. Daily Crypto Analysis - Bitcoin Flat, Ethereum Nears Breakout

Daily Crypto Analysis – Bitcoin Flat, Ethereum Nears Breakout

Daily Crypto Analysis – Bitcoin Flat, Ethereum Nears Breakout

20 May 2024

Introduction

Bitcoin remains flat at $67k, staying within its established $60k-$70k range as markets await more cues from the Federal Reserve. Meanwhile, XRP holds steady near $0.50, supported by Ripple’s blockchain research, and Ethereum nears a breakout after reclaiming its 100-day EMA. Cardano sees renewed interest from whales, indicating potential future price surges.

Markets In Focus Today – BITCOIN

Bitcoin price flat at $67k, more Fed cues in focus.

Bitcoin price moved little on Monday after rebounding over the weekend, although the token still remained rangebound amid persistent caution over the outlook for U.S. interest rates. The world’s biggest cryptocurrency moved little in the past 24 hours and steadied at $67,148.4 . It still remained well within a $60,000 to $70,000 trading range established since mid-March, with few catalysts on tap for an immediate breakout.Appetite for Bitcoin was also overshadowed by a stellar rally in metal markets. A mix of safe haven demand and long positioning saw gold hit a record high on Monday. Bitcoin rangebound with more Fed cues in sight Focus this week was squarely on more cues from the Federal Reserve, which are likely to factor into the outlook for interest rates.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 65205.9847 | Positive Crossover | Bullish
  • MA 20 : 64360.6989 | Positive Crossover | Bullish
  • MA 50 : 64015.9204 | Positive Crossover | Bullish

Simple :

  • MA 10 : 64558.5230 | Positive Crossover | Bullish
  • MA 20 : 63233.4785 | Positive Crossover | Bullish
  • MA 50 : 64876.9704 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 58.4514 | Buy Zone | Bullish

Stochastic   Oscillator : 35.76 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 67570.96 | Take Profit : 69433.63 | Stop Loss : 66554.96

RIPPLE

XRP stays close to $0.50 while Ripple backs research on new frontiers in blockchain technology.

XRP sustained its gains and held steady near $0.50 on Monday. The price edged higher, trading at $0.5130 and rising 0.70% for the day. Ripple published research from its University Blockchain Research Initiative (UBRI) on the intersection of blockchain and quantum computing, highlighting its impact on the XRP Ledger and future technical developments. XRP holders are awaiting a ruling in the SEC vs. Ripple lawsuit on two major issues: the fine for allegedly selling securities to institutional investors and an injunction on Ripple’s On-Demand Liquidity (ODL) platform.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5146 | Negative Crossover | Bearish
  • MA 20 : 0.5175 | Negative Crossover | Bearish
  • MA 50 : 0.5352 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5115 | Positive Crossover | Bullish
  • MA 20 : 0.5174 | Negative Crossover | Bearish
  • MA 50 : 0.5350 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.5669 | Neutral Zone | Neutral

Stochastic   Oscillator : 21.78 | 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 : 0.510 | Take Profit : 0.466 | Stop Loss : 0.543

ETHEREUM

Ethereum (ETH) Nears Key Breakout.

Ethereum, the second-largest cryptocurrency by market capitalization, is poised for a significant breakout after reclaiming the 100-day Exponential Moving Average (EMA). This level often serves as support, reinforcing the potential for an upward move. Currently trading at $3,101, ETH has declined slightly by 0.28% in the past 24 hours but has gained 4.07% over the past week. This positive trend is supported by a 35.51% surge in 24-hour trading volume, reaching $11.17 billion.

Technical   Overview With Chart :


Moving Averages :

Exponential :

  • MA 10 : 3044.5296 | Positive Crossover | Bullish
  • MA 20 : 3049.7868 | Positive Crossover | Bullish
  • MA 50 : 3124.1635 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3006.3340 | Positive Crossover | Bullish
  • MA 20 : 3018.9755 | Positive Crossover | Bullish
  • MA 50 : 3156.0354 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 52.4140 | Buy Zone | Bullish

Stochastic   Oscillator : 70.78 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 3140.56 | Take Profit : 3304.43 | Stop Loss : 3042.24

CARDANO

Cardano Whales Return To The Table, Increase Massive Holdings By 10%.

Cardano (ADA) whales are back in the picture, with recent data suggesting their confidence in the crypto token may have been revived. If so, this will be massive for ADA, which could experience significant price surges soon enough based on this development. The price of ADAUSD has dropped by 1% over the last 24 hours. Bulls could not maintain the rise after previous bullish closure. The volume is low, which means buyers are not ready to seize the initiative yet.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4627 | Positive Crossover | Bullish
  • MA 20 : 0.4630 | Positive Crossover | Bullish
  • MA 50 : 0.4954 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4557 | Positive Crossover | Bullish
  • MA 20 : 0.4557 | Positive Crossover | Bullish
  • MA 50 : 0.4912 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.3859 | Buy Zone | Bullish

Stochastic   Oscillator : 23.15 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.456 | Take Profit : 0.501 | Stop Loss : 0.429

Elsewhere In The Crypto Market

Bitcoin up (1.39%) at 67,197, Ethereum up (1.19%) at 3107.5, Litecoin up (1.36%) at 83.53, Solana up (5.06%) at 178.53, Dogecoin up (1.98%) at 0.152.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Speaks at 01:00. (CNY) PBoC Loan Prime Rate (May) Forecast 3.95%, Previous 3.95% at 06:45.