. Daily Crypto Analysis - Bitcoin rally, Cardano's return, Ethereum stakes, Chainlink risks.

Daily Crypto Analysis – Bitcoin rally, Cardano’s return, Ethereum stakes, Chainlink risks.

Daily Crypto Analysis – Bitcoin rally, Cardano’s return, Ethereum stakes, Chainlink risks.

30 Jan 2024

Introduction

Bitcoin’s potential rally is hinted at by the increase in exchange stablecoin reserves, signaling rising buying power and supporting the notion that the bull cycle is ongoing. The upcoming BTC halving in April could further drive Bitcoin price gains. Meanwhile, Cardano (ADA) eyes a 15% rise, buoyed by resurfacing shark and whale wallets. Ethereum staked reaches an all-time high, and dwindling exchange supply may elevate ETH prices. Chainlink faces a correction risk as its supply on exchanges rises, posing potential selling pressure.

Markets In Focus Today – BITCOIN

Bitcoin price could rally as buying power increases with the rise in exchange stablecoin reserves.

Bitcoin supply on exchanges has been on a consistent decline since the ETF approvals, driving an increase in stablecoin supply. Higher stablecoin supply signals an increase in buying power, supporting the thesis that the bull cycle still has legs. The upcoming BTC halving in April is likely to catalyze Bitcoin price gains. Bitcoin (BTC) price recovered above $43,000 on Tuesday after its recent correction, which led to a fall from a two-year high of $48,969 to a low of $38,555.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42138.59 | Positive Crossover | Bullish
  • MA 20 : 42241.35 | Positive Crossover | Bullish
  • MA 50 : 41954.62 | Positive Crossover | Bullish

Simple :

  • MA 10 : 41408.96 | Positive Crossover | Bullish
  • MA 20 : 42073.84 | Positive Crossover | Bullish
  • MA 50 : 42935.99 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.10 | Buy Zone | Bullish

Stochastic   Oscillator : 86.02 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 44312.50 R2 : 45985.97
  • S1 : 38894.98 S2 : 37221.51

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 43254.35 | Take Profit: 44785.15 | Stop Loss: 42356.98

CARDANO

Cardano price could rise 15% as shark and whale wallets resurface.

Cardano price is on a recovery mission alongside most altcoins in the crypto scene. ADA could climb 15% to the $0.6000 psychological level amid rising momentum and large holders resurfacing. Cardano’s (ADA) price is confronting a formidable barrier as it attempts a recovery rally. It joins the broader crypto market which is trying to recover from a steep crash. According to analysts from behavior aggregator Santiment, large holders may have something to do with the ADA move north with on-chain metrics to show for it.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.50 | Positive Crossover | Bullish
  • MA 20 : 0.51 | Positive Crossover | Bullish
  • MA 50 : 0.52 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.49 | Positive Crossover | Bullish
  • MA 20 : 0.51 | Positive Crossover | Bullish
  • MA 50 : 0.56 | Negative Crossover | Bearish

RSI (Relative Strength Index): 53.15 | Buy Zone | Bullish

Stochastic   Oscillator : 70.04 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.67 R2 : 0.74
  • S1 : 0.43 S2 : 0.36

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.49 | Take Profit: 0.57 | Stop Loss: 0.46

ETHEREUM

Ethereum staked hits all-time high, dwindling exchange supply could push ETH price higher.

Ethereum staked in the deposit contract climbed to 29.37 million, hitting a new all-time high on January 28. Ethereum in circulation is on a decline with dwindling exchange supply and rising volume of staked Ether. ETH price observed an 8% decline in the past week. Ethereum’s supply in circulation is on a decline as ETH staked in the deposit contract rises and on exchanges drops. Traders are likely holding on to their Ether, contributing to a likely decrease in selling pressure. ETH price could recover from its slump after 8% weekly losses for holders.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2312.66 | Positive Crossover | Bullish
  • MA 20 : 2342.39 | Negative Crossover | Bearish
  • MA 50 : 2307.61 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2288.80 | Positive Crossover | Bullish
  • MA 20 : 2406.91 | Negative Crossover | Bearish
  • MA 50 : 2332.00 | Negative Crossover | Bearish

RSI (Relative Strength Index): 47.37 | Buy Zone | Bullish

Stochastic   Oscillator : 29.54 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 2411.05 R2 : 2505.56
  • S1 : 2105.10 S2 : 2010.59

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2299.16 | Take Profit: 2409.47 | Stop Loss: 2230.59

CHAINLINK

Chainlink price faces the risk of correction as supply on exchanges climbs.

Chainlink supply on exchanges climbed to nearly 15%, a level previously seen on January 4. LINK token reserves on exchanges could increase selling pressure on the altcoin, driving the price lower. LINK price gained 1.13% on the day, after nearly 5% losses in the past week. Chainlink, the token of a decentralized blockchain oracle network, likely faces the risk of a price correction, according to on-chain metrics. When exchange supply decreases it is considered that selling pressure has likely reduced, and the asset’s price is expected to rally. In the case of LINK, exchange supply is on the rise, after its initial decline between December 26 and January 4.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.71 | Positive Crossover | Bullish
  • MA 20 : 14.73 | Positive Crossover | Bullish
  • MA 50 : 14.62 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.55 | Positive Crossover | Bullish
  • MA 20 : 14.82 | Positive Crossover | Bullish
  • MA 50 : 14.81 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.69 | Buy Zone | Bullish

Stochastic   Oscillator : 45.19 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 16.96 R2 : 17.91
  • S1 : 13.87 S2 : 12.92

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 14.95 | Take Profit: 16.31 | Stop Loss: 14.24

Elsewhere In The Crypto Market

Bitcoin is up (0.29%) at 43,431, Ethereum is down (0.2%) at 2,313.9, Litecoin is up (0.99%) at 68.31, Solana is up (7.31%) at 104.81, Dogecoin is up (0.89%) at 0.081.

Key Economic Events & Data Release Today:

(EUR) German GDP (QoQ) (Q4) Forecast –0.3%, Previous –0.1% at 04:00. (EUR) GDP (QoQ) (Q4) Forecast –0.1%, Previous –0.1% at 05:00. (USD) CB Consumer Confidence (Jan) Forecast 115.0, Previous 110.7 at 10:00. (JPY) Industrial Production (MoM) (Dec) Forecast 2.4%, Previous-0.9% at 18:50. (AUD) CPI (QoQ) (Q4) Forecast 0.8%, Previous 1.2% at 19:30. (CNY) Manufacturing PMI (Jan) Forecast 49.3, Previous 49.0 at 20:30.