. Daily Crypto Analysis - Bitcoin dips, Ethereum struggles, Doge soars, Ripple-SEC clash.

Daily Crypto Analysis – Bitcoin dips, Ethereum struggles, Doge soars, Ripple-SEC clash.

Daily Crypto Analysis – Bitcoin dips, Ethereum struggles, Doge soars, Ripple-SEC clash.

22 Jan 2024

Introduction

Bitcoin struggles above $41,000 as whales make strategic moves on a major exchange, closing leveraged positions and increasing USDT reserves. Ethereum faces scalability challenges with high fees affecting d App adoption. Doge coin’s market cap reaches $12 billion amid speculation of integration into Elon Musk’s X Payments. Ripple responds to the SEC, contesting the regulator’s request for what it deems irrelevant information in the ongoing legal battle.

Markets In Focus Today – BITCOIN

Bitcoin price ranges sideways above $41,000 as whales make strategic moves in BTC.

Bitcoin price is trading on the defensive above $41,000 on Monday after a week long decline. Whales on a leading crypto exchange have closed their leveraged positions, leading to a significant increase in USDT reserve. Bitcoin (BTC) is struggling on Monday morning to keep its head above volatile waters, trading at $41,000, after its value fell last week. A decline in open interest by large-wallet investors (popularly known as whales), coupled with an increase of their Tether (USDT) reserves on Bitfinex, suggests that the downward trend for BTC price could extend in the short term.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42183.75 | Negative Crossover | Bearish
  • MA 20 : 42780.74 | Negative Crossover | Bearish
  • MA 50 : 42093.87 | Negative Crossover | Bearish

Simple :

  • MA 10 : 42064.81 | Negative Crossover | Bearish
  • MA 20 : 43483.88 | Negative Crossover | Bearish
  • MA 50 : 43234.64 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.09 | Neutral Zone | Bearish

Stochastic   Oscillator : 13.01 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 41056.53 | Take Profit : 38784.66 | Stop Loss : 42462.92

ETHEREUM

Ethereum faces scalability hurdles as high fees challenge d App adoption.

The leading smart contract platform Ethereum is currently grappling with significant scalability issues, as highlighted by Crypto Rand, a respected voice in the cryptocurrency community. Ethereum’s high transaction fees, which can average close to $5, are posing a substantial barrier to the broader adoption and efficiency of decentralized applications (dApps). Despite the hurdles presented by higher fees, Ethereum continues to hold its ground as the preeminent platform for smart contracts. Its sustained position is largely attributed to the strong network effect it has cultivated over time and the vibrant community of developers dedicated to its growth and improvement.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2467.13 | Negative Crossover | Bearish
  • MA 20 : 2438.31 | Negative Crossover | Bearish
  • MA 50 : 2326.41 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2497.26 | Negative Crossover | Bearish
  • MA 20 : 2429.48 | Negative Crossover | Bearish
  • MA 50 : 2339.57 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 49.57 | Buy Zone | Bullish

Stochastic   Oscillator : 47.85 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 2421.54 | Take Profit : 2278.68 | Stop Loss : 2517.89

DOGECOIN

Dogecoin market cap hits $12 billion amid X Payments speculation.

Dogecoin (DOGE) has witnessed a notable surge in value, with its market capitalization soaring to an estimated $12 billion today. The uptick is largely driven by the anticipation of new utility features and rumors suggesting a potential integration into Elon Musk’s X Payments system. The digital currency, often fueled by its vibrant community and high-profile endorsements, has seen mixed results in its price performance. However, a significant positive trend was observed on Saturday as Dogecoin notched a sharp rise above 10%, climbing from $0.078 to $0.090, amid the debut of Elon Musk’s Xpayments.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Positive Crossover | Bullish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.08 | Positive Crossover | Bullish
  • MA 20 : 0.08 | Positive Crossover | Bullish
  • MA 50 : 0.09 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.27 | Buy Zone | Bullish

Stochastic   Oscillator : 60.51 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.10 R2 : 0.11
  • S1 : 0.08 S2 : 0.08

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.74 | Take Profit : 0.81 | Stop Loss : 0.06

RIPPLE

Ripple responds to SEC filing, argues the regulator is asking for irrelevant information.

Ripple responded to the US SEC’s filing on January 19. The payment giant is arguing against the SEC’s need for more information, stating that it is irrelevant. Ripple’s lawyers challenge the SEC’s motion to compel and say new information won’t affect penalties or injunctions. Ripple, the cross border payment remittance firm, filed its response to the SEC’s motion to compel, on January 19, 2024. In its response, the firm outlined its argument and lawyers noted that the US financial regulator is asking for irrelevant information.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.56 | Negative Crossover | Bearish
  • MA 20 : 0.57 | Negative Crossover | Bearish
  • MA 50 : 0.59 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.56 | Negative Crossover | Bearish
  • MA 20 : 0.57 | Negative Crossover | Bearish
  • MA 50 : 0.60 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 34.28 | Sell Zone | Bearish

Stochastic   Oscillator : 22.41 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.53 | Take Profit : 0.49 | Stop Loss : 0.56

Elsewhere In The Crypto Market

Bitcoin down (1.89%) at 40,774, Ethereum down (2.79%) at 2,387.3, Litecoin down (1.92%) at 69.88, Solana up (0.61%) at 94.94, Doge coin down (0.83%) at 0.083.

Key Economic Events & Data Release Today:

(CNY) PBoC Loan Prime Rate Forecast 3.45%, Previous 3.45% at 06:45. (EUR) ECB President Lagarde Speaks at 19:30.