. Daily Crypto Analysis - Bitcoin Dips, Ethereum Risks, Ripple's Legal Battle.

Daily Crypto Analysis – Bitcoin Dips, Ethereum Risks, Ripple’s Legal Battle.

Daily Crypto Analysis – Bitcoin Dips, Ethereum Risks, Ripple’s Legal Battle.

09 May 2024

Introduction

Bitcoin faces downward pressure, dipping to $61k amidst concerns over rising US interest rates and intensified regulatory scrutiny on major players in the crypto space. The market sentiment remains subdued as Bitcoin hovers near the lower end of its recent trading range, echoing a late-April slide to $57,000, marking a retreat from its record highs. Regulatory actions against platforms like Robinhood further weigh on sentiment. Meanwhile, Ethereum braces for potential bullish momentum post-EIP upgrades, while XRP grapples with legal uncertainties amid its lawsuit with the SEC. Cardano eyes a breakout above key resistance levels, aligning with the broader crypto market’s recovery attempts.

Markets In Focus Today – BITCOIN

Bitcoin price down to $61k as rates, regulatory fears spur consolidation.

Bitcoin price fell on Thursday, seeing little relief amid continued pressure from concerns over high U.S. interest rates and increased regulatory scrutiny against some of the crypto industry’s biggest players. The token once again drifted towards the lower end of a trading range seen through most of the last two months. Bitcoin had also slid as far as $57,000 in late-April, entering a bear market from record highs hit in early-March. Concerns over increased U.S. regulatory scrutiny against crypto remained in play, after trading app Robinhood Markets Inc (NASDAQ:HOOD) said it was facing regulatory action from the Securities and Exchange Commission (SEC) over the trade of crypto tokens on its platform. Crypto markets were also reportedly facing pressure from the release of several major token unlocks, either from staking or from locked-in issuances to early investors.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62240.6724 | Negative Crossover | Bearish
  • MA 20 : 63037.9871 | Negative Crossover | Bearish
  • MA 50 : 63666.1480 | Negative Crossover | Bearish

Simple :

  • MA 10 : 61699.2250 | Negative Crossover | Bearish
  • MA 20 : 63192.9290 | Negative Crossover | Bearish
  • MA 50 : 65750.3930 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.5818 | Neutral Zone | Neutral

Stochastic   Oscillator : 0.0 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 60833.66 | Take Profit : 57045.91 | Stop Loss : 64064.38

ETHEREUM

Ethereum could experience bullish run, ETH ‘ultrasound’ money narrative at risk.

Ethereum’s ‘ultrasound’ money narrative is at risk after the Dencun upgrade, said CryptoQuant.Ethereum’s EIP-7702 would address concerns raised about the previous EIP-3074.Ethereum’s recent price action suggests it may be gathering momentum for a bullish run.Ethereum (ETH) price action on Wednesday shows it could be gathering momentum for a rally as a recent report from CryptoQuant reveals its ultrasound money narrative is at risk. Also, the number one altcoin’s co-founder, Vitalik Buterin, and co-authors have published Ethereum Improvement Proposal (EIP) 7702 as an alternative to EIP-3074.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3050.4960 | Negative Crossover | Bearish
  • MA 20 : 3102.1716 | Negative Crossover | Bearish
  • MA 50 : 3186.7238 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3036.4350 | Negative Crossover | Bearish
  • MA 20 : 3112.8070 | Negative Crossover | Bearish
  • MA 50 : 3265.8702 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.4189 | Neutral Zone | Neutral

Stochastic   Oscillator : 17.43 | Sell Zone | Positive

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 : 3119.28 | Take Profit : 2836.08 | Stop Loss : 3440.32

RIPPLE

XRP close to support at $0.50 as traders digest SEC vs. Ripple lawsuit proceedings.

Ripple and the SEC have filed their reply briefs and supporting evidence, awaiting the court’s ruling in the lawsuit. SEC’s redacted reply brief to Ripple, made public on Wednesday, continued to demand a hefty penalty of $2 billion. XRP is stuck below sticky resistance at $0.53 on Thursday. XRP is ranging below $0.53 on Thursday as investors continue to digest the recent developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Both parties have filed their final remedies-related briefs and replies, in which they continue to support their prior stances: While SEC demands a $2 billion fine, Ripple considers that this should amount to a maximum of $10 million. The judge is expected to rule on the case in May.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5230 | Negative Crossover | Bearish
  • MA 20 : 0.5273 | Negative Crossover | Bearish
  • MA 50 : 0.5481 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5226 | Negative Crossover | Bearish
  • MA 20 : 0.5251 | Negative Crossover | Bearish
  • MA 50 : 0.5604 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.0406 | Neutral Zone | Neutral

Stochastic   Oscillator : 0.4 | Neutral 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 : 0.5140 | Take Profit : 0.3925 | Stop Loss : 0.7318

CARDANO

Cardano (ADA) is attempting a fresh increase.

Cardano (ADA) is attempting a fresh increase above the $0.4500 resistance zone. ADA could gain bullish momentum if it settles above the 100 SMA. In the past few days, Cardano started a recovery wave from the $0.4180 zone, like Bitcoin and Ethereum. ADA price broke the $0.4350 and $0.4420 levels to move into a short-term bullish zone. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5227 swing high to the $0.4180 low. Besides, there was a break above a key bearish trend line with resistance at $0.4580 on the ADA/USD pair.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4563 | Negative Crossover | Bearish
  • MA 20 : 0.4693 | Negative Crossover | Bearish
  • MA 50 : 0.5163 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4540 | Positive Crossover | Bullish
  • MA 20 : 0.4679 | Negative Crossover | Bearish
  • MA 50 : 0.5328 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.7840 | Neutral Zone | Neutral

Stochastic   Oscillator : 0.4 | Sell Zone | Negative

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 : 0.511 | Take Profit : 0.454 | Stop Loss : 0.553

Elsewhere In The Crypto Market

Bitcoin up (0.04%) at 61,203, Ethereum up (0.14%) at 2977.9, Litecoin up (0.09%) at 81.72, Solana up (0.67%) at 143.09, Dogecoin up (2.12%) at 0.146.

Key Economic Events & Data Release Today:

(GBP) BoE MPC Meeting Minutes at 16:30. (GBP) Interest Rate Decision (Apr) Forecast 5.25%, Previous 5.25% at 16:30. (GBP) BoE Gov Bailey Speaks at 17:00. (USD) Initial Jobless Claims Forecast 1790K, Previous 1774K at 18:00. (GBP) Boe Gov Bailey Speaks at 18:45.