. Daily Crypto Analysis - Bitcoin hits $46.2K, Ethereum $2,400.

Daily Crypto Analysis – Bitcoin hits $46.2K, Ethereum $2,400.

Daily Crypto Analysis – Bitcoin hits $46.2K, Ethereum $2,400.

09 Feb 2024

Introduction

Bitcoin surges, marking a new high in crypto market capitalization since January 12, surpassing $1.75 trillion. Bitcoin’s recent 10% gain, reaching $46.2K in four days, draws attention to its potential to break previous highs. Cardano (ADA) anticipates a 30% climb with a break above $0.5410, while Ethereum hits $2,400 fueled by ETF anticipation. XRP faces a potential decline below $0.50 amid uncertainty over an XRPLedger AMM amendment. Market dynamics suggest a revival, altering the outlook for Cardano and Ethereum.

Markets In Focus Today – BITCOIN

Bitcoin rises ahead of schedule.

The crypto market capitalization has hit new highs since 12th January, passing the $1.75 trillion mark. The market has confidently moved into a state of greed, which we also last saw a month ago. Last month’s corrective pullback and early February’s consolidation have helped gather strength for a real breakout. Bitcoin has gained almost 10% in the last four days to trade at $46.2K. All eyes are now on whether BTCUSD can break above the previous highs from which it pulled back shortly after the initial reaction to the launch of spot ETFs.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 44025.5288 | Positive Crossover | Bullish
  • MA 20 : 43329.9591 | Positive Crossover | Bullish
  • MA 50 : 42548.5755 | Positive Crossover | Bullish

Simple :

  • MA 10 : 43669.4930 | Positive Crossover | Bullish
  • MA 20 : 42517.1160 | Positive Crossover | Bullish
  • MA 50 : 43150.4340 | Positive Crossover | Bullish

RSI (Relative Strength Index): 70.4534 | Buy Zone | Bullish

Stochastic   Oscillator : 97.4049 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 45760.44 | Take Profit: 47362.01 | Stop Loss: 44781.71

CARDANO

Cardano’s price could rise 30% as crypto markets take on a revival course.

Cardano price action has consolidated into a descending triangle, but a reversal seems likely. ADA could make a 30% climb if it manages a break and close above $0.5410. A break and close below $0.4668 would invalidate the bullish thesis. Cardano (ADA) price continues to consolidate below a descending trendline, a bearish technical formation that extended the choppy altcoin market. However, this outlook appears to be changing as cryptocurrency markets take what appears to be a revival course. Cardano (ADA) price downtrend has lasted since mid-December, falling around 30%. The price may have bottomed out as the altcoin confronts the blockade represented by the downtrend line.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5123 | Positive Crossover | Bullish
  • MA 20 : 0.5109 | Positive Crossover | Bullish
  • MA 50 : 0.5130 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5088 | Positive Crossover | Bullish
  • MA 20 : 0.4996 | Positive Crossover | Bullish
  • MA 50 : 0.5392 | Negative Crossover | Bearish

RSI (Relative Strength Index): 57.7508 | Buy Zone | Bullish

Stochastic   Oscillator : 81.5613 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6013 R2 : 0.6464
  • S1 : 0.4554 S2 : 0.4103

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.51 | Take Profit: 0.58 | Stop Loss: 0.47

ETHEREUM

Ethereum price tops $2,400 as 25% of ETH supply is staked and ETF applicants amend filings.

Ethereum price hit a local peak of $2,444 on Thursday as ETF applicants’ Ark Invest and 21Shares amended Spot ETH filing. 25% of Ethereum supply is staked, reducing ETH tokens in circulation and the selling pressure on the altcoin. ETH price rally to 2024 peak above $2,700 is likely in its uptrend. Ethereum price rallied on Thursday as two major events catalyzed ETH gains. Ethereum’s Exchange Traded Fund (ETF) applicants, Ark and 21Shares amended their Spot ETH filings, sparking anticipation of an approval.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2372.2399 | Positive Crossover | Bullish
  • MA 20 : 2356.8056 | Positive Crossover | Bullish
  • MA 50 : 2323.4121 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2346.3890 | Positive Crossover | Bullish
  • MA 20 : 2319.1100 | Positive Crossover | Bullish
  • MA 50 : 2356.6002 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.6739 | Buy Zone | Bullish

Stochastic   Oscillator : 90.8178 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2427.46 | Take Profit: 2543.54 | Stop Loss: 2373.66

RIPPLE

XRP Price faces the threat of falling below $0.50 as the XRPLedger AMM amendment is uncertain.

An XRPLedger Automated Market Maker amendment is facing criticism in the community and currently lacks the support for go go-ahead. Major XRPL validators Vet and Daniel Keller have rescinded their support for the amendment citing a minor but significant bug. XRP price has been nearly unchanged in the past 24 hours, the altcoin is trading at $0.5133 on Wednesday. XRP price is $0.5133, yielding nearly 2% weekly gains for holders. The native token of the XRPLedger is holding steady despite the status of the Automated Market Maker (AMM) amendment proposal.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5150 | Positive Crossover | Bullish
  • MA 20 : 0.5235 | Negative Crossover | Bearish
  • MA 50 : 0.5514 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5104 | Positive Crossover | Bullish
  • MA 20 : 0.5180 | Positive Crossover | Bullish
  • MA 50 : 0.5635 | Negative Crossover | Bearish

RSI (Relative Strength Index): 45.9086 | Buy Zone | Bullish

Stochastic   Oscillator : 57.0548 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.50 | Take Profit: 0.53 | Stop Loss: 0.48

Elsewhere In The Crypto Market

Bitcoin is up (0.41%) at 44,530, Ethereum is down (0.1%) at 2,421.8, Litecoin is down (0.10%) at 70.48, Solana is up (2.73%) at 105.6, Dogecoin is up (1.74%) at 0.081.

Key Economic Events & Data Release Today:

(AUD) RBA Bullock Speaks at 04:00. (EUR) German CPI (MoM) (Jan) Forecast 0.2%, Previous 0.1% at 12:30. (CAD) Unemployment Rate (Jan) Forecast 5.9%, Previous 5.8% at 19:00. (CAD) Employment Change (Jan) Forecast 16.0K, Previous 0.1K at 19:00.