. Daily Crypto Analysis -Bitcoin, Ethereum up, Uniswap, Ripple drama.

Daily Crypto Analysis – Bitcoin, Ethereum up, Uniswap, Ripple drama.

Daily Crypto Analysis – Bitcoin, Ethereum up, Uniswap, Ripple drama.

29 Feb 2024

Introduction

Bitcoin’s surge beyond $63,000 may not be the end, fueled by the institutional depletion of BTC over-the-counter (OTC) supply. With total liquidations nearing $300 million, BTC could target $65,000 on increased demand from public exchanges. However, caution is advised amid potential market correction risks. Ethereum hits a new 2024 high at $3,369, with 26% of Ether’s supply staked. Uniswap’s fee distribution incentive may boost Ethereum-based tokens, while Ripple faces accusations of manipulating XRP price with bot activity, maintaining an uptrend.

Markets In Focus Today – BITCOIN

The bitcoin price rally is not likely over as institutions deplete BTC OTC supply.

Bitcoin price shattered the $63,000 milestone on Wednesday with total liquidations nearing $300 million.BTC could extend the gains to $65,000 amid expected increased demand on public exchanges. Amid frothing FOMO, investors should exercise caution as the markets are at high risk of a correction. Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 55943.8777 | Positive Crossover | Bullish
  • MA 20 : 52942.7876 | Positive Crossover | Bullish
  • MA 50 : 48500.3354 | Positive Crossover | Bullish

Simple :

  • MA 10 : 54585.8450 | Positive Crossover | Bullish
  • MA 20 : 52647.0385 | Positive Crossover | Bullish
  • MA 50 : 46619.3452 | Positive Crossover | Bullish

RSI (Relative Strength Index): 87.4447 | Buy Zone | Bullish

Stochastic   Oscillator : 89.8363 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 59954.51 | Take Profit: 63900.29 | Stop Loss: 57663.41

ETHEREUM

Ethereum price hits a new yearly high at $3,369 as staked Ether rises to 26%.

Ethereum price climbed to a new high on Wednesday, ETH hit $3,369. 26% of Ether’s supply is now staked, meaning it is removed from circulation. Ethereum price has climbed to a new 2024 high of $3,369 on Wednesday. Bitcoin’s rally to $59,000 and the upcoming Dencun upgrade activation on the main net have likely catalyzed Ethereum’s price gains. Ethereum price rallied to $3,369 on Wednesday, The altcoin has rallied to a new yearly high likely catalyzed by Bitcoin’s recent gains and the altcoin’s upcoming upgrade. Bitcoin price is inching closer to its $60,000 target, fueling bullish sentiment among market participants. Ethereum has enjoyed a close correlation with Bitcoin, at 0.92, according to data from Macroaxis.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3158.8176 | Positive Crossover | Bullish
  • MA 20 : 2970.2159 | Positive Crossover | Bullish
  • MA 50 : 2688.5447 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3125.9130 | Positive Crossover | Bullish
  • MA 20 : 2929.5040 | Positive Crossover | Bullish
  • MA 50 : 2604.8456 | Positive Crossover | Bullish

RSI (Relative Strength Index): 86.0696 | Buy Zone | Bullish

Stochastic   Oscillator : 92.1658 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment: Bullish  Market Direction: Buy

Trade Suggestion: Limit Buy: 3206.89 | Take Profit: 3459.38 | Stop Loss: 3036.28

UNISWAP

Uniswap fee distribution incentive could bode well for Ethereum-based tokens.

Uniswap approved its fee distribution incentive on Sunday following a proposal by the Foundation. Setting the pace for other protocols, Uniswap’s move could kickstart the next big narrative for ETH-based DeFi, DEXes, and LSDs.ETH-based tokens are positioned to benefit, with DeFi, and DEX coins likely to take prominence as Ethereum price extends past $3,000.Uniswap (UNI), a decentralized protocol, recently passed the fee switch proposal, proposing that UNI token holders who have delegated and staked their tokens will be rewarded or rather, incentivized. The proposal was conceived in the Summer of 2022.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 10.69 | Positive Crossover | Bullish
  • MA 20 : 9.63 | Positive Crossover | Bullish
  • MA 50 : 8.05 | Positive Crossover | Bullish

Simple :

  • MA 10 : 10.84 | Positive Crossover | Bullish
  • MA 20 : 9.63 | Positive Crossover | Bullish
  • MA 50 : 8.05 | Positive Crossover | Bullish

RSI (Relative Strength Index): 74.12 | Buy Zone | Bullish

Stochastic   Oscillator : 66.68 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 11.41 R2 : 12.60
  • S1 : 9.79 S2 : 8.26

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 10.32 | Take Profit: 12.60 | Stop Loss: 9.10

RIPPLE

Ripple accused of artificially boosting XRP price with bot activity, court documents allege manipulation.

XRP price maintained its uptrend, trading at $0.58 on Thursday. Crypto expert on X cites the document that states Ripple was using bots to stabilize and boost XRP prices in 2015 and 2016. Ripple is on board with the SEC’s request for a deadline extension in the lawsuit, both sides are preparing remedies briefs. XRP price continued its rally towards the $0.64 target on Thursday. The altcoin climbed to $0.58, sustained above key support at $0.55, maintaining its uptrend. Crypto experts uncovered court documents that allege Ripple used bots, market maker GSR Markets did as directed and likely stabilized or pushed XRP price higher in 2015 and 2016.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5648 | Positive Crossover | Bullish
  • MA 20 : 0.5542 | Positive Crossover | Bullish
  • MA 50 : 0.5531 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5586 | Positive Crossover | Bullish
  • MA 20 : 0.5514 | Positive Crossover | Bullish
  • MA 50 : 0.5416 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.4086 | Buy Zone | Bullish

Stochastic   Oscillator : 79.0256 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.56 | Take Profit: 0.61 | Stop Loss: 0.54

Elsewhere In The Crypto Market

Bitcoin is up (0.38%) at 62,756, Ethereum is up (2.57%) at 3,473.6, Litecoin is up (10.37%) at 82.36, Solana is up (7.78%) at 128.20, Dogecoin is up (28.6%) at 0.128.

Key Economic Events & Data Release Today:

(NZD) RBNZ Gov Orr Speaks at 00:40. (AUD) Retail Sales (MoM) (Jan) Actual 1.1%, Forecast 1.6%, Previous –2.7% at 06:00. (EUR) German Unemployment Change (Feb) Forecast 6K, Previous –2K at 14:25. (EUR) German CPI (MoM) (Feb) Forecast 0.5%, Previous 0.2% at 18:30. (USD) Core PCE Price Index (MoM) (Jan) Forecast 0.4%, Previous 0.2% at 19:00. (CAD) GDP (MoM) (Jan) at 19:1. (USD) Pending Home Sales (MoM) (Jan) Forecast 1.4%, Previous 8.3% at 20:30.