. Daily Crypto Analysis - Bitcoin halving, Ripple legal, Ethereum deflation, Litecoin frenzy.

Daily Crypto Analysis – Bitcoin halving, Ripple legal, Ethereum deflation, Litecoin frenzy.

Daily Crypto Analysis – Bitcoin halving, Ripple legal, Ethereum deflation, Litecoin frenzy.

18 Apr 2024

Introduction

As the Bitcoin price holds steady at $61k, anticipation mounts for its impending halving event. Despite recent declines exacerbated by U.S. interest rate hikes, attention is fixated on the halving’s impact on Bitcoin’s long-term supply. Meanwhile, Ripple’s XRP struggles below $0.50 amidst legal woes, while Ethereum remains static despite deflationary signals. Litecoin flashes a $1.3 billion signal ahead of Bitcoin’s halving, with investors eyeing bullish momentum.

Markets In Focus Today – BITCOIN

Bitcoin price is stuck at $61k as halving approaches.

Bitcoin price fell on Thursday, extending recent declines as cryptocurrency markets saw little relief in the face of higher-for-longer U.S. interest rates, which battered risk sentiment. The focus was also on the halving event, which appeared imminent, and what its effects would be on the long-term supply of Bitcoin. Bitcoin halving in focus; near-term gains uncertain Focus was now squarely on the halving event, which is set to take place with the generation of block no. 840,000 on the Bitcoin blockchain. Less than 300 blocks were left to reach the block, with the halving set to take place by April 20. Broader cryptocurrency prices saw sustained losses as traders further dialed back expectations for a June interest rate cut by the Federal Reserve. This came in the wake of strong inflation data and hawkish signals from Fed officials.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 64788.8061 | Negative Crossover | Bearish
  • MA 20 : 66181.6402 | Negative Crossover | Bearish
  • MA 50 : 64540.8762 | Negative Crossover | Bearish

Simple :

  • MA 10 : 65782.6220 | Negative Crossover | Bearish
  • MA 20 : 67326.8605 | Negative Crossover | Bearish
  • MA 50 : 67309.7284 | Negative Crossover | Bearish

RSI (Relative Strength Index): 37.6052 | Sell Zone | Bearish

Stochastic   Oscillator : 15.0550 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 63421.35 | Take Profit: 59361.09 | Stop Loss: 66251.22

RIPPLE

XRP extends losses as Ripple lawsuit could reach Supreme Court, former SEC litigator says.

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses, and investors to build on the blockchain, extending Apex 2024 registration until April 30. XRP price remains below $0.50, failing to breach key resistance. Ripple (XRP) price hovered below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row. XRP’s subdued performance – its price has fallen by around 20% in the last seven days – comes amid a broad crypto market correction and as market participants continue to discuss the lingering legal battle between Ripple and the Securities Exchanges Commission (SEC). Former SEC litigator Ladan Stewart said on Wednesday that Ripple is likely to face a Supreme Court showdown with the US financial regulator.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5249 | Negative Crossover | Bearish
  • MA 20 : 0.5544 | Negative Crossover | Bearish
  • MA 50 : 0.5797 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5352 | Negative Crossover | Bearish
  • MA 20 : 0.5680 | Negative Crossover | Bearish
  • MA 50 : 0.6051 | Negative Crossover | Bearish

RSI (Relative Strength Index): 32.4834 | Sell Zone | Bearish

Stochastic   Oscillator : 30.6331 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.486 | Take Profit: 0.468 | Stop Loss: 0.495

ETHEREUM

Ethereum moves sideways as the Q1 report indicates token burns are making it deflationary.

Ethereum validator queue increase shows that the restocking boom may be attracting more investors. Ethereum shows deflationary signs as its burn rate outpaces emissions. Ethereum may continue trading sideways as bears seem to be running out of steam. Ethereum (ETH) continued a sideways movement on Wednesday as investors seemed to be waiting for an upward or downward price catalyst. Despite the price stagnancy, the ETH validator queue – possibly fueled by the DeFi restacking boom – rose sharply. Ethereum has struggled to enter an upward trajectory on Wednesday as it still hovers around the $3,000 support. It has continued a sideways downward-like movement as there’s no catalyst to cause a significant price shift yet.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3160.9926 | Negative Crossover | Bearish
  • MA 20 : 3274.8508 | Negative Crossover | Bearish
  • MA 50 : 3301.1766 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3212.0650 | Negative Crossover | Bearish
  • MA 20 : 3326.1635 | Negative Crossover | Bearish
  • MA 50 : 3503.4502 | Negative Crossover | Bearish

RSI (Relative Strength Index): 37.1152 | Sell Zone | Bearish

Stochastic   Oscillator : 17.6433 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 3099.23 | Take Profit: 2837.36 | Stop Loss: 3300.68

LITECOIN

LTC flashes 1.3 Billion Signals ahead of BTC Halving.

Litecoin (LTC) price slid to a 45-day low, marking a 35% decline within the monthly timeframe.LTC Trading Volume surged above 1.33 billion on April 14, as investors moved to buy the dip ahead of the Bitcoin halving. In the derivatives markets, there are more active Leveraged LTC Long positions around the current prices, signaling growing bullish momentum. Litecoin on-chain movements recorded over the weekend suggest that a large number of investors have been capitalizing on the market dip to buy more LTC coins with one eye on the potential upside from the forthcoming Bitcoin halving.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 84.5065 | Negative Crossover | Bearish
  • MA 20 : 88.6116 | Negative Crossover | Bearish
  • MA 50 : 88.1566 | Negative Crossover | Bearish

Simple :

  • MA 10 : 85.3688 | Negative Crossover | Bearish
  • MA 20 : 93.4251 | Negative Crossover | Bearish
  • MA 50 : 91.1946 | Negative Crossover | Bearish

RSI (Relative Strength Index): 38.7586 | Sell Zone | Bearish

Stochastic   Oscillator : 24.9910 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 110.4129 R2 : 118.9395
  • S1 : 82.8099 S2 : 74.2833

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 82.74 | Take Profit: 75.48 | Stop Loss: 88.28

Elsewhere In The Crypto Market

Bitcoin is down (0.13%) at 61198, Ethereum is down (0.17%) at 2980.2, Litecoin is down (0.95%) at 79.43, Solana is down (0.53%) at 171.51, Dogecoin is down (1.38%) at 0.145.

Key Economic Events & Data Release Today:

(AUD) Employment Change (Mar) Forecast –7.2K, Previous –116.5K at 07:00. (EUR) EU Leaders Summit at 15:30 (USD) Initial Jobless Claims Forecast 215K, Previous 211K at 18:00 (USD) Existing Home Sales (Mar) Forecast 4.20M, Previous 4.38M at 19:30.