. Daily Crypto Analysis - Bitcoin relief, Ethereum targets $2,500, Ripple pressured, Dogecoin hits peak addresses.

Daily Crypto Analysis – Bitcoin relief, Ethereum targets $2,500, Ripple pressured, Dogecoin hits peak addresses.

Daily Crypto Analysis – Bitcoin relief, Ethereum targets $2,500, Ripple pressured, Dogecoin hits peak addresses.

31 Jan 2024

Introduction

Bitcoin holders are optimistic as Grayscale’s GBTC withdrawals slow down, providing relief for the cryptocurrency’s recent dip. Ethereum eyes $2,500 with bullish indicators, while Ripple faces potential downside pressure from a massive XRP reserve release. Dogecoin witnesses a surge in active addresses, hitting an all-time high, as its network sees a remarkable increase in new addresses. Cryptocurrency markets remain dynamic, influenced by factors such as institutional moves and network activity.

Markets In Focus Today – BITCOIN

Bitcoin holders are hopeful for a BTC price rebound as Grayscale’s GBTC withdrawals slow down.

Grayscale’s Bitcoin Spot ETF outflows have diminished this week. Bitcoin trades at around $43,000 as its halving event is nearly 81 days away. Bitcoin holder base has held broadly steady, with supply across multiple age bands just below its all-time highs. Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42220.21 | Positive Crossover | Bullish
  • MA 20 : 42271.32 | Positive Crossover | Bullish
  • MA 50 : 41977.60 | Positive Crossover | Bullish

Simple :

  • MA 10 : 41501.61 | Positive Crossover | Bullish
  • MA 20 : 41879.40 | Positive Crossover | Bullish
  • MA 50 : 42956.42 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.58 | Buy Zone | Bullish

Stochastic   Oscillator : 86.84 | Buy Zone | Neutral

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: 42673.70 | Take Profit: 44204.50 | Stop Loss: 41881.90

ETHEREUM

Ethereum Price Prediction: $2,500 in sight as bullish metrics steer ETH back into the channel.

Ethereum price has re-entered the ascending parallel channel with prospects for more gains.ETH could climb 5% to the $2,500 level with technical indicators and on-chain metrics showing support. Ethereum (ETH) price bullish outlook continues to abound despite the recent setback as bulls show fortitude. With technical indicators and on-chain metrics supporting the intermediate trend, the upside potential for the second-largest cryptocurrency by market capitalization continues to grow. Sentiment analysts show that network growth and a surge in daily active addresses continue to steer Ethereum’s price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2321.57 | Positive Crossover | Bullish
  • MA 20 : 2344.50 | Negative Crossover | Bearish
  • MA 50 : 2309.92 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2279.89 | Positive Crossover | Bullish
  • MA 20 : 2394.37 | Negative Crossover | Bearish
  • MA 50 : 2335.30 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.18 | Buy Zone | Bullish

Stochastic   Oscillator : 40.06 | Neutral Zone | Negative

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: 2311.09 | Take Profit: 2397.55 | Stop Loss: 2257.43

RIPPLE

Ripple price coils up for a dump as the network offloads massive XRP reserve.

Ripple price recovery rally is under threat as it faces growing overhead pressure from multiple blockades.XRP could face a 5% rejection to revisit January lows within the FVG. A daily candlestick close above $0.6000 would invalidate the bearish thesis. Ripple (XRP) could suffer the damages of increased supply soon after the network offloaded millions of XRP tokens taken out of the reserve. Meanwhile, validators on the network are looking to show support for the recent network update, in a move meant to eliminate challenges faced in the past.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.53 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Negative Crossover | Bearish
  • MA 50 : 0.57 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.52 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Negative Crossover | Bearish
  • MA 50 : 0.58 | Negative Crossover | Bearish

RSI (Relative Strength Index): 34.69 | Sell Zone | Bearish

Stochastic   Oscillator : 27.81 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.50 | Take Profit: 0.48 | Stop Loss: 0.52

DOGECOIN

Dogecoin Active Addresses surge nearly 12% overnight, to DOGE all-time high.

The Dogecoin network observed an increase of 1,094% in new addresses in the past week.DOGE hit a new all-time high when 247,240 new addresses were created on January 29. DOGE price recovered slightly, likely to climb to $0.8528 in its uptrend. The Dogecoin network has observed a surge in Daily Active Addresses and New Addresses. On January 29, new DOGE addresses hit an all-time high of 247,240, according to data from IntoTheBlock. According to data from the on-chain intelligence tracker, IntoTheBlock, the DOGE network saw a 1,094% increase in New Addresses in the past week. 247,240 new DOGE addresses were created on January 29, and this marked a new all-time high.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.08 | Positive Crossover | Bullish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.09 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.16 | Buy Zone | Bullish

Stochastic   Oscillator : 31.08 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.10 R2 : 0.11
  • S1 : 0.08 S2 : 0.08

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.74 | Take Profit: 0.69 | Stop Loss: 0.77

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 (0.43%) at 68.37, Solana is down (1.87%) at 101.43, Dogecoin is down (1.79%) at 0.079.

Key Economic Events & Data Release Today:

(EUR) German Unemployment Change (Jan) Forecast –11K, Previous –5K at 03:55. (EUR) German CPI (MoM) (Jan) Forecast 0.2%, Previous 0.1% at 08:00. (USD) ADP Nonfarm Employment Change (Jan) Forecast 145K, Previous 164K at 08:15. (CAD) GDP (MoM) (Nov) Forecast 0.1%, Previous 0.0% at 08:30. (USD) Fed Interest Rate Decision at 14:00. (USD) FOMC Press Conference at 14:30.