. Daily Crypto Analysis - Bitcoin Flat at $61k, Dogecoin Eyes Rally.

Daily Crypto Analysis – Bitcoin Flat at $61k, Dogecoin Eyes Rally.

Daily Crypto Analysis – Bitcoin Flat at $61k, Dogecoin Eyes Rally.

28 Jun 2024

Introduction

Crypto markets mixed: Bitcoin flat at $61k amid Mt Gox, inflation fears. Dogecoin finds support, eyes 13% rally. XRP struggles below $0.47 as holders capitulate. Ethereum hints at upside but faces resistance.

Markets In Focus Today – BITCOIN

Bitcoin price today flat at $61k amid Mt Gox, inflation jitters.

Bitcoin price moved little on Friday, nursing steep losses over the past month as anticipation of a major distribution by defunct exchange Mt Gox kept traders on edge over further price weakness. Sentiment towards broader crypto markets was also on edge before a key U.S. inflation reading due on Friday, which is likely to factor into the outlook for interest rates.Given that the tokens will be at a substantially higher value than when they were stolen, traders speculated that receivers were likely to sell their tokens, representing a massive sale event for Bitcoin, which could potentially bring down prices substantially. This notion weighed heavily on Bitcoin prices through the week, and put the world’s largest crypto on course for a nearly 9% tumble in June. Broader crypto prices drifted higher, but were still nursing losses through June.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62718.2865 | Negative Crossover | Bearish
  • MA 20 : 64254.0044 | Negative Crossover | Bearish
  • MA 50 : 65451.4483 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62760.3410 | Negative Crossover | Bearish
  • MA 20 : 65000.8960 | Negative Crossover | Bearish
  • MA 50 : 66381.8524 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 34.7993 | Neutral Zone | Neutral

Stochastic   Oscillator : 30.9755 | Neutral 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 : 62286.31 | Take Profit : 59136.04 | Stop Loss : 64548.05

DOGECOIN

Dogecoin price poised for 13% rally after finding support on a key level.

Dogecoin price finds support around $0.118, the 200-week EMA.On-chain data shows DOGE’s development activity is increasing, signaling positive sentiment among investors.A weekly candlestick close below $0.118 would invalidate the bullish thesis.Dogecoin (DOGE) price has stabilized around $0.118, aligning with the 200-week Exponential Moving Average (EMA), while on-chain data reveals a rising trend in DOGE’s development activity, reflecting optimistic sentiment among investors. With these indicators in place, DOGE appears poised for a bullish upswing in the coming days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1260 | Positive Crossover | Bullish
  • MA 20 : 0.1313 | Negative Crossover | Bearish
  • MA 50 : 0.1417 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1237 | Positive Crossover | Bullish
  • MA 20 : 0.1307 | Negative Crossover | Bearish
  • MA 50 : 0.1467 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.6283 | Neutral Zone | Neutral

Stochastic   Oscillator : 42.4995 | Neutral 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 : 0.122 | Take Profit : 0.136 | Stop Loss : 0.114

RIPPLE

XRP struggles under $0.47, Ripple holders capitulate for ninth consecutive day.

Ripple holders realized losses on their XRP tokens for the ninth consecutive day on Friday. Traders have taken over $41 million in losses since June 18, according to Santiment data.XRP hovers around $0.47, wiping out over 5% in value in the past seven days. Ripple (XRP) holds the recent decline at around $0.47 on Thursday. On-chain data shows that different cohorts of XRP investors reacted differently to the price decline, with whales holding between 1 million and 10 million XRP distributing their token holdings at a loss. Ripple on-chain data from tracker Santiment shows that XRP investors took over $41 million in unrealized losses between June 18 and June 27.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4799 | Negative Crossover | Bearish
  • MA 20 : 0.4870 | Negative Crossover | Bearish
  • MA 50 : 0.5038 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4810 | Negative Crossover | Bearish
  • MA 20 : 0.4852 | Negative Crossover | Bearish
  • MA 50 : 0.5056 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.4123 | Neutral Zone | Neutral

Stochastic   Oscillator : 22.0869 | Neutral Zone | Neutral

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 : 0.471 | Take Profit : 0.430 | Stop Loss : 0.506

ETHEREUM

Ethereum Price Hints at Upside: Analyzing The Bullish Signals.

Ethereum price is attempting a fresh increase above the $3,420 resistance zone. ETH is now struggling to clear the $3,480 and $3,520 resistance levels.Ethereum Price Recovers Slightly. Ethereum price started a decent recovery wave above the $3,350 level. ETH even cleared the $3,400 level and outperformed Bitcoin. If Ethereum fails to clear the $3,480 resistance, it could start another decline. Initial support on the downside is near $3,420. The first major support sits near the $3,400 zone and the 50% Fib retracement level of the upward move from the $3,328 swing low to the $3,482 high.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3449.6956 | Negative Crossover | Bearish
  • MA 20 : 3495.9813 | Negative Crossover | Bearish
  • MA 50 : 3485.9731 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3451.6580 | Negative Crossover | Bearish
  • MA 20 : 3503.9395 | Negative Crossover | Bearish
  • MA 50 : 3508.6348 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.2892 | Neutral Zone | Neutral

Stochastic   Oscillator : 43.4522 | Neutral Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 3407.89 | Take Profit : 3248.53 | Stop Loss : 3530.82

Elsewhere In The Crypto Market

Bitcoin down (0.22%) at 61,467, Ethereum down (0.27%) at 3436.5, Litecoin up (0.89%) at 73.85, Solana up (2.46%) at 145.80, Dogecoin down (0.25%) at 0.126.

Key Economic Events & Data Release Today:

(GBP) GDP (QoQ) (Q1) Forecast 0.6%, Previous –0.3% at 02:00. (GBP) GDP (YoY) (Q1) Forecast 0.2%, Previous –0.2% at 02:00. (EUR) German Unemployment Change (Jun) Forecast 14K, Previous 15K at 02:30. (USD) Core PCE Price Index (MoM) (May) Forecast 0.1%, Previous 0.2% at 08:30. (CAD) GDP (MoM) (Apr) Forecast 0.3%, Previous 0.0% at 08:30.