. Daily Crypto Analysis - Bitcoin Freefall, Ethereum $2000 Dip, Uniswap Liquidation, XRP Upgrade.

Daily Crypto Analysis – Bitcoin Freefall, Ethereum $2000 Dip, Uniswap Liquidation, XRP Upgrade.

Daily Crypto Analysis – Bitcoin Freefall, Ethereum $2000 Dip, Uniswap Liquidation, XRP Upgrade.

26 Jan 2024

Introduction

Bitcoin remains range-bound around the $40,000 mark, signaling a period of consolidation post-Spot ETF approval, while retail traders with less than 1 BTC reduce holdings, impacting Bitcoin wallets since October 2023. Ethereum faces a potential dip to $2000 amidst subdued cryptocurrency market volatility. Uniswap experiences a bearish reversal, with liquidations reaching $2.2 million. Meanwhile, the XRP Ledger anticipates an upgrade introducing an Automated Market Maker, allowing XRP holders to earn on-chain income through liquidity provision.

Markets In Focus Today – BITCOIN

Bitcoin price sees range-bound price action below the $40,000 mark closer to BTC halving.

Bitcoin wallet addresses have been on a decline since October 2023. BTC price drop below the $40,000 mark triggered liquidations in over 487,000 wallets holding up to 1 Bitcoin. Bitcoin price is range bound less than three months away from the upcoming BTC halving event in April. Bitcoin price is range bound close to the psychologically important $40,000 level, nearly two weeks post-Spot ETF approval by the Securities and Exchange Commission. Retail traders holding less than 1 BTC have shed their holdings, as evidenced by the decline in Bitcoin wallets since October 2023. Bitcoin’s retail traders are therefore on a decline amidst the BTC price correction.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 40899.76 | Negative Crossover | Bearish
  • MA 20 : 41790.73 | Negative Crossover | Bearish
  • MA 50 : 41743.34 | Negative Crossover | Bearish

Simple :

  • MA 10 : 40890.00 | Negative Crossover | Bearish
  • MA 20 : 42635.73 | Negative Crossover | Bearish
  • MA 50 : 42943.95 | Negative Crossover | Bearish

RSI (Relative Strength Index): 39.70 | Sell Zone | Bearish

Stochastic   Oscillator : 21.70 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 44312.50 R2 : 45985.97
  • S1 : 38894.98 S2 : 37221.51

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 40826.18 | Take Profit: 38768.46 | Stop Loss: 42442.96

ETHEREUM

Ethereum could end consolidation with a dip towards $2000.

Volatility in the cryptocurrency market remains subdued, keeping the capitalization near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200. Meanwhile, Ethereum, the second most-capitalized coin, has returned to the lower end of the consolidation it spent most of December in, losing since the start of the day and threatening to fall a notch lower to the $2100 area, which was the upper end of the consolidation in November. A decline here would be as logical a move as a BTCUSD pullback to $37500, which remains the main scenario. At the same time, however, be prepared for a brief dip towards $2000 due to cryptocurrency volatility.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2325.53 | Negative Crossover | Bearish
  • MA 20 : 2362.17 | Negative Crossover | Bearish
  • MA 50 : 2308.50 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2363.77 | Negative Crossover | Bearish
  • MA 20 : 2420.62 | Negative Crossover | Bearish
  • MA 50 : 2333.33 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.87 | Sell Zone | Bearish

Stochastic   Oscillator : 10.72 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2411.05 R2 : 2505.56
  • S1 : 2105.10 S2 : 2010.59

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 2175.48 | Take Profit: 2017.39 | Stop Loss: 2293.05

UNISWAP

Uniswap price validates a bearish reversal pattern, causing $2.2 million worth of liquidations.

Uniswap price is forming a bearish reversal Head and Shoulders pattern, nearly validating it by falling below $5.81.The target price, according to the pattern, is set at $3.81, marking a 34% correction from the breakout level. Long traders have witnessed liquidations worth $2.2 million, 25 times more than the short liquidations. Uniswap (UNI) price has declined significantly in the past few days. Despite noting a good run towards the beginning of the month, corrections came through, and the altcoin’s value declined. From a technical perspective, the recent price declines are set to extend as price action has formed a bearish reversal pattern.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 5.76 | Positive Crossover | Bullish
  • MA 20 : 6.00 | Negative Crossover | Bearish
  • MA 50 : 6.28 | Negative Crossover | Bearish

Simple :

  • MA 10 : 5.75 | Positive Crossover | Bullish
  • MA 20 : 6.00 | Negative Crossover | Bearish
  • MA 50 : 6.28 | Negative Crossover | Bearish

RSI (Relative Strength Index): 35.27 | Sell Zone | Bearish

Stochastic   Oscillator : 54.90 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 5.81 R2 : 6.54
  • S1 : 5.22 S2 : 4.48

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 5.84 | Take Profit: 5.08 | Stop Loss: 6.32

RIPPLE

XRP Ledger is preparing for an upgrade to allow token holders to earn income on-chain.

XRP Ledger is preparing for an upgrade to introduce a built-in automated market maker trading platform into the ledger. Validators are currently voting on XRP Ledger’s Automated Market Maker amendment.XRP price nosedived 1% on the day and declined nearly 10% in the past week. The XRP Ledger is preparing for an upgrade that will introduce an Automated Market Maker (AMM) into the ledger. This AMM will act as an opportunity for XRP holders to earn on-chain income by becoming liquidity providers.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.53 | Negative Crossover | Bearish
  • MA 20 : 0.55 | Negative Crossover | Bearish
  • MA 50 : 0.58 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.59 | Negative Crossover | Bearish

RSI (Relative Strength Index): 30.80 | Sell Zone | Bearish

Stochastic   Oscillator : 17.77 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.51 | Take Profit: 0.48 | Stop Loss: 0.53

Elsewhere In The Crypto Market

Bitcoin is up (0.61%) at 40,158, Ethereum is down (0.21%) at 2,212.8, Litecoin is up (0.27%) at 65.74, Solana is up (0.03%) at 87.90, Dogecoin is up (0.20%) at 0.078.

Key Economic Events & Data Release Today:

(USD) Core PCE Price Index (MoM) (Dec) Forecast 0.2%, Previous 0.1% at 08:30. (CAD) Wholesale Sales (MoM) Previous 0.9% at 8:30. (USD) Pending Home Sales (MoM) (Dec) Forecast 1.5%, Previous 0.0% at 10:00.