. Daily Crypto Analysis - Bitcoin Holds at $69k, Ripple Prepares for SEC Outcome

Daily Crypto Analysis – Bitcoin Holds at $69k, Ripple Prepares for SEC Outcome

Daily Crypto Analysis – Bitcoin Holds at $69k, Ripple Prepares for SEC Outcome

23 May 2024

Introduction

Bitcoin remains steady at $69k as renewed concerns over high U.S. interest rates temper excitement over a potential spot Ether ETF. Cryptocurrencies saw a recent rally, but gains were unwound due to hawkish signals from the Federal Reserve. Meanwhile, Ripple (XRP) prepares for the SEC lawsuit outcome, Dogecoin sees increased activity from large investors, and Chainlink shows potential for a significant upswing.

Markets In Focus Today – BITCOIN

Bitcoin price flat at $69k amid Fed fears, spot Ether ETF watch.

Bitcoin price moved little on Thursday as a recent rally in cryptocurrencies, on hype over a potential spot Ether exchange-traded fund, was largely undermined by renewed fears of high U.S. interest rates. U.S. rate jitters sparked strong overnight gains in the dollar, which pressured crypto prices across the board. The world’s biggest cryptocurrency settled back into a trading range seen for most of the past two months, after a brief breakout earlier this week. Broader cryptocurrency markets unwound a bulk of gains made earlier this week, as fears of high for longer U.S. interest rates ramped up following some hawkish signals from the Federal Reserve.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67437.2879 | Positive Crossover | Bullish
  • MA 20 : 65899.5796 | Positive Crossover | Bullish
  • MA 50 : 64738.0493 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67172.2440 | Positive Crossover | Bullish
  • MA 20 : 64778.2610 | Positive Crossover | Bullish
  • MA 50 : 65077.9084 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 62.1453 | Buy Zone | Bullish

Stochastic   Oscillator : 24.89 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 68219.83 | Take Profit : 72157.05 | Stop Loss : 65882.11

RIPPLE

Ripple prepares for SEC lawsuit outcome, XRP climbs past $0.51.

Ripple prepares for permanent ban on XRP sales, continues selling to international clients through foreign subsidiaries. If XRP sales are considered securities under crypto bill FIT21, the firm could sell XRP in regimes with different regulations. XRP rallies past sticky resistance, trades at $0.5282 at the time of writing. Ripple (XRP) holders are debating the impact of the Financial Innovation and Technology for the 21st Century Act, or FIT21 on the Securities and Exchange Commission (SEC) vs. Ripple lawsuit. The outcome of the lawsuit could act as a market mover for XRP Ledger’s native token XRP’s price and affect the payment remittance firm’s institutional sales of XRP token.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5236 | Positive Crossover | Bullish
  • MA 20 : 0.5223 | Positive Crossover | Bullish
  • MA 50 : 0.5354 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5217 | Positive Crossover | Bullish
  • MA 20 : 0.5197 | Positive Crossover | Bullish
  • MA 50 : 0.5318 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.8050 | Buy Zone | Bullish

Stochastic   Oscillator : 41.51 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.51 | Take Profit : 0.55 | Stop Dogecoin (DOGE), a meme-inspired crypto, has recently experienced a significant surge in activity from large-scale investors. Recent data shows that the value of substantial transactions has nearly doubled in the last 24 hours. According to data , the value of these large transactions exceeding $100,000 has significantly increased within the past 24 hours. This dramatic increase saw the total value surge from $1.53 billion to roughly $3.01 billion. Concurrently, the volume of DOGE transferred by these whales expanded from 9.74 billion to 17.97 billion DOGE coins, indicating a marked uptick in investor engagement and movement within the Dogecoin ecosystem.

Loss : 0.49

DOGECOIN

Dogecoin Whales On The Move Transactions Surge More Than 50% Amid ETF Speculation.
Dogecoin (DOGE), a meme-inspired crypto, has recently experienced a significant surge in activity from large-scale investors. Recent data shows that the value of substantial transactions has nearly doubled in the last 24 hours. According to data , the value of these large transactions exceeding $100,000 has significantly increased within the past 24 hours. This dramatic increase saw the total value surge from $1.53 billion to roughly $3.01 billion. Concurrently, the volume of DOGE transferred by these whales expanded from 9.74 billion to 17.97 billion DOGE coins, indicating a marked uptick in investor engagement and movement within the Dogecoin ecosystem.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1596 | Positive Crossover | Bullish
  • MA 20 : 0.1559 | Positive Crossover | Bullish
  • MA 50 : 0.1550 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1578 | Positive Crossover | Bullish
  • MA 20 : 0.1538 | Positive Crossover | Bullish
  • MA 50 : 0.1588 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.7019 | Buy Zone | Bullish

Stochastic   Oscillator : 64.74 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.164 | Take Profit : 0.199 | Stop Loss : 0.150

CHAINLINK

Chainlink could provide buying opportunity before 50% rally.

Chainlink price likely to rally to local top at $20 after retesting previous support level.High network growth and whales buying the dips suggest LINK is poised for a significant upswing.Chainlink (LINK) price has broken out of the downtrend from the ongoing consolidation and rallied 19%, where it is facing some resistance. A possible price correction to the major support area could be a buying opportunity for the investors before the second bullish leg. Chainlink price looks encouraging ,it crashed 49% from its local top formed on March 11 and stabilized between the $12.35 and $16.04 range. In line with general market conditions, LINK triggered a 19% rally, which ended the consolidation. During this ascent, the Oracle token decisively breached the 200-day exponential moving average (EMA), signaling a major shift in the momentum favoring bulls.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 15.9849 | Positive Crossover | Bullish
  • MA 20 : 15.3725 | Positive Crossover | Bullish
  • MA 50 : 15.4835 | Positive Crossover | Bullish

Simple :

  • MA 10 : 15.8602 | Positive Crossover | Bullish
  • MA 20 : 14.8872 | Positive Crossover | Bullish
  • MA 50 : 15.0028 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 61.8989 | Buy Zone | Bullish

Stochastic   Oscillator : 14.58 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 17.6032 R2 : 19.3362
  • S1 : 11.9930 S2 : 10.2601

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 15.99 | Take Profit : 17.82 | Stop Loss : 15.07

Elsewhere In The Crypto Market

Bitcoin up (0.8%) at 69,655, Ethereum up (2.76%) at 3839.5, Litecoin up (0.07%) at 85.78, Solana down (1.29%) at 174.56, Dogecoin down (0.08%) at 0.166.

Key Economic Events & Data Release Today:

(EUR) German Manufacturing PMI Forecast 43.4, Previous 42.5 at 13:00. (GBP) Manufacturing PMI Forecast 49.5, Previous 49.1 at 14:00. (GBP) Service PMI Forecast 54.7, Previous 55.0 at 14:00. (USD) Initial Jobless Claims Forecast 220K, Previous 222K at 08:30. (USD) Building Permits Forecast 1.440M, Previous 1.467M at 08:30. (GBP) Manufacturing PMI (May) Forecast 50.0, Previous 51.3 at 09:45. (USD) New Home Sales (Apr) Forecast 677K, Previous 693K at 10:00.