. Daily Crypto Analysis - Bitcoin Near $65k, Ripple Faces SEC.

Daily Crypto Analysis – Bitcoin Near $65k, Ripple Faces SEC.

Daily Crypto Analysis – Bitcoin Near $65k, Ripple Faces SEC.

19 Jun 2024

Introduction

Bitcoin price trades near $65k amid ongoing global economic concerns. The prospect of prolonged high U.S. borrowing costs dampens crypto market enthusiasm. Recent weaker-than-expected U.S. inflation data has led the Fed to project fewer rate cuts this year. Ripple and Ethereum face significant regulatory developments, while Cardano sees a surge in trading volume despite a market downturn.

Markets In Focus Today – BITCOIN

Bitcoin price trades near key levels around $65k.

Bitcoinprice dropped slightly Wednesday, continuing the recent weakness amid concerns about the health of the global economy.Bitcoin trades near key levels. The possibility of higher-for-longer U.S. borrowing costs has dampened enthusiasm for the cryptocurrency market, with bitcoin being the world’s biggest cryptocurrency. A series of Federal Reserve officials have made it clear that they need to see more progress in taming inflation, even after last week’s weaker-than-expected U.S. inflation data, resulting in the U.S. central bank forecasting only one interest rate cut this year, compared to the prior forecast for three cuts. At the same time, recent data, including Tuesday’s U.S. retail sales release, suggested that consumers are feeling the pinch of the elevated interest rates. Activity is likely to be limited Wednesday, with the U.S. celebrating the June teenth holiday, but bitcoin could be trading near key levels that could determine the short-term trajectory of the largest crypto asset.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66677.1721 | Negative Crossover | Bearish
  • MA 20 : 67282.4900 | Negative Crossover | Bearish
  • MA 50 : 66795.3192 | Negative Crossover | Bearish

Simple :

  • MA 10 : 66810.3400 | Negative Crossover | Bearish
  • MA 20 : 68036.4460 | Negative Crossover | Bearish
  • MA 50 : 66302.5464 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.1232 | Neutral Zone | Neutral

Stochastic   Oscillator : 16.8095 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 66713.21 | Take Profit : 63895.88 | Stop Loss : 68772.03

RIPPLE

Ripple price faces rejection by its daily resistance level of $0.499 level.

The US SEC’s head of enforcement for crypto assets steps down after nine years at the agency. The resignation of David Hirsch occurs in the final stage of the lawsuit between Ripple and the SEC.XRP fails to hold above $0.50 .XRP trades in the red as Ripple (XRP) holders are awaiting developments in the US Securities and Exchange Commission’s (SEC) lawsuit against the firm with the case drawing to a close. The overall direction of the legal battle could be about to change as David Hirsh, the US regulator’s enforcement lead for the crypto unit, stepped down from his position last week. This has raised concerns in the community regarding the future course of the SEC vs. Ripple lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4937 | Positive Crossover | Bullish
  • MA 20 : 0.4997 | Negative Crossover | Bearish
  • MA 50 : 0.5145 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4891 | Positive Crossover | Bullish
  • MA 20 : 0.5011 | Negative Crossover | Bearish
  • MA 50 : 0.5139 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.8881 | Neutral Zone | Neutral

Stochastic   Oscillator : 53.7717 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.493 | Take Profit : 0.458 | Stop Loss : 0.521

ETHEREUM

Ethereum survives SEC scrutiny: Enforcement division closes investigation into Ether, Consensys says.

Ethereum developer Consensys announces that the US SEC has closed its investigation into the altcoin. The developer says the regulator will not bring charges against Ethereum. ETH price rose to $3,573 , SEC-related developments likely catalyzed recent gains.Ethereum (ETH) received a free pass from the US Securities and Exchange Commission (SEC) as the regulator decided to drop its investigation into ETH for allegedly selling the token as a security. Ethereum surged to a peak of $3,573 in response to the news of SEC ending its investigation into the second-largest cryptocurrency by market capitalization. ETH price increased nearly 1.5% on Wednesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3563.5686 | Negative Crossover | Bearish
  • MA 20 : 3588.9140 | Negative Crossover | Bearish
  • MA 50 : 3507.3080 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3541.1720 | Positive Crossover | Bullish
  • MA 20 : 3654.4760 | Negative Crossover | Bearish
  • MA 50 : 3437.5042 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 48.6335 | Buy Zone | Bullish

Stochastic   Oscillator : 29.8170 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3473.13 | Take Profit : 3703.83 | Stop Loss : 3345.63

CARDANO

Cardano (ADA) Soars 162% Despite $435 Million Market Downturn.

Cardano has experienced a staggering 162% increase in trading volumes despite the ongoing market sell-off, which has resulted in $435 million in crypto liquidations. The cryptocurrency market is under selling pressure as major cryptocurrencies, led by Bitcoin BTCUSD, saw significant price drops, contributing to the overall market decline. Cardano is not immune to the bearish trend, falling 7% in the last 24 hours to trade at $0.368 at press time.The reasons for the surge in trading volume for ADA might be varied, although it might be indicative of investor positioning. Higher volatility often triggers higher trading volume as traders buy and sell in large quantities.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4112 | Negative Crossover | Bearish
  • MA 20 : 0.4262 | Negative Crossover | Bearish
  • MA 50 : 0.4538 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4140 | Negative Crossover | Bearish
  • MA 20 : 0.4326 | Negative Crossover | Bearish
  • MA 50 : 0.4489 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 31.8116 | Sell Zone | Bearish

Stochastic   Oscillator : 17.6986 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.4931 R2 : 0.5149
  • S1 : 0.4229 S2 : 0.4011

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.394 | Take Profit : 0.338 | Stop Loss : 0.432

Elsewhere In The Crypto Market

Bitcoin up (0.43%) at 65,428, Ethereum up (2.15%) at 3559.1, Litecoin up (1.8%) at 73.95, Solana up (0.74%) at 138.71, Dogecoin up (2.47%) at 0.125.

Key Economic Events & Data Release Today:

(GBP) CPI (YoY) (May) Forecast 2.0%, Previous 2.3% at 02:00. (CHF) SNB Monetary Policy Statement at 03:30. (NZD) GDP (QoQ) (Q1) Forecast 0.1%, Previous –0.1% at 18:45. (CNY) PBoC Loan Prime Rate Forecast 3.45%, Previous 3.45% at 21:15.