. Daily Crypto Analysis - Bitcoin, Ripple, Cardano, Chainlink soar.

Daily Crypto Analysis – Bitcoin, Ripple, Cardano, Chainlink soar.

Daily Crypto Analysis – Bitcoin, Ripple, Cardano, Chainlink soar.

29 Mar 2024

Introduction

Bitcoin price retreats from $69,000 as seasoned holders transfer assets to institutional giants like Fidelity and BlackRock via ETFs, sparking cautious sentiment among retail investors. While BTC remains below its ATH, bulls eye a retest of $73,777. Ripple awaits a potential 50% surge if it breaks above $0.586, while Cardano struggles amid profit-taking by whales, signaling possible corrections. Meanwhile, Chainlink surges 9% on partnership announcements, showcasing resilience in the market.

Markets In Focus Today – BITCOIN

Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales.

Bitcoin “old whales” are moving their holdings to “new whales,” mainly TradFi big-wigs such as Fidelity and BlackRock via ETFs.A definitive sell-off is not confirmed, with retail playing safe by watching old whales selling or mitigating risk.BTC price is less than 5% away from its ATH, rising slowly despite a standing CME gap.Bitcoin (BTC) price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high. Bitcoin (BTC) price action remains unchanged as it trades below the 2021 ATH for the fourth consecutive week. With Grayscale’s ETF outflows slowing down, investors expect a positive outlook for the crypto markets, but the short-term directional bias, at least from a technical perspective, remains bearish for BTC.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68612.9067 | Positive Crossover | Bullish
  • MA 20 : 67304.3500 | Positive Crossover | Bullish
  • MA 50 : 61734.1375 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67859.7110 | Positive Crossover | Bullish
  • MA 20 : 68416.0235 | Positive Crossover | Bullish
  • MA 50 : 61124.4900 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.5861 | Neutral Zone | Neutral

Stochastic   Oscillator : 77.9563 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 67602.62 | Take Profit : 71157.24 | Stop Loss : 65292.12

RIPPLE

Ripple’s move above this key level could trigger nearly 50% rally for XRP.

Ripple price sits at a key confluence support level of $0.586, hinting at a potential breakout rally. The structure of XRP’s recent price action is similar to meme coin consolidation, often leading to an explosive surge.A breakdown of the weekly support level at $0.586 will invalidate the bullish thesis.Ripple (XRP) price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. As this coiling up comes undone, investors can expect XRP to kick start a massive rally.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6239 | Negative Crossover | Bearish
  • MA 20 : 0.6231 | Negative Crossover | Bearish
  • MA 50 : 0.6055 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6239 | Negative Crossover | Bearish
  • MA 20 : 0.6350 | Negative Crossover | Bearish
  • MA 50 : 0.5968 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 49.5416 | Buy Zone | Bullish

Stochastic   Oscillator : 43.8246 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 0.640 | Take Profit : 0.719 | Stop Loss : 0.590

CARDANO

Cardano struggles to recover after whales take $380 million in profits off table.

Cardano’s large wallet investors have reduced their activity on the Cardano blockchain, whale transactions are in a downtrend. ADA holders cashed in nearly $380 million in profits in the past week, alongside a decline in whale activity. ADA price is at risk of a correction, nearly unchanged in the past week. Cardano price is currently trading in a tight range between the March 14 peak of $0.8104 and March 20 low of $0.5689. On-chain data shows that Cardano’s large wallet investors reduced their activity on ADA network and likely took profits on their holdings. Whale transactions valued at $100,000 and higher are currently in a downward trend on the Cardano blockchain. On-chain data from Santiment shows a considerable decline in Cardano whale transactions since February 29. A drop in whale transactions during a price increase is a sign of profit-taking by whales.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6503 | Negative Crossover | Bearish
  • MA 20 : 0.6596 | Negative Crossover | Bearish
  • MA 50 : 0.6427 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6415 | Negative Crossover | Bearish
  • MA 20 : 0.6742 | Negative Crossover | Bearish
  • MA 50 : 0.6514 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.6900 | Neutral Zone | Neutral

Stochastic   Oscillator : 38.8710 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7024 R2 : 0.7579
  • S1 : 0.5229 S2 : 0.4674

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.654 | Take Profit : 0.577 | Stop Loss : 0.716

CHAINLINK

Chainlink (LINK) Soars 9%

Chainlink (LINK) has performed strongly over the past week, with the token’s price increasing 21.3% in the last seven days.Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).Recently, Chainlink announced its partnership with blockchain platform Avalanche and the Australia and New Zealand Banking Group to connect the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).Despite the failed attempts, LINK’s price surged 9% in the past 24 hours.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.0078 | Positive Crossover | Bullish
  • MA 20 : 19.1011 | Negative Crossover | Bearish
  • MA 50 : 18.8168 | Positive Crossover | Bullish

Simple :

  • MA 10 : 18.8484 | Positive Crossover | Bullish
  • MA 20 : 19.2648 | Negative Crossover | Bearish
  • MA 50 : 19.4496 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.0756 | Buy Zone | Bullish

Stochastic   Oscillator : 56.8983 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 20.6112 R2 : 21.9610
  • S1 : 16.2416 S2 : 14.8918

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 18.32 | Take Profit : 21.03 | Stop Loss : 16.76

Elsewhere In The Crypto Market

Bitcoin down (1.3%) at 69886, Ethereum down (0.54%) at 3,541, Litecoin up (4.85%) at 98.71, Solana down (2.61%) at 184.75, Doge coin up (2.81%) at 0.214.

Key Economic Events & Data Release Today:

(JPY) Retail Sales (YoY) (Feb) Forecast 2.8%, Previous 2.3% at 05:20. (USD) Core PCE Price Index (MoM) (Feb) Forecast –0.3%, Previous –0.4% at 18:00. (USD) Fed Chair Powell Speaks at 21:00.