. Daily Crypto Analysis - Bitcoin nears highs, Ripple returns.

Daily Crypto Analysis – Bitcoin nears highs, Ripple returns.

Daily Crypto Analysis – Bitcoin nears highs, Ripple returns.

12 Apr 2024

Introduction

As anticipation mounts over Bitcoin’s impending halving event, its price edges higher on Friday, nearing record highs. The cryptocurrency’s allure as a hedge against eroding traditional currency value strengthens amidst hotter-than-expected U.S. inflation data. Meanwhile, broader cryptocurrency markets display mixed reactions to the inflation figures, with XRPLedger witnessing amendments and Ripple grappling with support levels amid legal battles. Ethereum’s price sees a modest rebound, driven by large-scale accumulation by investors eyeing the ETH restaking trend.

Markets In Focus Today – BITCOIN

Bitcoin price halving event looms large.

Bitcoin price edged higher Friday, pushing close to record highs as hotter-than-expected U.S. inflation data positioned the world’s most popular cryptocurrency as a potential hedge against the diminishing purchasing power of traditional currencies. Anticipation of the upcoming halving event, which will reduce the pace at which new Bitcoin is generated, also appears to be offering some support to the token. The confusing U.S. inflation picture has resulted in traders picking favorites in the crypto universe, with the country’s producer price index coming in weaker than expected, in direct contrast to the hotter-than-expected consumer price index earlier in the week. Broader cryptocurrency prices have traded in a more mixed fashion Friday, as investors digested the latest U.S. inflation data.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69661.7437 | Positive Crossover | Bullish
  • MA 20 : 68933.6677 | Positive Crossover | Bullish
  • MA 50 : 64985.5403 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69248.5500 | Positive Crossover | Bullish
  • MA 20 : 69316.4015 | Positive Crossover | Bullish
  • MA 50 : 66315.5478 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.4638 | Buy Zone | Bullish

Stochastic   Oscillator : 71.9255 | Buy Zone | Positive

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 : 70639.95 | Take Profit : 71157.89 | Stop Loss : 70374.34

RIPPLE

XRPLedger amendment brings AMM back, Ripple retests $0.60 support.

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. Ripple (XRP) price is testing support at the psychologically important $0.60 level on Friday, despite Bitcoin price rally to $70,900 on April 12. XRP price remains unaffected by Bitcoin’s recent gains. XRP is likely influenced by the recent Automated Market Maker (AMM) amendment, developments in the Securities and Exchange Commission (SEC) lawsuit against Ripple and related court cases, like Govil, Coinbase lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6079 | Positive Crossover | Bullish
  • MA 20 : 0.6098 | Negative Crossover | Bearish
  • MA 50 : 0.6053 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6009 | Positive Crossover | Bullish
  • MA 20 : 0.6115 | Negative Crossover | Bearish
  • MA 50 : 0.6138 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.7565 | Buy Zone | Bullish

Stochastic   Oscillator : 60.5418 | Buy Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 0.59 | Take Profit : 0.54 | Stop Loss : 0.61

ETHEREUM

Ethereum’s price sees a modest rebound as large investors initiate a spree of accumulating the cryptocurrency.

Ethereum’s recent price movement has shown that it’s still significantly correlated with Bitcoin.Whales are accumulating Ethereum, with the aim to participate in the ETH restaking boom.The SEC’s recent Wells notice to decentralized exchange Uniswap could affect Ethereum, considering it is home to a large portion of DeFi.Ethereum (ETH) showed signs of recovering its bullish momentum on Thursday, briefly rising to $3,618 as whales entered a buying spree. Despite the movement from whales, the US Securities and Exchange Commission (SEC) Wells notice to Uniswap could affect Ethereum in the long run.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3495.2286 | Positive Crossover | Bullish
  • MA 20 : 3489.3730 | Positive Crossover | Bullish
  • MA 50 : 3380.1694 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3454.6830 | Positive Crossover | Bullish
  • MA 20 : 3484.5065 | Positive Crossover | Bullish
  • MA 50 : 3519.3694 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.9122 | Buy Zone | Bullish

Stochastic   Oscillator : 61.0221 | Buy 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 : 3455.12 | Take Profit : 3710.28 | Stop Loss : 3320.82

LITECOIN

Litecoin (LTC) price peaked at $105.98 on April 8, up 35% in the last 20-day.

Litecoin (LTC) price reached an eight-month peak of $112.70 on April 1, as investors begin to make strategic moves to capture potential gains from the forthcoming Bitcoin halving.Litecoin has made giant strides in the past week, breaking above the $105 milestone for the first time in nearly 9 months. Zooming out, LTC has bucked the global trends, outperforming the market average by over 6% during the past week. Litecoin bull face a major resistance cluster at the $114 price level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 98.8590 | Negative Crossover | Bearish
  • MA 20 : 97.4645 | Negative Crossover | Bearish
  • MA 50 : 91.0537 | Positive Crossover | Bullish

Simple :

  • MA 10 : 99.1284 | Negative Crossover | Bearish
  • MA 20 : 98.9069 | Negative Crossover | Bearish
  • MA 50 : 90.5263 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.7021 | Buy Zone | Bullish

Stochastic   Oscillator : 23.0906 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 110.4129 R2 : 118.9395
  • S1 : 82.8099 S2 : 74.2833

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 99.52 | Take Profit : 91.04 | Stop Loss : 105.40

Elsewhere In The Crypto Market

Bitcoin up (1.08%) at 70776, Ethereum up (0.71%) at 3527.6, Litecoin down (1.25%) at 97.55, Solana down (0.53%) at 171.51, Dogecoin up (3.41%) at 0.200.

Key Economic Events & Data Release Today:

(GBP) German CPI (MoM) (Mar) Forecast –0.4%, Previous 0.4% at 11:30. (GBP) Manufacturing Production (MoM) (Feb) Forecast 0.1%, Previous 0.0% at 11:30. (GBP) GDP (YoY) (Feb) Forecast –0.4%, Previous –0.3% at 11:30. (GBP) GDP (MOM) (Feb) Forecast 0.1%, Previous 0.2% at 11:30. (EUR) ECB Forecast at 13:30.