. Daily Crypto Analysis - Bitcoin drops and Chainlink recovers.

Daily Crypto Analysis – Bitcoin drops and Chainlink recovers.

Daily Crypto Analysis – Bitcoin drops and Chainlink recovers.

08 Jul 2024

Introduction

Bitcoin drops to $55k amid Mt Gox concerns, impacting broader crypto markets. Chainlink shows signs of recovery with positive on-chain metrics, while XRP and Dogecoin struggle to overcome resistance levels, facing continued pressure and potential declines.

Markets In Focus Today – BITCOIN

Bitcoin price today down to $55k as Mt Gox jitters rattle crypto.

Bitcoin price fell on Monday amid persistent concerns over distributions by now defunct crypto exchange Mt Gox, which also battered sentiment towards broader cryptocurrency markets.Still, the world’s largest cryptocurrency found some support around the $55,000 level after sinking to over four-month lows earlier on Monday. Bitcoin fell 3.8% in the past 24 hours.The token and the broader crypto space took little support from a weaker dollar, with reports suggesting that major Bitcoin wallet holders had also begun mobilizing their wallets for potential sales. Traders dumped Bitcoin on fears that receivers of the tokens will be largely encouraged to sell their holdings, given Bitcoin’s massive price jump over the past decade. Such a scenario presents massive selling pressure on the token.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 58898.6293 | Negative Crossover | Bearish
  • MA 20 : 60804.6337 | Negative Crossover | Bearish
  • MA 50 : 63365.8421 | Negative Crossover | Bearish

Simple :

  • MA 10 : 59448.7670 | Negative Crossover | Bearish
  • MA 20 : 61053.5685 | Negative Crossover | Bearish
  • MA 50 : 65465.9002 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.8609 | Sell Zone | Bearish

Stochastic   Oscillator : 34.6144 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 69504.7902 R2 : 72674.6265
  • S1 : 59243.1165 S2 : 56073.2802

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 59304.55 | Take Profit : 56430.11 | Stop Loss : 61540.21

CHAINLINK

Chainlink update Key on-chain indicators predict nearly 10% recovery in LINK.

Chainlink on-chain metrics signal a recovery from the recent correction in LINK price. Supply on exchanges dropped nearly 3% in two weeks, likely reducing the selling pressure on Chainlink. MVRV ratio in the 30-day timeframe has dipped to the historical opportunity zone, supporting a recovery in LINK. LINK trades at $12.46 on July 8, Monday, adding 1% to its value on the day.Chainlink (LINK) is down 12.39% this week, trading at $12.48 on Binance. The altcoin lost key support at $13.84 and a correction followed, pushing LINK to its July 5 low of $11.05. While whales dumped their Chainlink tokens, smaller investors scooped up the altcoin, buying the dip. Chainlink’s on-chain metrics have turned bullish, per Santiment data. A price recovery is likely if accumulation continues and LINK resists a mass sell-off.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 13.2769 | Positive Crossover | Bullish
  • MA 20 : 13.7471 | Negative Crossover | Bearish
  • MA 50 : 14.6729 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.3903 | Positive Crossover | Bullish
  • MA 20 : 13.6487 | Negative Crossover | Bearish
  • MA 50 : 15.4923 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.6349 | Neutral Zone | Neutral

Stochastic   Oscillator : 52.1752 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 17.4880 R2 : 18.8931
  • S1 : 12.9395 S2 : 11.5344

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 13.81 | Take Profit : 12.28 | Stop Loss : 15.04

RIPPLE

XRP Bulls Face Continued Pressure Key Challenges Ahead.

XRP price is struggling below the $0.4250 support zone. The price is consolidating losses and might struggle to recover above the $0.450 resistance.XRP Price Moves In The Red Zone. XRP price struggled to clear the $0.450 resistance and started a fresh decline, like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.4320 support. The pair even declined heavily below the $0.4250 support level. There was a drop below the 50% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high. The bulls are now trying to protect the $0.4050 support zone.If XRP fails to clear the $0.420 resistance zone, it could start another decline.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4484 | Negative Crossover | Bearish
  • MA 20 : 0.4624 | Negative Crossover | Bearish
  • MA 50 : 0.4865 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4539 | Negative Crossover | Bearish
  • MA 20 : 0.4672 | Negative Crossover | Bearish
  • MA 50 : 0.4942 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.0340 | Sell Zone | Bearish

Stochastic   Oscillator : 49.2354 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5176 R2 : 0.5358
  • S1 : 0.4587 S2 : 0.4405

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.44 | Take Profit : 0.39 | Stop Loss : 0.48

DOGECOIN

Dogecoin Price Recovery May Stall.

Dogecoin struggled to recover above the $0.1150 resistance zone against the US Dollar. DOGE is consolidating and might extend losses below $0.100.Dogecoin Price Takes Hit.After a decent recovery wave, Dogecoin price remained below the $0.1150 resistance zone. DOGE formed a high near $0.1141 and recently started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.1080 support level. The price dipped below the 50% Fib retracement level of the upward move from the $0.09134 swing low to the $0.1141 high. However, the bulls are now active near the $0.100 zone.If there is a fresh increase, the price might face resistance near the $0.1050 level. There is also a short-term bearish trend line forming with resistance at $0.1050 on the hourly chart of the DOGE/USD pair.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1135 | Negative Crossover | Bearish
  • MA 20 : 0.1197 | Negative Crossover | Bearish
  • MA 50 : 0.1326 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1150 | Negative Crossover | Bearish
  • MA 20 : 0.1192 | Negative Crossover | Bearish
  • MA 50 : 0.1399 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.1531 | Sell Zone | Bearish

Stochastic   Oscillator : 47.3808 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1544 R2 : 0.1668
  • S1 : 0.1141 S2 : 0.1017

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.109 | Take Profit : 0.088 | Stop Loss : 0.126

Elsewhere In The Crypto Market

Bitcoin up (3.04%) at 57,525, Ethereum up (4.48%) at 3064.0, Litecoin up (5.56%) at 65.47, Solana up (0.66%) at 140.40, Dogecoin up (5.25%) at 0.109.

Key Economic Events & Data Release Today:

(EUR) Eurogroup Meetings at 06:00. (AUD) NAB Business Confidence (Jun) Previous –3 at 21:30.