. Daily Crypto Analysis - Bitcoin nears $67k, XRP falters, Ethereum rallies.

Daily Crypto Analysis – Bitcoin nears $67k, XRP falters, Ethereum rallies.

Daily Crypto Analysis – Bitcoin nears $67k, XRP falters, Ethereum rallies.

24 Apr 2024

Introduction

“Bitcoin inches upward to $67k amidst concerns over rising interest rates and waning ETF excitement. Despite a modest 1% increase over the past 24 hours, Bitcoin remains within a $60,000 to $70,000 trading range, lingering in the shadow of record highs. Meanwhile, Ripple’s XRP struggles to breach $0.55 amid legal uncertainties, while Ethereum hints at a potential rally despite recent fluctuations. Chainlink’s price sees a resurgence to nearly $16 after a dip to $12.25, indicating a volatile yet dynamic market.”

Markets In Focus Today – BITCOIN

Bitcoin price creeps higher to $67k amid rate fears, easing ETF hype.

Bitcoin price rose marginally on Wednesday as an overnight drop in the dollar offered some relief, although persistent fears over higher-for-longer interest rates and dwindling hype over ETFs kept the token comfortably in a trading range seen for over a month.Bitcoin rose 1% in the past 24 hours to $67,001.7 . The token has remained largely within a $60,000 to $70,000 trading range after hitting a record high of over $73,000 in early-March. The world’s largest cryptocurrency also saw limited gains even as technology stocks- which it usually tracks- rebounded sharply this week. Bitcoin’s halving event- which saw a 50% reduction in mining rewards- passed over the weekend with little price action. The launch of the ‘Runes’ protocol, which triggered a spike in on-chain activity and pushed transaction fees to record highs- also spurred little change in Bitcoin prices.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 65723.6569 | Positive Crossover | Bullish
  • MA 20 : 66133.3642 | Positive Crossover | Bullish
  • MA 50 : 64863.5627 | Positive Crossover | Bullish

Simple :

  • MA 10 : 64623.3180 | Positive Crossover | Bullish
  • MA 20 : 66586.1625 | Negative Crossover | Bearish
  • MA 50 : 67626.7708 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.7223 | Buy Zone | Bullish

Stochastic   Oscillator : 88.72 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion : Limit Buy : 67482.62 | Take Profit : 70430.37 | Stop Loss : 65650.24

RIPPLE

XRP price capped at $0.55 despite retail holdings nearing all-time highs.

Ripple wallets holding up to one million XRP are close to their all-time highs on Wednesday. Legal expert Fred Rispoli expresses concerns about a second round of the legal battle between Ripple and the SEC. XRP remains range bound below $0.55 on Wednesday. Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security. About the legal battle, cryptocurrency industry attorney Fred Rispoli said a second round of litigation between Ripple and the SEC is likely.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5352 | Positive Crossover | Bullish
  • MA 20 : 0.5469 | Negative Crossover | Bearish
  • MA 50 : 0.5705 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5198 | Positive Crossover | Bullish
  • MA 20 : 0.5480 | Negative Crossover | Bearish
  • MA 50 : 0.5955 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 47.7494 | Buy Zone | Bullish

Stochastic   Oscillator : 60.0944 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.547 | Take Profit : 0.492 | Stop Loss : 0.588

ETHEREUM

Ethereum continues hinting at rally following reduced long liquidations.

Ethereum’s price often takes a downward shift after FTX and Alameda sells ETH.Traders expect a price rise in ETH following reduced long liquidations and normalizing risk reversals.Ethereum needs increased trading volume to break past key resistance levels.Ethereum (ETH) has continued showing signs of a potential rally as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.With ETH’s recent price recovery, long traders are looking to gain control as long liquidations have slowed down significantly on in past 24 hours compared to the past two weeks. Short liquidations are increasing, with over $13.45 million liquidated, while long liquidations sit at $7.4 million in the past 24 hours.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3190.9359 | Positive Crossover | Bullish
  • MA 20 : 3239.7161 | Positive Crossover | Bullish
  • MA 50 : 3278.1429 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3129.8490 | Positive Crossover | Bullish
  • MA 20 : 3254.4315 | Positive Crossover | Bullish
  • MA 50 : 3468.8228 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.8529 | Buy Zone | Bullish

Stochastic   Oscillator : 46.6935 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion : Limit Buy : 3291.24 | Take Profit : 3558.38 | Stop Loss : 3125.86

CHAINLINK

Chainlink Price Rallies to Nearly $16 After Falling to Four-Month Low of $12.25 .

The price of Chainlink made its yearly high of $23 on March 11, after which we saw a notable downturn. It fell by 48%, dipping just below $12 on April 13 – values last seen in January. A recovery followed, pushing the price to $16 yesterday, April 23, increasing by 27%. As Chainlink‘s price increased, investors who had regained their profits may be inclined to sell to secure their gains. The recent market correction lowered the percentage of the total LINK addresses in profit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 15.0293 | Positive Crossover | Bullish
  • MA 20 : 15.5611 | Negative Crossover | Bearish
  • MA 50 : 16.8249 | Negative Crossover | Bearish

Simple :

  • MA 10 : 14.4295 | Positive Crossover | Bullish
  • MA 20 : 15.5078 | Positive Crossover | Bullish
  • MA 50 : 17.7090 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.6577 | Neutral Zone | Neutral

Stochastic   Oscillator : 56.9395 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 21.9825 R2 : 23.5458
  • S1 : 16.9216 S2 : 15.3582

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Stop Buy: 15.99 | Take Profit: 17.74 | Stop Loss: 14.92

Elsewhere In The Crypto Market

Bitcoin up (0.22%) at 66,564, Ethereum up (2.01%) at 3284.9, Litecoin up (2.43%) at 87.11, Solana up (4.52%) at 155.48, Dogecoin up (1.55%) at 0.162.

Key Economic Events & Data Release Today:

(AUD) CPI (QoQ) (Q1) Forecast 0.8%, Previous 0.6%% at 07:00. (EUR) German Ifo Business Climate Index (Apr) Forecast 88.9, Previous 87.8 at 13:30. (USD) Durable Goods Order (MoM) (Mar) Forecast 2.5%, Previous 1.3% at 18:00. (CAD) Core Retail Sales (MoM) (Feb) Forecast 0.0%, Previous 0.5% at 18:00.