. Daily Crypto Analysis - Bitcoin, Ethereum and XRP Face Pressure.

Daily Crypto Analysis – Bitcoin, Ethereum and XRP Face Pressure.

Daily Crypto Analysis – Bitcoin, Ethereum and XRP Face Pressure.

24 Jun 2024

Introduction

Bitcoin continues its decline due to miner pressure and U.S. interest rate concerns. The broader cryptocurrency market also faces pressure from a strong dollar. Ethereum approaches key support, XRP struggles with resistance, and Litecoin hits a four-month low despite increased whale activity.

Markets In Focus Today – BITCOIN

Bitcoin continues to decline due to miner pressure.

Bitcoin price fell on Monday, extending a deep decline from the past week as concerns over U.S. interest rates and anticipation of key inflation data kept traders largely biased towards the dollar.Broader cryptocurrency prices were also pressured by a strong dollar, as the greenback came close to a two-month high following robust U.S. purchasing managers index data.Bitcoin pressured by strong dollar, PCE inflation awaited The world’s largest cryptocurrency was nursing steep losses over the past week as traders grew skeptical over the timing of interest rate cuts by the Federal Reserve. The recent selling pressure in Bitcoin is attributed to Bitcoin sales by crypto mining companies whose revenues have plummeted. Reports show that miners have sold more than $2 billion worth of Bitcoin this month.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64442.6982 | Negative Crossover | Bearish
  • MA 20 : 65717.8523 | Negative Crossover | Bearish
  • MA 50 : 66179.8294 | Negative Crossover | Bearish

Simple :

  • MA 10 : 64726.5640 | Negative Crossover | Bearish
  • MA 20 : 66784.9850 | Negative Crossover | Bearish
  • MA 50 : 66479.0820 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 26.7997 | Sell Zone | Bearish

Stochastic   Oscillator : 6.6357 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 62020.59 | Take Profit : 59473.25 | Stop Loss : 64113.50

ETHEREUM

Ethereum price is approaching its key support at $3,288.

Ethereum’s price is declining towards its support level of $3,288, the 61.8% Fibonacci retracement level drawn from a swing low of $2,862 on May 14 to a swing high point of $3,977 on May 27.Ethereum’s native token ether (ETH), the second-largest cryptocurrency by market value, has dropped over 5% to $3,350 in one week, according to data. The decline follows speculation that ether ETFs could begin trading in the U.S. next month and is consistent with weakness in market leader bitcoin and other alternative cryptocurrencies.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3482.3559 | Negative Crossover | Bearish
  • MA 20 : 3532.4931 | Negative Crossover | Bearish
  • MA 50 : 3497.2230 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3501.8890 | Negative Crossover | Bearish
  • MA 20 : 3571.7015 | Negative Crossover | Bearish
  • MA 50 : 3476.6378 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.7658 | Sell Zone | Bearish

Stochastic   Oscillator : 24.8314 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3408.13 | Take Profit : 3204.68 | Stop Loss : 3555.07

RIPPLE

XRP Bears In Control.

XRP price struggled to recover above the $0.4880 resistance zone. The price is moving lower and the bears might aim for a move toward $0.4550.XRP Price Extends Losses. XRP price attempted a recovery wave above the $0.4820 resistance zone. However, the bears were active near the $0.4880 resistance zone. A high was formed at $0.4884 and the price started a fresh decline like Bitcoin and Ethereum. If there is a fresh increase, the price might face hurdles near the $0.4765 level or the 23.6% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4869 | Negative Crossover | Bearish
  • MA 20 : 0.4933 | Negative Crossover | Bearish
  • MA 50 : 0.5089 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4890 | Negative Crossover | Bearish
  • MA 20 : 0.4924 | Negative Crossover | Bearish
  • MA 50 : 0.5097 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 39.3133 | Sell Zone | Bearish

Stochastic   Oscillator : 34.7875 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.471 | Take Profit : 0.424 | Stop Loss : 0.506

LITECOIN

Litecoin (LTC) Price Drops to 4-Month Low Despite Surge in Whale Activity.

Litecoin’s price has been in a downtrend in the past few weeks, reaching its lowest point since February.This price decline has occurred despite a recent uptick in whale accumulation. At press time, LTC trades at $69.50. The token’s value has plummeted 18% in the last month.The period from June 1 to June 16 witnessed important activity in the Litecoin block chain, as indicated by the growth in the total number of addresses.Since the beginning of June, the number of LTC whales holding between 10,000 and 1,000,000 tokens has increased by 2%. For context, this cohort of investors currently comprises 613 addresses, a high last observed in March.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 74.4482 | Negative Crossover | Bearish
  • MA 20 : 76.7494 | Negative Crossover | Bearish
  • MA 50 : 80.0862 | Negative Crossover | Bearish

Simple :

  • MA 10 : 74.7953 | Negative Crossover | Bearish
  • MA 20 : 77.5202 | Negative Crossover | Bearish
  • MA 50 : 81.0017 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 28.6079 | Sell Zone | Bearish

Stochastic   Oscillator : 25.3553 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 88.2044 R2 : 91.7526
  • S1 : 76.7178 S2 : 73.1695

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 72.75 | Take Profit : 67.05 | Stop Loss : 77.18

Elsewhere In The Crypto Market

Bitcoin down (3.4%) at 61,023, Ethereum down (3.05%) at 3314.4, Litecoin down (4.74%) at 69.87, Solana down (1.82%) at 126.34, Dogecoin down (4.21%) at 0.117.

Key Economic Events & Data Release Today:

(EUR) German Ifo Business Climate Index (Jun) Forecast 89.4, Previous 89.3 at 13:30. (EUR) Eurogroup Meetings at 20:30.