. Daily Crypto Analysis - Crypto Surge, Ripple Falters Again.

Daily Crypto Analysis – Crypto Surge, Ripple Falters Again.

Daily Crypto Analysis – Crypto Surge, Ripple Falters Again.

02 Feb 2024

Introduction

Bitcoin’s price rebounds, testing resistance at $43,000, signaling increased buying pressure after a volatile week. On-chain metrics suggest the potential for a BTC rally as profit-taking by whales decreases. Dogecoin experiences modest gains despite a rise in network activity, while Chainlink surges to a two-year high on the movement of dormant tokens. Ripple’s XRP price declines despite FOMO Pay’s announcement of a link between Asia and Africa, with a crucial support level defining its next directional move.

Markets In Focus Today – BITCOIN

Bitcoin price recovers as on-chain metrics point a potential BTC rally.

Bitcoin price tests resistance at $43,000, recovering from a week-long slump. Bitcoin on-chain metrics signal a likelihood of a BTC price rally. BTC profit-taking by whales has declined, paving the way for extended price gains. Bitcoin (BTC) price tested resistance at $43,000 on Friday, recovering from declines earlier this week, in a sign of increasing buying pressure after a choppy week. Some of the asset’s on-chain metrics support the thesis of further price gains ahead, although Bitcoin price has been moving broadly sideways for the last two months.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42467.94 | Positive Crossover | Bullish
  • MA 20 : 42393.70 | Positive Crossover | Bullish
  • MA 50 : 42050.89 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42134.39 | Positive Crossover | Bullish
  • MA 20 : 41876.26 | Positive Crossover | Bullish
  • MA 50 : 42953.29 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.07 | Buy Zone | Neutral

Stochastic   Oscillator : 82.14 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47387.23 R2 : 49860.60
  • S1 : 39380.20 S2 : 36906.83

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy : 43499.71 | Take Profit: 45288.75 | Stop Loss: 42416.87

DOGECOIN

Dogecoin price sees minor gains despite an uptick in network demand.

Dogecoin price has risen by a mere 2% in the past seven days. The price increase falls short of the significant uptick in network activity seen in the same period. Technical indicators showed that the coin’s subdued price action is due to downward bullish momentum. Dogecoin (DOGE) price has registered a minor gain of 2% in the last week despite the growth in user activity on its network during the same period. The number of both new addresses and active addresses in transactions involving the meme coin has rallied, but its price continues to endure poor bullish sentiment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • 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 | Negative Crossover | Bearish
  • MA 50 : 0.09 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.43 | Buy Zone | Bullish

Stochastic   Oscillator : 23.23 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.09 R2 : 0.09
  • S1 : 0.07 S2 : 0.07

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.073 | Take Profit: 0.069 | Stop Loss: 0.076

CHAINLINK

Chainlink surges to a two-year high after dormant coins change hands.

LINK trades at $17.84, its highest level since January 2022. The recent surge is due to the sudden movement of previously dormant tokens. Key momentum indicators confirmed the steady growth in the demand for the altcoin. Chainlink (LINK) price has risen by more than 17% on Friday, reaching its highest level since January 2021, partly fuelled by sudden movements of long-held coins. Momentum indicators suggest that Chainlink’s upward trend is strong and may continue if positive sentiment is maintained.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 15.80 | Positive Crossover | Bullish
  • MA 20 : 15.33 | Positive Crossover | Bullish
  • MA 50 : 14.89 | Positive Crossover | Bullish

Simple :

  • MA 10 : 15.22 | Positive Crossover | Bullish
  • MA 20 : 15.20 | Positive Crossover | Bullish
  • MA 50 : 14.94 | Positive Crossover | Bullish

RSI (Relative Strength Index): 69.35 | Buy Zone | Bullish

Stochastic   Oscillator : 84.62 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 16.40 R2 : 17.42
  • S1 : 13.09 S2 : 12.07

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 16.52 | Take Profit: 18.82 | Stop Loss: 15.50

RIPPLE

XRP price slumps despite Ripple’s FOMO Pay announcing link between Asia and Africa.

Ripple price has broken below the monthly triangle as February kicks off.XRP still has an opportunity to define its next directional bias. A break and close below $0.3303 on the monthly time frame would solidify the downtrend. Ripple Payments company FOMO Pay announced the connection between Asia and Africa with Klasha. Citing Klasha CEO Jessica Anuna, “We are excited about our new partnership with FOMO Pay and what this unlocks for merchants in Africa and Asia.”

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.52 | Negative Crossover | Bearish
  • MA 20 : 0.53 | Negative Crossover | Bearish
  • MA 50 : 0.56 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.52 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Negative Crossover | Bearish
  • MA 50 : 0.58 | Negative Crossover | Bearish

RSI (Relative Strength Index): 34.08 | Sell Zone | Bearish

Stochastic   Oscillator : 25.23 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.60 R2 : 0.64
  • S1 : 0.48 S2 : 0.45

Overall Sentiment: Bearish Market Direction : Sell

Trade Suggestion: Limit Sell: 0.50 | Take Profit: 0.47 | Stop Loss: 0.53

Elsewhere In The Crypto Market

Bitcoin is up (0.29%) at 43,431, Ethereum is down (0.2%) at 2,313.9, Litecoin is up (2.27%) at 68.00, Solana is up (4.27%) at 101.92, Dogecoin is up (0.63%) at 0.079.

Key Economic Events & Data Release Today:

(USD) Nonfarm Payrolls (Jan) Forecast 187K, Previous 216K at 08:30. (USD) Unemployment Rate (Jan) Forecast 3.8%, Previous 216K at 08:30. (USD) Average Hourly Earnings (MoM) (Jan) Forecast 0.3%, Previous 0.4% at 08:30.