. Daily Crypto Analysis -Bitcoin hits $50K, XRP up 5%, Cardano inflows soar.

Daily Crypto Analysis – Bitcoin hits $50K, XRP up 5%, Cardano inflows soar.

Daily Crypto Analysis – Bitcoin hits $50K, XRP up 5%, Cardano inflows soar.

13 Feb 2024

Introduction

Bitcoin breaks the $50,000 mark for the first time in over two years, potentially aiming for the psychological level of $60,000. However, caution is urged due to overbought conditions. Meanwhile, XRP sees a 5% weekly gain, reaching $0.5380, driven by a potential settlement in the SEC v. Ripple lawsuit. Cardano witnesses an extraordinary 1,016% increase in fund inflows, while Ethereum rallies over 5%, eyeing levels near $2,700 with the prospect of further gains.

Markets In Focus Today – BITCOIN

Bitcoin hits $50k level for the first time in more than two years.

Bitcoin price has nicked the $50,000 target, levels last tested on December 28, 2021.BTC could extend the gains to clear the $60,000 psychological level, last tested on November 21, 2021. Caution is advised as BTC is already massively overbought with the RSI reading well above 70. Bitcoin’s (BTC) price revisited the late 2021 highs on Monday, a move that passes as a milestone for the BTC community. It comes ahead of the halving event and therefore sates the pace for what could kickstart the next bull cycle in the cryptocurrency market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 46876.0334 | Positive Crossover | Bullish
  • MA 20 : 45232.4102 | Positive Crossover | Bullish
  • MA 50 : 43508.5833 | Positive Crossover | Bullish

Simple :

  • MA 10 : 46083.1990 | Positive Crossover | Bullish
  • MA 20 : 44257.4655 | Positive Crossover | Bullish
  • MA 50 : 43566.6838 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.8759 | Buy Zone | Bullish

Stochastic   Oscillator : 96.0546 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47387.2295 R2 : 49860.6039
  • S1 : 39380.2039 S2 : 36906.8295

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 48931.72 | Take Profit: 50429.87 | Stop Loss: 48105.15

RIPPLE

XRP price could rally towards the $0.56 target amidst the possibility of settlement in the SEC v. Ripple lawsuit.

XRP price climbed to $0.5338 on Tuesday, yielding nearly 5% weekly gains for holders. Crypto lawyer James Murphy predicted a settlement in the SEC v. Ripple lawsuit in a recent podcast. Attorney Fred Rispoli believes the stakes are high for Ripple as the firm shares details of post-complaint sales with the SEC. XRP price climbed nearly 5% in the past week and hit a high of $0.5380 this week. The altcoin is currently in an uptrend. Two catalysts are likely driving gains in XRP. The first positive development is Ripple’s request to extend the remedies-related discovery deadline by a week, which was granted by the Court.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5228 | Positive Crossover | Bullish
  • MA 20 : 0.5253 | Positive Crossover | Bullish
  • MA 50 : 0.5481 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5181 | Positive Crossover | Bullish
  • MA 20 : 0.5183 | Positive Crossover | Bullish
  • MA 50 : 0.5557 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.6238 | Buy Zone | Bullish

Stochastic   Oscillator : 81.8126 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6027 R2 : 0.6393
  • S1 : 0.4843 S2 : 0.4477

Overall Sentiment: Neutral  Market Direction: Buy

Trade Suggestion: Stop Buy: 0.52 | Take Profit: 0.56 | Stop Loss: 0.49

CARDANO

Cardano Fund Inflows Explode 1,016% As ADA Eyes Crucial Breakout.

Investment products focused on Cardano (ADA) experienced an unprecedented 1,016% spike in inflows over the past week, reaching $6.1 million. Cardano now ranks third in inflows over the last seven days, behind Bitcoin and Ethereum.ADA has garnered a 2023 year-to-date haul of $11 million in investment products. Over the past week, investment products focused on Cardano (ADA) saw an unprecedented spike in inflows, vaulting over 1,000% higher week-over-week, according to Coin Shares data. The report revealed $6.1 million has entered ADA funds lately as analysts simultaneously call for a decisive price breakout.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5352 | Positive Crossover | Bullish
  • MA 20 : 0.5250 | Positive Crossover | Bullish
  • MA 50 : 0.5189 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5270 | Positive Crossover | Bullish
  • MA 20 : 0.5134 | Positive Crossover | Bullish
  • MA 50 : 0.5344 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.4776 | Buy Zone | Bullish

Stochastic   Oscillator : 86.0215 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6010 R2 : 0.6460
  • S1 : 0.4550 S2 : 0.4100

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.52 | Take Profit: 0.59 | Stop Loss: 0.48

ETHEREUM

Ethereum Price Rallies 5%.

Ethereum price is up over 5% and there was a push toward $2,700. ETH is consolidating gains and might aim for a move toward $2,800 or $3,000. Ethereum is consolidating gains below the $2,700 resistance zone. The pair could start a fresh increase if it stays above the $2,630 support zone. Ethereum’s price remained stable above the $2,420 resistance. ETH formed a base and started a fresh increase above the $2,500 resistance, outperforming Bitcoin. Ethereum’s native token, ETH, experienced a notable surge in the past week, climbing over 10%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2499.3009 | Positive Crossover | Bullish
  • MA 20 : 2435.5616 | Positive Crossover | Bullish
  • MA 50 : 2363.0457 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2462.8400 | Positive Crossover | Bullish
  • MA 20 : 2374.5595 | Positive Crossover | Bullish
  • MA 50 : 2380.1862 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.5072 | Buy Zone | Bullish

Stochastic   Oscillator : 94.5980 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2598.1573 R2 : 2733.4727
  • S1 : 2160.1027 S2 : 2024.7873

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2625.65 | Take Profit: 2713.42 | Stop Loss: 2574.69

Elsewhere In The Crypto Market

Bitcoin is up (0.41%) at 44,530, Ethereum is down (0.1%) at 2,421.8, Litecoin is up (2.27%) at 72.58, Solana is up (2.1%) at 114.04, Dogecoin is up (0.76%) at 0.083.

Key Economic Events & Data Release Today:

(AUD) NAB Business Confidence (Jan) Actual 1, Previous –1 at 06:00. (GBP) Average Earnings Index +Bonus (Dec) Actual 5.8%, Forecast 5.6%, Previous 6.5% at 12:30. (USD) CPI (MoM) (Jan) Forecast 0.2%, Previous 0.3% at 19:00. (USD) Core CPI (MoM) (Jan) Forecast 0.3%, Previous 0.3% at 19:00.