. Daily Crypto Analysis - Bitcoin Leads and Dogecoin Follow Suit

Daily Crypto Analysis – Bitcoin Leads and Dogecoin Follow Suit

Daily Crypto Analysis – Bitcoin Leads and Dogecoin Follow Suit

01 Jul 2024

Introduction

Bitcoin trades above $62,000 as miners’ selling pressure decreases, with positive funding rates indicating potential bullish momentum. Ethereum attempts to recover above $3,450, while Chainlink’s large holders refrain from selling amid a 21% price drop. Dogecoin sees increased demand, rising 6% in value over the past week.

Markets In Focus Today – BITCOIN

Bitcoin trades above the $62,000 level as miners’ sell pressure decreases, positive funding rates.

Bitcoin price is breaking above the falling wedge pattern, signaling a potential bullish move.Michael Dell, Dell’s founder and CEO, again tweets about Bitcoin.On-chain data shows miners’ selling activity is decreasing, suggesting bullish momentum.BTC shows positive funding rates and increasing open interest.Bitcoin (BTC) price is breaking above the falling wedge pattern on Monday and trades 1% up at the $63,400 level. On-chain data shows a decline in miners’ selling activity, positive funding rates, and increasing open interest, suggesting potential price gains in the coming days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62429.9601 | Positive Crossover | Bullish
  • MA 20 : 63661.5198 | Negative Crossover | Bearish
  • MA 50 : 65049.4968 | Negative Crossover | Bearish

Simple :

  • MA 10 : 61909.9030 | Positive Crossover | Bullish
  • MA 20 : 63946.5245 | Negative Crossover | Bearish
  • MA 50 : 66427.8606 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.9207 | Neutral Zone | Neutral

Stochastic   Oscillator : 43.3814 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.7902 R2 : 72674.6265
  • S1 : 59243.1165 S2 : 56073.2802

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 63616.19 | Take Profit : 60023.15 | Stop Loss : 66171.72

ETHEREUM

Ethereum Price Bounces Back Yet Lacks Strong Bullish Drive.

Ethereum price is attempting a fresh increase above the $3,450 resistance zone. ETH must settle above $3,550 to continue higher in the near term.Ethereum price started a decent recovery wave above the $3,400 level. ETH even cleared the $3,420 level to move into a short-term positive zone like Bitcoin.There was a break above a key bearish trend line with resistance near $3,415 on the hourly chart of ETH/USD. The pair even cleared the $3,500 resistance zone. A high was formed at $3,516 and the price is now consolidating gains.The current price action is positive and calling for more upsides. On the upside, the price is facing resistance near the $3,500 level. The first major resistance is near the $3,520 level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3435.2706 | Positive Crossover | Bullish
  • MA 20 : 3474.0520 | Negative Crossover | Bearish
  • MA 50 : 3477.0748 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3413.7110 | Positive Crossover | Bullish
  • MA 20 : 3471.1285 | Negative Crossover | Bearish
  • MA 50 : 3537.8406 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.5009 | Neutral Zone | Neutral

Stochastic   Oscillator : 46.7850 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.9422 R2 : 3920.1245
  • S1 : 3275.2845 S2 : 3123.1022

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Stop Sell : 3457.88 | Take Profit : 3297.43 | Stop Loss : 3600.50

CHAINLINK

Chainlink (LINK) Large Investors Refrain From Selling Holdings.

In the past month, Chainlink’s large holder netflow to exchanges has declined, indicating that major holders are sending fewer holdings to exchanges for sale. This trend is linked to LINK’s price performance, which has dropped 21% to $14.39. As LINK’s price falls, whale netflow to exchanges has decreased by 110% over the last 30 days. As of this writing, LINK’s large holder netflow to exchanges to exchange netflow ratio is -0.06%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.1025 | Positive Crossover | Bullish
  • MA 20 : 14.4589 | Negative Crossover | Bearish
  • MA 50 : 15.1887 | Negative Crossover | Bearish

Simple :

  • MA 10 : 13.8802 | Positive Crossover | Bullish
  • MA 20 : 14.2826 | Positive Crossover | Bullish
  • MA 50 : 15.7568 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 47.3329 | Neutral Zone | Neutral

Stochastic   Oscillator : 57.9730 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 17.4880 R2 : 18.8931
  • S1 : 12.9395 S2 : 11.5344

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 15.00 | Take Profit : 13.09 | Stop Loss : 16.45

DOGECOIN

Dogecoin (DOGE) Sees Demand Surge, Presents Buying Opportunity.

The uptick in meme market activity in the last week has led to a rally in Dogecoin’s value. Trading at $0.12 at press time, the leading meme coin has witnessed a 6% price hike in the past seven days. During that period, the daily count of addresses involved in DOGE transactions and the number of new addresses created to trade the meme coin have risen.The week under review has been marked by increased traders’ demand for Dogecoin. In the past seven days, the number of addresses involved in daily DOGE transactions has risen by 20%. Likewise, the new demand for the meme coin has also spiked. During the same period, the daily count of new addresses created to trade DOGE has gone up 17%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1247 | Positive Crossover | Bullish
  • MA 20 : 0.1291 | Negative Crossover | Bearish
  • MA 50 : 0.1395 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1234 | Positive Crossover | Bullish
  • MA 20 : 0.1276 | Negative Crossover | Bearish
  • MA 50 : 0.1455 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.0872 | Neutral Zone | Neutral

Stochastic   Oscillator : 50.8041 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1544 R2 : 0.1668
  • S1 : 0.1141 S2 : 0.1017

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.127 | Take Profit : 0.107 | Stop Loss : 0.140

Elsewhere In The Crypto Market

Bitcoin up (0.28%) at 62,851, Ethereum up (1.31%) at 3476.5, Litecoin down (0.2%) at 73.85, Solana up (2.46%) at 145.80, Dogecoin down (0.25%) at 0.126.

Key Economic Events & Data Release Today:

(EUR) German Manufacturing PMI (Jun) Forecast 43.4, Previous 45.4 at 03:55. (GBP) Manufacturing PMI (Jun) Forecast 51.4, Previous 51.2 at 14:00. (EUR) German CPI (MoM) (Jun) Forecast 0.2%, Previous 0.1% at 08:00. (USD) ISM Manufacturing PMI (Jun) Forecast 49.2, Previous 48.7 at 10:00. (EUR) ECB President Lagarde Speaks at 15:00. (AUD) Retail Sales (MoM) (May) Previous 0.1% at 21:30. (AUD) RBA Meeting Minutes at 21:30.