. Daily Crypto Analysis - Bitcoin Holds Steady, Ethereum Criticizes SEC,

Daily Crypto Analysis – Bitcoin Holds Steady, Ethereum Criticizes SEC,

Daily Crypto Analysis – Bitcoin Holds Steady, Ethereum Criticizes SEC,

10 May 2024

Introduction

Bitcoin holds steady at $62k amidst a soft dollar, despite crypto market aversion among traders. Regulatory fears weigh on sentiment as the SEC targets major players. Ethereum struggles for bullish momentum as SEC actions draw criticism from co-founder Joseph Lubin. Meanwhile, XRP hovers above $0.50 amid Ripple’s alliance for digital asset recovery and ongoing SEC lawsuit. Dogecoin eyes a ‘golden cross’, mirroring its 2021 surge, despite market volatility.

Markets In Focus Today – BITCOIN

Bitcoin price toda pinned at $62k as weak dollar offers little relief.

Bitcoin price was unchanged on Friday as traders remained largely averse to crypto markets even as soft U.S. labor data pulled down the dollar and reinforced bets on eventual interest rate cuts this year. Fears of more regulatory action against crypto were a key weight on prices this week, amid reports of more moves by the U.S. Securities and Exchange Commission against major players in crypto. The shutdown of a popular privacy coin trading platform also rattled sentiment. Bitcoin price unchanged over the past 7 daysThe world’s largest cryptocurrency was largely unchanged over the past seven days, and remained comfortably in a trading range established since its fall from record highs in early-March.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62665.9739 | Positive Crossover | Bullish
  • MA 20 : 63200.3572 | Positive Crossover | Bullish
  • MA 50 : 63712.5097 | Negative Crossover | Bearish

Simple :

  • MA 10 : 62123.9940 | Positive Crossover | Bullish
  • MA 20 : 63180.9505 | Positive Crossover | Bullish
  • MA 50 : 65737.7286 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 53.77 | Buy Zone | Bullish

Stochastic   Oscillator : 58.96 | Buy Zone | Positive

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 : 62573 | Take Profit : 63489 | Stop Loss : 61945

ETHEREUM

Ethereum needs a bullish trigger, Joseph Lubin blasts the SEC.

Ethereum co-founder alleges that the SEC aims to stifle innovation through its enforcement actions against Ethereum-related companies.Grayscale CEO says he’s optimistic the SEC would approve its spot ETH ETF application.Ethereum’s (ETH) price revealed a continuation of uncertainty among traders despite optimism expressed by Grayscale about its spot ETH ETF. Ethereum co-founder Joseph Lubin also blasted the Securities & Exchange Commission for their recent enforcement actions against Ethereum-related companies. Lubin stated that recent actions targeted against Ethereum-related firms could be because of the upcoming deadline for the SEC to decide on Van Ecks’ spot ETH ETF application.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3055.3862 | Negative Crossover | Bearish
  • MA 20 : 3100.2751 | Negative Crossover | Bearish
  • MA 50 : 3182.7505 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3043.7620 | Negative Crossover | Bearish
  • MA 20 : 3109.3040 | Negative Crossover | Bearish
  • MA 50 : 3257.7476 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.7528 | Neutral Zone | Neutral

Stochastic   Oscillator : 55.19 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3072.37 | Take Profit : 2844.07 | Stop Loss : 3240.24

RIPPLE

XRP hovers above $0.50 as Ripple joins alliance to simplify recovery of digital assets.

Ripple and XRPL Labs have joined the DeRec Alliance as founding members. The DeRec Alliance brings Web3 firms together to work on the recovery of digital assets in a secure manner across wallets. XRP tested support at $0.50 on Thursday, exchanging hands at $0.5174 on Friday. XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation. The other key catalyst influencing XRP price, which is testing critical support at $0.50, is the lawsuit that Ripple faces against the Securities and Exchange Commission (SEC) vs. Ripple over whether the sales of XRP to institutional investors are considered an unregistered sales of securities. The two parties have filed their motions, opposing motions and supporting evidence in the remedies phase, and now await a ruling on the penalties to be imposed on Ripple for this alleged violation of securities laws.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5226 | Negative Crossover | Bearish
  • MA 20 : 0.5268 | Negative Crossover | Bearish
  • MA 50 : 0.5471 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5247 | Negative Crossover | Bearish
  • MA 20 : 0.5248 | Negative Crossover | Bearish
  • MA 50 : 0.5580 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.5615 | Neutral Zone | Neutral

Stochastic   Oscillator : 10.73 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.511 | Take Profit : 0.466 | Stop Loss : 0.546

DOGECOIN

Dogecoin appears headed for a ‘golden cross’.

DOGE’s weekly price averages appear on track to confirm a bullish golden cross.Dogecoin (DOGE), the world’s largest meme cryptocurrency by market value, seems headed toward a repeat of the bullish “golden cross” technical pattern that presaged the early 2021 surge. DOGE, which has a market cap of about $22 billion, has demonstrated remarkable performance this year, with a price surge of over 70% and significantly outpacing the near 50% increase in bitcoin (BTC), the largest cryptocurrency.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1499 | Positive Crossover | Bullish
  • MA 20 : 0.1518 | Positive Crossover | Bullish
  • MA 50 : 0.1548 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1483 | Positive Crossover | Bullish
  • MA 20 : 0.1492 | Positive Crossover | Bullish
  • MA 50 : 0.1678 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.82 | Buy Zone | Bullish

Stochastic   Oscillator : 35.96 | Sell Zone | Positive

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 : 0.147 | Take Profit : 0.164 | Stop Loss : 0.137

Elsewhere In The Crypto Market

Bitcoin down (0.11%) at 63,003, Ethereum down (0.26%) at 3028.2, Litecoin up (0.1%) at 83.15, Solana up (0.98%) at 154.12, Dogecoin down (0.3%) at 0.151.

Key Economic Events & Data Release Today:

(GBP) GDP (QoQ) (Q1) Forecast 0.4%, Previous –0.3% at 11:30. (GBP) Industrial Production (MoM) Forecast –0.5%, Previous 1.1% at 11:30. (GBP) GDP (YoY) (Q1) Forecast 0.0%, Previous –0.2% at 11:30. (GBP) Manufacturing Production (MoM) (Mar) Forecast –0.5%, Previous 1.2% at 11:30. (GBP) GDP (MoM) (Mar) Forecast 0.1%, Previous 0.1% at 11:30. (EUR) ECB Publishes Account of Monetary Policy Meetings at 17:00. (CAD) Employment Change (Apr) Forecast 20.9K, Previous –2.2K at 18:00.