. Daily Crypto Analysis - Bitcoin, Ethereum, Ripple, and Dogecoin Face Volatility.

Daily Crypto Analysis – Bitcoin, Ethereum, Ripple, and Dogecoin Face Volatility.

Daily Crypto Analysis – Bitcoin, Ethereum, Ripple, and Dogecoin Face Volatility.

08 May 2024

Introduction

Bitcoin faced a sharp decline to $62k amid growing regulatory concerns and fears of unchanged U.S. interest rates, reversing a recent weekend rebound. Persistent regulatory scrutiny weighed on broader crypto markets, with capital outflows from crypto investment products continuing for the third consecutive week. Meanwhile, Ethereum remained stagnant after Grayscale withdrew its Ethereum futures ETF application, and SEC Chair Gensler labeled many crypto assets as securities. Ripple’s XRP dipped to $0.51 as the SEC lawsuit progressed, while Dogecoin’s price surged, potentially signaling a 15% climb before facing sell-off worries.

Markets In Focus Today – BITCOIN

Bitcoin price falls to $62k as regulatory jitters, rate fears weigh.

Bitcoin price fell on Wednesday, further reversing a rebound seen over the weekend as persistent concerns over more regulatory scrutiny against the crypto industry kept traders largely wary of buying in. Broader crypto prices were also pressured by uncertainty over U.S. interest rates, after several Federal Reserve officials signaled this week that the central bank was more likely to keep rates unchanged in 2024. The dollar rebounded from recent losses after their comments. Capital flows data released earlier this week also showed that crypto investment products, particularly Bitcoin, saw a third straight week of steep outflows as hype over exchange-traded funds launched earlier this year ran dry. The world’s largest cryptocurrency remained comfortably within a trading range seen for most of the past two months, as momentum in the token waned after it hit a record high in March.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62709.8545 | Negative Crossover | Bearish
  • MA 20 : 63356.0064 | Negative Crossover | Bearish
  • MA 50 : 63818.0733 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62097.5350 | Positive Crossover | Bullish
  • MA 20 : 63394.2830 | Negative Crossover | Bearish
  • MA 50 : 65912.4824 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.7601 | Neutral Zone | Neutral

Stochastic   Oscillator : 13.03 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Stop Sell : 61882.43 | Take Profit : 59378.37 | Stop Loss : 64144.17

ETHEREUM

Ethereum resume sideways move as Grayscale files to withdraw Ethereum futures ETF application with the SEC.

Grayscale has withdrawn its 19b-4 application for an Ethereum futures ETF.SEC Chair Gensler says several crypto assets are securities as he waives off ETH classification question.Ethereum could sustain horizontal movement in the coming weeks.Ethereum is hinting at a resumption of a sideways movement on Tuesday after seeing inflows for the first time in seven weeks. Grayscale withdrew its application for an Ethereum futures ETF, and the Securities & Exchange Commission’s (SEC) Chair Gary Gensler has also called most crypto assets securities following a Wells Notice targeted at ETH-related firms.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3071.3263 | Negative Crossover | Bearish
  • MA 20 : 3117.7508 | Negative Crossover | Bearish
  • MA 50 : 3196.2842 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3062.9260 | Negative Crossover | Bearish
  • MA 20 : 3118.1530 | Negative Crossover | Bearish
  • MA 50 : 3277.1918 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.3095 | Neutral Zone | Neutral

Stochastic   Oscillator : 38.9636 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3052.23 | Take Profit : 2797.07 | Stop Loss : 3267.10

RIPPLE

SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51.

Ripple lawsuit develops further as redacted version of SEC filing goes public. Ripple, SEC and related parties will file motions to seal material from the remedies-related filings by May 13.XRP wipes out gains since Monday and dips to a low of $0.51, early on Wednesday. Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version. Ripple and the SEC have completed their filings and brought supporting evidence, the lawsuit moves to the next phase where related parties file omnibus letter motions.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5259 | Negative Crossover | Bearish
  • MA 20 : 0.5292 | Negative Crossover | Bearish
  • MA 50 : 0.5497 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5232 | Negative Crossover | Bearish
  • MA 20 : 0.5248 | Negative Crossover | Bearish
  • MA 50 : 0.5624 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.7219 | Neutral Zone | Neutral

Stochastic   Oscillator : 4.48 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.514 | Take Profit : 0.461 | Stop Loss : 0.553

DOGECOIN

Dogecoin price could climb 15% before investors worry about sell-off.

Dogecoin price has shot up nearly 30% between May 1 and 4.In the short term, DOGE could see another 15% rally to tag the $0.181 hurdle.A correction after this impulse move could trigger a steep descent to retest the $0.116 level. Dogecoin (DOGE) price shows signs of a potential reversal on a higher time-frame picture. However, in the short term, it could trigger a quick impulse move to the upside.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1497 | Negative Crossover | Bearish
  • MA 20 : 0.1522 | Negative Crossover | Bearish
  • MA 50 : 0.1551 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1460 | Positive Crossover | Bullish
  • MA 20 : 0.1501 | Negative Crossover | Bearish
  • MA 50 : 0.1680 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.5000 | Neutral Zone | Neutral

Stochastic   Oscillator : 9.24 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.139 | Take Profit : 0.116 | Stop Loss : 0.158

Elsewhere In The Crypto Market

Bitcoin down (0.08%) at 62,273, Ethereum down (0.53%) at 2989.8, Litecoin down (1.01%) at 80.03, Solana down (1.82%) at 145.36, Dogecoin down (1.79%) at 0.147.

Key Economic Events & Data Release Today:

(EUR) German Industrial Production (MoM) (Mar) Forecast –0.6%, Previous 2.1% at 11:30. (USD) Crude Oil Inventories Forecast 1.430M, Previous 7.265M at 20:00.