. Daily Crypto Analysis - Bitcoin, Ethereum, Ripple, Chainlink.

Daily Crypto Analysis – Bitcoin, Ethereum, Ripple, Chainlink.

Daily Crypto Analysis – Bitcoin, Ethereum, Ripple, Chainlink.

27 Mar 2024

Introduction

Bitcoin remains stagnant at around $70k as the US Dollar maintains its strength, hindering further growth. Traders await signals on US interest rates while recent data suggests hesitancy towards crypto due to slowing capital flows. Ethereum’s price stagnates below $3,700 amid debates over its security status in US Congress, while XRP struggles below key resistance amidst Ripple’s AMM glitch fix. Chainlink’s bullish sentiment sees potential for a 45% rise after support-resistance flips, showcasing market optimism.

Markets In Focus Today – BITCOIN

Bitcoin price Pinned at $70k as strong dollar caps gains.

Bitcoin price moved little on Wednesday, as a rebound in the world’s largest cryptocurrency was hampered by persistent strength in the dollar, while recent data showing slowing capital flows reflected some hesitancy towards crypto. Bitcoin price capped by strong dollar, more rate cues awaited Strength in the greenback limited any further gains in Bitcoin, as traders remained largely biased towards the dollar ahead of more signals on U.S. interest rates. The dollar index remained in sight of a one-month high on Wednesday. Recent dovish signals from the Swiss National Bank and the Bank of England saw traders largely favor the greenback as the only high-yielding, low-risk currency, at least until the Federal Reserve begins cutting interest rates.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67979.4750 | Positive Crossover | Bullish
  • MA 20 : 66735.2332 | Positive Crossover | Bullish
  • MA 50 : 61057.6456 | Positive Crossover | Bullish

Simple :

  • MA 10 : 66855.7580 | Positive Crossover | Bullish
  • MA 20 : 68269.7915 | Positive Crossover | Bullish
  • MA 50 : 60123.7364 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.7411 | Buy Zone | Bullish

Stochastic   Oscillator : 71.1628 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 68713.218 | Take Profit: 71840.11 | Stop Loss: 66998.57

ETHEREUM

Ethereum price ranges below $3,700 as debate over its security status reaches US Congress.

US Congress members are demanding that the Securities and Exchange Commission explain how Prometheum Inc. should legally handle Ether. Gensler-led SEC faces questions from influential House Republicans, while Ether awaits classification as a security or non-security. ETH price ranges below $3,700 after yielding 13% weekly gains. Some US Congress members have asked Gary Gensler-led Securities and Exchange Commission (SEC) for answers on the security status of the largest altcoin, Ethereum (ETH). As special purpose US broker-dealer, Prometheum Inc., intends to begin a crypto custody operation and hold users’ Ether, influential House Republicans have demanded the SEC to give them an answer on how to legally handle the altcoin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3532.3623 | Positive Crossover | Bullish
  • MA 20 : 3532.7869 | Positive Crossover | Bullish
  • MA 50 : 3299.0034 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3457.5880 | Positive Crossover | Bullish
  • MA 20 : 3654.5910 | Negative Crossover | Bearish
  • MA 50 : 3282.2164 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.3893 | Buy Zone | Bullish

Stochastic   Oscillator : 52.6938 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3547.54 | Take Profit: 3823.83 | Stop Loss: 3395.57

RIPPLE

XRP price ranges below key resistance as Ripple issues a fix for its AMM glitch.

Ripple is reviewing, testing, and preparing a fix for the recent technical issue on the XRPLedger AMM. An amendment to the XRPLedger protocol needs to be voted in and supported by 80% of the participants within two weeks, for activation. XRP price is $0.62 on Wednesday, the altcoin is trading sideways below key resistance. XRP traders were affected by an issue in the Automated Market Maker (AMM) on the XRPLedger. Ripple identified the glitch and worked on a fix, preparing to put it to vote, and calling community members to finalize the amendment for quick activation of the AMM. Until the issue is resolved, XRP holders cannot deposit funds into AMM pools and Ripple advised traders to redeem their Liquidity Pool (LP) tokens.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6276 | Negative Crossover | Bearish
  • MA 20 : 0.6247 | Negative Crossover | Bearish
  • MA 50 : 0.6047 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6238 | Negative Crossover | Bearish
  • MA 20 : 0.6356 | Negative Crossover | Bearish
  • MA 50 : 0.5927 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.5312 | Buy Zone | Bullish

Stochastic   Oscillator : 42.5766 | Neutral Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.597 | Take Profit: 0.655 | Stop Loss: 0.563

CHAINLINK

Chainlink price could rise 45% after sustained support-resistance flips as LINK sentiment changes.

Chainlink price has successfully flipped two resistance levels into support, confirming a change in market sentiment.LINK could climb 45% to the next target at $28.71 as buyers show strength. A candlestick close below $13.08 would invalidate the bullish thesis. Chainlink (LINK) price is trading with a bullish bias after a strong breakout in October. The altcoin is rallying alongside the broader market, with prospects for more gains as LINK bulls continue to show buyers strength.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.1018 | Positive Crossover | Bullish
  • MA 20 : 19.1685 | Positive Crossover | Bullish
  • MA 50 : 18.8198 | Positive Crossover | Bullish

Simple :

  • MA 10 : 18.6054 | Positive Crossover | Bullish
  • MA 20 : 19.3739 | Positive Crossover | Bullish
  • MA 50 : 19.4397 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.2709 | Buy Zone | Bullish

Stochastic   Oscillator : 60.1821 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 20.6112 R2 : 21.9610
  • S1 : 16.2416 S2 : 14.8918

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 19.25 | Take Profit: 21.55 | Stop Loss: 17.95

Elsewhere In The Crypto Market

Bitcoin up (0.32%) at 7,0221, Ethereum down (0.5%) at 3,586, Litecoin up (1.51%) at 97.21, Solana up (3.44%) at 195.45, Dogecoin up (0.77%) at 0.183.

Key Economic Events & Data Release Today:

(NZD) ANZ Business Confidence (Mar) Previous 34.7 at 17:30. (USD) Crude Oil Inventories Forecast –1.000M, Previous –1.952M at 20:00