. Daily Crypto Analysis - Bitcoin drops, Dogecoin soars, XRP fades.

Daily Crypto Analysis – Bitcoin drops, Dogecoin soars, XRP fades.

Daily Crypto Analysis – Bitcoin drops, Dogecoin soars, XRP fades.

22 Mar 2024

Introduction

Bitcoin faces downward pressure, slipping below $65,000 as the US dollar surges to a three-week high in Asian trading on Friday. The cryptocurrency, down 5% from last week’s levels, contends with dollar strength and profit-taking after reaching record highs above $73,000. Meanwhile, Dogecoin anticipates a potential 30% surge with Bitcoin’s support, while XRP experiences a loss of interest among holders amid ongoing legal battles. Additionally, Ethereum remains stagnant amidst SEC enforcement rumors.

Markets In Focus Today – BITCOIN

BTC drops below $65k as the dollar rebounds to a 3-week high.

Bitcoin price weakened in Asian trade on Friday as strength in the dollar, which rebounded sharply to three-week highs, pushed the world’s largest cryptocurrency below $65,000. The world’s largest cryptocurrency was now trading down about 5% from last Friday’s levels, amid pressure from the dollar and sustained profit-taking. The token had surged to record highs above $73,000 last week, as it benefited from strong capital flows into the recently-approved spot exchange-traded funds in U.S. markets. These funds were a key point of support for Bitcoin so far in 2024, with the token trading up around 50% for the year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66623.9655 | Negative Crossover | Bearish
  • MA 20 : 65626.2387 | Negative Crossover | Bearish
  • MA 50 : 59468.6026 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67624.5150 | Negative Crossover | Bearish
  • MA 20 : 67664.2425 | Negative Crossover | Bearish
  • MA 50 : 57605.8918 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.3509 | Buy Zone | Bullish

Stochastic   Oscillator : 41.1638 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 66475.66 | Take Profit: 63032.93 | Stop Loss: 68801.82

DOGECOIN

DOGE coils up for 30% breakout.

After a composed liquidity sweep, Dogecoin price is leading the sector with a recovery rally.DOGE could make a 30% move north if Bitcoin price strength sustains. A break and close below $0.1255 would invalidate the bullish thesis. Dogecoin (DOGE) price has recorded heightened volatility this month, amid soaring correlation with Bitcoin. As the pioneer cryptocurrency navigated FOMO, capital flows due to the spot ETF market and recently the Fed meeting, DOGE price fluctuated by association.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1537 | Positive Crossover | Bullish
  • MA 20 : 0.1495 | Positive Crossover | Bullish
  • MA 50 : 0.1285 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1545 | Positive Crossover | Bullish
  • MA 20 : 0.1608 | Negative Crossover | Bearish
  • MA 50 : 0.1181 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.7530 | Buy Zone | Bullish

Stochastic   Oscillator : 46.5676 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.147 | Take Profit: 0.180 | Stop Loss: 0.131

RIPPLE

XRP holders lose interest, and shed holdings as Ripple and SEC seal lawsuit proceedings.

XRP traders have realized more than $31 million in losses over the last week. Traders are shedding their XRP holdings and on-chain activity has dropped since the altcoin hit its year-to-date high on March 11. Technical indicators suggest the XRP price is at risk of further decline as holders anticipate developments in the SEC vs. Ripple lawsuit. XRP price broadly consolidated above $0.60 on Thursday as The Securities and Exchange Commission (SEC) is poised to file its remedies-related opening brief on Friday. According to Ripple and SEC’s agreement, the proceedings will remain sealed from public view and this has increased XRP holders’ anticipation of the developments in the legal battle. On-chain metrics signal a loss of interest in XRP while the altcoin faces a price correction.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6273 | Negative Crossover | Bearish
  • MA 20 : 0.6230 | Negative Crossover | Bearish
  • MA 50 : 0.5997 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6317 | Negative Crossover | Bearish
  • MA 20 : 0.6343 | Negative Crossover | Bearish
  • MA 50 : 0.5809 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.8858 | Buy Zone | Bullish

Stochastic   Oscillator : 31.2755 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Stop Sell: 0.603 | Take Profit: 0.554 | Stop Loss: 0.641

ETHEREUM

Ethereum Flat on US SEC Enforcement Rumors.

Ethereum prices remain depressed when writing, looking at the performance in the daily chart. Even though traders are optimistic, the failure of bulls to follow through after March 20 should be a concern. As it is, ETH has resistance at around the $3,550 level, though there is a double-bar bullish pattern, signaling strength. On the lower end, support is at $3,150.In the past 24 hours, ETH is down 2%, pushing weekly losses by 6%. Changing hands at around $3,450, sellers have the upper end in the short term. Nonetheless, the uptrend remains from a top-down preview. Presently, ETH’s market cap is lower, standing at over $414 billion, shrinking by 3%

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3548.1260 | Negative Crossover | Bearish
  • MA 20 : 3548.9503 | Negative Crossover | Bearish
  • MA 50 : 3255.0150 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3591.6090 | Negative Crossover | Bearish
  • MA 20 : 3700.5660 | Negative Crossover | Bearish
  • MA 50 : 3164.5058 | Positive Crossover | Bullish

RSI (Relative Strength Index): 48.2665 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.7592 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 3575.17 | Take Profit: 3278.15 | Stop Loss: 3789.29

Elsewhere In The Crypto Market

Bitcoin is down (0.99%) at 64,840, Ethereum is down (1.66%) at 3,430.7, Litecoin is down (2.65%) at 83.47, Solana is down (2.95%) at 174.18, Dogecoin is up (1.47%) at 0.157.

Key Economic Events & Data Release Today:

(GBP) Retail Sales (MoM) (Feb) Actual Forecast –0.4%, Previous 3.4% at 12:30. (CAD) Core Retail Sales (MoM) (Jan) Forecast –0.4%, Previous 0.9% at 18:00. (EUR) German Ifo Business Climate Index (Mar) Forecast 85.9, Previous 85.5 at 14:30 (USD) Fed Chair Powell Speaks at 18:30.