. Daily Crypto Analysis - Bitcoin, Ethereum, Cardano, XRP Trends.

Daily Crypto Analysis – Bitcoin, Ethereum, Cardano, XRP Trends.

Daily Crypto Analysis – Bitcoin, Ethereum, Cardano, XRP Trends.

21 Dec 2023

Introduction

In today’s crypto market overview, key digital assets exhibit bullish momentum, with Bitcoin (BTC) surging past the $43,500 resistance level. Ethereum (ETH) faces a notable shift in stablecoin dynamics, while Cardano (ADA) consolidates around $0.60. XRP, amidst a market recovery, encounters resistance near the 100-day EMA. Our technical analysis provides insights into potential trade strategies, emphasizing critical levels and sentiment. Explore the latest developments in major cryptocurrencies and key economic events shaping the crypto landscape.

Markets In Focus Today – BTC/USD

Bitcoin Price Analysis: Breaking Resistance at $43,500

Bitcoin (BTC) has surged past the $43,500 resistance, continuing its strong uptrend. Currently trading above $43,000 and the 100 hourly Simple Moving Average (SMA), BTC faces initial resistance at $44,000. A breakthrough above $44,500 is crucial for further upward momentum, targeting $45,000 and potential levels at $46,500 and $47,200. On the downside, immediate support lies around $43,200, with a deeper correction possibly testing $43,000 or the 50% Fibonacci retracement. The overall outlook favors a bullish scenario, emphasizing the importance of surpassing the $45,000 resistance level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42756.37 | Positive Crossover | Bullish
  • MA 20 : 41962.56 | Positive Crossover | Bullish
  • MA 50 : 39146.03 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42560.11 | Positive Crossover | Bullish
  • MA 20 : 42574.24 | Positive Crossover | Bullish
  • MA 50 : 39066.87 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 63.41 | Neutral Zone | Neutral

Stochastic   Oscillator : 68.06 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44452 R2 : 45880
  • S1 : 35107.89 S2 : 34074.64

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 44452 | Take Profit: 45880 | Stop Loss: 43950

ETH/USD

Ethereum Stablecoin Supply Plummets Over 30% in 2023

Ethereum Stablecoin Supply Witnesses 30% Decline in 2023 The supply of stablecoins on the Ethereum blockchain has experienced a significant drop of over 30%, falling from $100 billion to $66 billion since 2022. Key players in this decrease include BUSD and USDC. The combined market value of stablecoins on both Ethereum and Tron stands at $129.5 billion as of December 16, 2023, representing a 31% reduction from the peak value earlier in the year. Notably, USDT, the primary stablecoin, bucked the trend with a 23% increase in supply. Interestingly, the stablecoin supply within Ethereum’s decentralized finance (DeFi) protocols moved counter to the broader market trend in 2023.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2221.34 | Negative Crossover | Bearish
  • MA 20 : 2207.98 | Positive Crossover | Bullish
  • MA 50 : 2097.40 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2224.27 | Negative Crossover | Bearish
  • MA 20 : 2250.27 | Negative Crossover | Bearish
  • MA 50 : 2098.34 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.30 | Neutral Zone | Neutral

Stochastic   Oscillator : 28.65 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2235 R2 : 2361
  • S1 : 1852.42 S2 : 1767.97

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2237 | Take Profit: 2361 | Stop Loss: 2190

CARDANO

Cardano (ADA) Price Consolidates Around $0.60 Amidst Low Volume

Over the last 24 hours, the price of Cardano (ADA) has experienced a 1.22% decline. Examining the daily chart reveals a sideways trend, indicating a lack of momentum for a significant move in either direction. The accompanying decrease in trading volume suggests an ongoing consolidation phase in the vicinity of $0.60, with this pattern expected to persist until the week’s end.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.59 | Positive Crossover | Bullish
  • MA 20 : 0.55 | Positive Crossover | Bullish
  • MA 50 : 0.46 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.61 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Positive Crossover | Bullish
  • MA 50 : 0.44 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.52 | Neutral Zone | Neutral

Stochastic   Oscillator : 63.66 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.60 R2 : 0.64
  • S1 : 0.31 S2 : 0.28

Trade Suggestion: Limit Buy: 0.60 | Take Profit: 0.64 | Stop Loss: 0.58

XRP

XRP Faces Resistance Amid Market Recovery

As the crypto market shows signs of recovery, XRP grapples with resistance near the 100-day EMA. The lack of a sharp decline suggests ongoing market confidence, but XRP’s divergence from Ethereum’s surge raises questions. A sustained bounce from the 100-day EMA could trigger a potential bullish reversal, contingent on attracting significant buying volume. Positive developments in Ripple’s legal situation or new partnerships may drive a sentiment shift and contribute to XRP’s turnaround.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.62 | Negative Crossover | Bearish
  • MA 20 : 0.62 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.62 | Positive Crossover | Bullish
  • MA 20 : 0.63 | Negative Crossover | Bearish
  • MA 50 : 0.63 | Negative Crossover | Bearish

RSI (Relative Strength Index): 48.58 | Neutral Zone | Neutral

Stochastic   Oscillator : 28.28 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.71 R2 : 0.75
  • S1 : 0.58 S2 : 0.54

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.71 | Take Profit: 0.75 | Stop Loss: 0.68

Elsewhere In The Crypto Market

BTC/USD: $43,908.0 (+2.54%) SHIB/USD: $0.00001031 (+1.08%) ETH/USD: $2,215.87 (+0.35%) SAND/USD: $0.5317 (+4.42%) CRO/USD: $0.0978 (+0.67%) GALA/USD: $0.03108 (+5.25%) DOGE/USD: $0.091750 (+1.97%)

Key Economic Events & Data Release Today:

7:00PM(IST)-USD-Unemployment Claims