. Daily Crypto Analysis - Bitcoin Faces Resistance, XRP Battles SEC.

Daily Crypto Analysis – Bitcoin Faces Resistance, XRP Battles SEC.

Daily Crypto Analysis – Bitcoin Faces Resistance, XRP Battles SEC.

17 Jun 2024

Introduction

Bitcoin faces resistance at a crucial level, poised for short-to-midterm corrections. Active addresses hit a five-year low, and whale transactions have declined. XRP struggles below $0.50 amid legal battles with the SEC, while Ethereum whales accumulate $2.45 billion worth of ETH. Dogecoin transactions surge as whales spend $129 million, hinting at a potential price change.

Markets In Focus Today – BITCOIN

Bitcoin price faces resistance at a major level .

Bitcoin (BTC) ) prices are poised for short-to-midterm corrections. Bitcoin price faces resistance at a major level . Bitcoin price is retesting its weekly resistance level of $67,147. Bitcoin active addresses hit lowest level in five years, BTC ranges below $67,000. Bitcoin network’s active address count is down to its lowest level in 2,000 days. BTC whale transactions valued at $100,000 and $1 million and higher have declined gradually since March 5. Bitcoin holders have consistently taken profits since October 23, realizing losses on some occasions.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67212.5471 | Negative Crossover | Bearish
  • MA 20 : 67645.6320 | Negative Crossover | Bearish
  • MA 50 : 66888.4062 | Negative Crossover | Bearish

Simple :

  • MA 10 : 67576.8590 | Negative Crossover | Bearish
  • MA 20 : 68267.7955 | Negative Crossover | Bearish
  • MA 50 : 66165.4752 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.4736 | Neutral Zone | Neutral

Stochastic   Oscillator : 15.9908 | 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 : 66931.22 | Take Profit : 64179.07 | Stop Loss : 69243.03

RIPPLE

XRP stuck below $0.50 as Ripple CLO says SEC has abandoned demand for $2 billion fine.

Ripple Chief Legal Officer says that SEC seems to have abandoned its “absurd demand” of a $2 billion penalty.The SEC’s latest reply to the judge suggests a fine of around $100 million, above the $10 million ceiling that Ripple considers fair.XRP trades broadly steady on Monday, facing sticky resistance at $0.50. XRP struggles to make a comeback above sticky resistance at $0.50 on Monday as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC). Ripple’s lawyers have asked the judge to consider a civil penalty of around $10 million by drawing parallels with the recent settlement amount for Terraform Labs, another crypto firm embroiled in a legal battle with the SEC. The SEC responded to Ripple’s counter and quoted a $102.6 million figure instead, far lower than the previously requested $2 billion for allegedly violating securities laws.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4933 | Positive Crossover | Bullish
  • MA 20 : 0.5008 | Negative Crossover | Bearish
  • MA 50 : 0.5161 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4892 | Positive Crossover | Bullish
  • MA 20 : 0.5037 | Negative Crossover | Bearish
  • MA 50 : 0.5144 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 47.5238 | Buy Zone | Bullish

Stochastic   Oscillator : 48.5084 | Buy Zone | Positive

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 : 0.496 | Take Profit : 0.457 | Stop Loss : 0.528

ETHEREUM

Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip.

Whales bought over 700K ETH in three weeks with $2.45B amid the downturn.These whales are investors holding between 10,000 and 100,000 ETH tokens.Amid ongoing selling pressures in the Ethereum market, prominent investors are seizing the opportunity to accumulate ETH in anticipation of the next bull market phase.Meanwhile, as the market pulled back from this surge, the holdings of these whales gradually increased. As the accompanying chart shows, the buying frenzy gained particular momentum in the last few days as the value of ETH retested the $3,400 threshold. At press time, ETH is trading at $3,510, marking a 3.5% loss from its value last week, yet maintaining over 18% of the gains accrued in the past 30 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3584.7404 | Negative Crossover | Bearish
  • MA 20 : 3604.4894 | Negative Crossover | Bearish
  • MA 50 : 3506.4701 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3576.6160 | Negative Crossover | Bearish
  • MA 20 : 3678.4280 | Negative Crossover | Bearish
  • MA 50 : 3421.4550 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 46.1118 | Neutral Zone | Neutral

Stochastic   Oscillator : 39.3114 | Sell Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3571.10 | Take Profit : 3342.12 | Stop Loss : 3742.84

DOGECOIN

Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million.

Dogecoin is currently at a critical price junction that might determine its price trajectory in the short term. Although the meme coin has witnessed a significant price drop in the past seven days, recent whale activity suggests that the tide might change soon.Notably, large holders of DOGE have been taking advantage of the price drop to accumulate millions of DOGE. Per data from Santiment, an on-chain analytics platform, addresses holding between 10 million and 100 million Dogecoins have collectively accumulated more than $129 million worth of DOGE in the past seven days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1409 | Negative Crossover | Bearish
  • MA 20 : 0.1465 | Negative Crossover | Bearish
  • MA 50 : 0.1518 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1404 | Negative Crossover | Bearish
  • MA 20 : 0.1497 | Negative Crossover | Bearish
  • MA 50 : 0.1517 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.5129 | Sell Zone | Bearish

Stochastic   Oscillator : 10.4846 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1723 R2 : 0.1853
  • S1 : 0.1303 S2 : 0.1173

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.131 | Take Profit : 0.114 | Stop Loss : 0.145

Elsewhere In The Crypto Market

Bitcoin down (1.48%) at 65,639, Ethereum down (3.45%) at 3497.2, Litecoin down (2.37%) at 77.06, Solana down (5.01%) at 143.64, Dogecoin down (0.323%) at 0.132.

Key Economic Events & Data Release Today:

(EUR) ECB President Lagarde Speaks at 05:00.