3184.6760 | Negative Crossover | Bearish
  • MA 20 : 3180.4235 | Negative Crossover | Bearish
  • MA 50 : 3398.3024 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.2750 | Neutral Zone | Neutral

Stochastic   Oscillator : 78.0429 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 3127.73 | Take Profit: 2859.32 | Stop Loss: 3370.57

RIPPLE

XRP dips to $0.50 as CTO argues ETHgate effect on Ripple litigation, awaits SEC filing.

XRP lost all gains since April 22 and corrected to $0.50, early on Monday, ahead of the SEC filing of an opposition brief. XRP community debated the ETHgate controversy, how the alleged Ethereum free pass negatively affected the altcoin. Ripple CTO David Schwartz slammed ETH co-founder Charles Hoskinson for separating the ETHgate argument from SEC litigation on Ripple. Ripple (XRP) loses all gains from the past seven days, trading at $0.50 early on Monday. XRP holders have their eyes peeled for the Securities and Exchange Commission (SEC) filing of an opposition brief to Ripple’s motion to strike expert testimony. In March, the regulator offered new expert testimony in its opening brief, asking for an injunction (a court order restricting an entity from certain actions) from selling XRP to institutional investors.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5206 | Negative Crossover | Bearish
  • MA 20 : 0.5334 | Negative Crossover | Bearish
  • MA 50 : 0.5601 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5266 | Negative Crossover | Bearish
  • MA 20 : 0.5260 | Negative Crossover | Bearish
  • MA 50 : 0.5849 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.3940 | Neutral Zone | Bearish

Stochastic   Oscillator : 41.5996 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.501 | Take Profit: 0.451 | Stop Loss: 0.534

DOGECOIN

Dogecoin Below $0.14 Could Spark Larger Degree Drop.

Dogecoin is struggling to rise above the $0.1650 resistance zone against the US Dollar. DOGE could decline heavily if it settles below the $0.140 support.DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar. After a major decline, the Dogecoin price started a recovery wave from the $0.1280 zone. A low was formed at $0.1283 and DOGE climbed above $0.1350, like Bitcoin and Ethereum.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1513 | Negative Crossover | Bearish
  • MA 20 : 0.1581 | Negative Crossover | Bearish
  • MA 50 : 0.1586 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1529 | Negative Crossover | Bearish
  • MA 20 : 0.1593 | Negative Crossover | Bearish
  • MA 50 : 0.1702 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.4373 | Sell Zone | Bearish

Stochastic   Oscillator : 22.0530 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.2318 R2 : 0.2583
  • S1 : 0.1460 S2 : 0.1195

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.140 | Take Profit: 0.117 | Stop Loss: 0.158

Elsewhere In The Crypto Market

Bitcoin is down (0.09%) at 62,532, Ethereum is down (2.47%) at 3182.3, Litecoin is down (0.7%) at 83.37, Solana is down (1.43%) at 136.14, Dogecoin is down (3.12%) at 0.142.

Key Economic Events & Data Release Today:

(EUR) German CPI (MoM) (Apr) Forecast 0.6%, Previous 0.4% at 17:30.