. Daily Crypto Analysis - Bitcoin rangebound, Ethereum steady

Daily Crypto Analysis – Bitcoin rangebound, Ethereum steady

Daily Crypto Analysis – Bitcoin rangebound, Ethereum steady

03 Jun 2024

Introduction

Crypto markets hold steady despite Fed rate cut hopes. Bitcoin remains rangebound around $68k, while Ethereum finds support at $3,800. News of El Salvador’s president’s re-election and a large XRP transfer spark speculation. Chainlink defies the trend with a 14% jump in trading volume.

Markets In Focus Today – BITCOIN

Bitcoin price today rangebound at $68k despite rate cut hopes.

Bitcoin price rose slightly on Monday but remained largely rangebound despite optimism over potential interest rate cuts by major central banks this week and weakness in the dollar. Bitcoin rose 1.3% in the past 24 hours. But the world’s largest cryptocurrency remained well within a $60,000 to $70,000 trading range established since mid-March. Bitcoin saw little price action even as El Salvador President Nayib Bukele- who had adopted the cryptocurrency as legal tender in 2021- was re-elected for a second term over the weekend. Broader cryptocurrency prices moved little on Monday, taking little support from a broader rally in risk-driven markets amid increased focus on interest rate cuts. Expectations for a rate cut by the Federal Reserve, in September, also rose after data on Friday showed some cooling in inflation. The central bank is widely expected to keep rates steady at a meeting next week.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68115.8641 | Positive Crossover | Bullish
  • MA 20 : 67436.7414 | Positive Crossover | Bullish
  • MA 50 : 65972.6089 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68343.8860 | Positive Crossover | Bullish
  • MA 20 : 68018.7275 | Positive Crossover | Bullish
  • MA 50 : 65002.1350 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.4403 | Buy Zone | Bullish

Stochastic   Oscillator : 62.64 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 68586.87 | Take Profit : 71252.48 | Stop Loss : 67132.89

ETHEREUM

Ethereum Price Steadies: Strong Support Hints at Exciting Upside Potential

Ethereum price extended its decline and tested the $3,700 support. ETH is now consolidating and eyeing a fresh increase above $3,840. Ethereum extended its decline and tested the $3,700 zone.The price is trading near $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,830 level. The first major resistance is near the $3,880 level or the 76.4% Fib retracement level of the downward move from the $3,957 swing high to the $3,702 low. An upside break above the $3,880 resistance might send the price higher. The next key resistance sits at $3,950, above which the price might gain traction and rise toward the $4,000 level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3753.4999 | Positive Crossover | Bullish
  • MA 20 : 3621.0917 | Positive Crossover | Bullish
  • MA 50 : 3421.5554 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3799.1130 | Positive Crossover | Bullish
  • MA 20 : 3598.0680 | Positive Crossover | Bullish
  • MA 50 : 3283.2134 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 64.7777 | Buy Zone | Bullish

Stochastic   Oscillator : 30.57 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3718.23 | Take Profit : 3963.62 | Stop Loss : 3569.71

RIPPLE

Nearly $40 Million in XRP Transferred From Major Exchange: Details.

Nearly $40 million worth of XRP has been transferred from Binance, one of the world’s leading cryptocurrency exchanges, to an unknown wallet. This substantial transfer has sparked speculation about the motives behind such large transactions, often attributed to whales — individuals or entities holding large quantities of a particular coin. At the time of these transactions, the price of XRP was $0.5222, reflecting a modest increase of 0.94% over the last 24 hours. The 24-hour trading volume grew substantially, rising by 85.39% to $1.038 billion. This surge in trading activity often correlates with increased interest and potential price volatility. However, the significant whale activity may counter this trend. Large-scale whale purchases often signal confidence in the asset, potentially driving up prices as smaller investors follow suit. Whales buying XRP might indicate a positive outlook on the coin’s future performance, encouraging other investors to buy.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5214 | Negative Crossover | Bearish
  • MA 20 : 0.5228 | Negative Crossover | Bearish
  • MA 50 : 0.5315 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5242 | Negative Crossover | Bearish
  • MA 20 : 0.5248 | Negative Crossover | Bearish
  • MA 50 : 0.5203 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 47.5906 | Neutral Zone | Neutral

Stochastic   Oscillator : 11.83 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.511 | Take Profit : 0.479 | Stop Loss : 0.534

CHAINLINK

Chainlink (LINK) Defies Market Trend With 14% Jump in Key Metric.

Chainlink (LINK), the dominant Ethereum-based oracle protocol, is standing its ground against market bears at a time when the broader digital currency ecosystem is seeing a negative reversal. At the time of writing, data shows LINK is up by 3.18% in 23 hours to $17.85, a figure that compares to the 0.62% drop in the combined market cap. While its daily growth rate is impressive compared to that of Bitcoin (BTC) and other top altcoins, Chainlink’s 14.74% surge in volume places it on the right path for more potential surges. A total of $445,393,986 in LINK has been shuffled in between exchanges lately, placing the token as the 21st most traded in the market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 17.9034 | Positive Crossover | Bullish
  • MA 20 : 17.1929 | Positive Crossover | Bullish
  • MA 50 : 16.4008 | Positive Crossover | Bullish

Simple :

  • MA 10 : 18.1141 | Negative Crossover | Bearish
  • MA 20 : 17.1952 | Positive Crossover | Bullish
  • MA 50 : 15.2956 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 60.1361 | Buy Zone | Bullish

Stochastic   Oscillator : 71.9075 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 19.2852 R2 : 20.8954
  • S1 : 14.0724 S2 : 12.4622

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 17.13 | Take Profit : 19.23 | Stop Loss : 15.99

Elsewhere In The Crypto Market

Bitcoin up (2.02%) at 69,121, Ethereum up (0.87%) at 3811.5, Litecoin up (0.75%) at 83.72, Solana up (1.21%) at 165.93, Dogecoin up (3.04%) at 0.161.

Key Economic Events & Data Release Today:

(CNY) Caixin Manufacturing PMI (May) Forecast 51.6, Previous 51.4 at 07:15. (EUR) Spanish Manufacturing PMI (May) Forecast 52.5, Previous 52.2 at 12:45. (EUR) German Manufacturing PMI (May) Forecast 45.4, Previous 42.5 at 13:25. (USD) Manufacturing PMI (May) Forecast 50.9, Previous 49.4 at 19:15. (USD) ISM Manufacturing PMI (May) Forecast 49.8, Previous 49.2 at 19:30.