. Daily Crypto Analysis - Bitcoin, Ripple, Ethereum challenges.

Daily Crypto Analysis – Bitcoin, Ripple, Ethereum challenges.

Daily Crypto Analysis – Bitcoin, Ripple, Ethereum challenges.

10 Apr 2024

Introduction

Bitcoin price retreats to $69k amid cautious sentiment ahead of US inflation data, favoring traditional safe havens like the dollar and gold. Ripple’s XRP tests critical support at $0.60 as Ripple launches XRPLedger grants program and upgrades XRPLedger. Dogecoin outperforms, with over 88% of holders in profit, while Ethereum struggles to break above $3,725 resistance level, facing bearish pressure alongside Bitcoin’s decline.

Markets In Focus Today – BITCOIN

Bitcoin price falls to $69k as CPI jitters weigh.

Bitcoin price retreated on Wednesday as anticipation of key U.S. inflation data saw traders remain largely averse towards highly speculative, risk-heavy assets. Market sentiment appeared to be more geared towards safe havens such as the dollar and gold, with the yellow metal hitting a record high this week. Focus was now squarely on U.S. consumer price index data due later on Wednesday, which is expected to show inflation remaining sticky through March.The trend gives the Federal Reserve less impetus to begin cutting interest rates- a scenario that bodes poorly for speculative assets such as Bitcoin. The token, along with the broader crypto market, tend to thrive in a low-rate, high-liquidity environment.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69076.0946 | Negative Crossover | Bearish
  • MA 20 : 68495.6553 | Positive Crossover | Bullish
  • MA 50 : 64488.3276 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68584.3860 | Positive Crossover | Bullish
  • MA 20 : 68615.6250 | Positive Crossover | Bullish
  • MA 50 : 65540.4060 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.0851 | Neutral Zone | Neutral

Stochastic   Oscillator : 65.9769 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 68182.98 | Take Profit : 71656.37 | Stop Loss : 66244.35

RIPPLE

XRP price tests $0.60 support as Ripple invites applications for XRPLedger grants program.

XRP price is testing psychologically important support at $0.60 on Wednesday. Ripple announced the launch of its XRPLedger grants program, inviting applications from developers. XRPLedger issues final reminder to all node operators to upgrade to 2.1.1 for AMM amendment that goes into effect on Thursday. Ripple (XRP) price is testing a crucial support on Wednesday, at $0.60. The altcoin was hit by the market-wide correction as Bitcoin price coiled back under $70,000. Ripple’s call for applications to the XRPLedger grant program and the XRPLedger upgrade to 2.1.1 are the two key catalysts likely influencing the XRP price on Wednesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6065 | Positive Crossover | Bullish
  • MA 20 : 0.6096 | Positive Crossover | Bullish
  • MA 50 : 0.6049 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5984 | Positive Crossover | Bullish
  • MA 20 : 0.6118 | Positive Crossover | Bullish
  • MA 50 : 0.6112 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.0262 | Buy Zone | Bullish

Stochastic   Oscillator : 60.6972 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.58 | Take Profit : 0.63 | Stop Loss : 0.55

DOGECOIN

Dogecoin sees spike in profitable addresses, trails Bitcoin.

Amid a robust upswing in the cryptocurrency market, Dogecoin has emerged as a standout performer, with a significant majority of its investors enjoying profits. Data from Altindex.com indicates that over 88% of Dogecoin holders were in profit as of last week, positioning the digital currency as the second-most profitable in terms of investor gains, following closely behind Bitcoin. The meme-inspired cryptocurrency witnessed a substantial 146% price increase in the first quarter of 2024, escalating from $0.089 to $0.22. This surge added nearly $18.5 billion to Dogecoin’s market capitalization and marked the highest proportion of profitable Dogecoin addresses in three years.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1903 | Negative Crossover | Bearish
  • MA 20 : 0.1850 | Positive Crossover | Bullish
  • MA 50 : 0.1618 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1885 | Negative Crossover | Bearish
  • MA 20 : 0.1889 | Negative Crossover | Bearish
  • MA 50 : 0.1592 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.3876 | Buy Zone | Bullish

Stochastic   Oscillator : 41.6268 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.2318 R2 : 0.2583
  • S1 : 0.1460 S2 : 0.1195

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.17 | Take Profit : 0.20 | Stop Loss : 0.16

ETHEREUM

Ethereum price failed to continue higher above the $3,725 resistance zone.

Ethereum failed to climb higher above the $3,725 resistance level. Ethereum price started a decent increase above the $3,550 resistance. ETH even cleared the $3,650 resistance zone, but the bears were active near $3,725. A high was formed at $3,726 and the price started a fresh decline, like Bitcoin. There was a move below the $3,600 and $3,550 levels. There was a break below a key bullish trend line with support at $3,510 on the hourly chart of ETH/USD. The pair even spiked below the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3479.4791 | Positive Crossover | Bullish
  • MA 20 : 3480.7167 | Positive Crossover | Bullish
  • MA 50 : 3367.7453 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3426.8490 | Positive Crossover | Bullish
  • MA 20 : 3464.9310 | Positive Crossover | Bullish
  • MA 50 : 3496.9412 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.7186 | Buy Zone | Bullish

Stochastic   Oscillator : 70.1351 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3481.98 | Take Profit : 3743.85 | Stop Loss : 3347.68

Elsewhere In The Crypto Market

Bitcoin down (0.8%) at 69052, Ethereum up (0.37%) at 3519.2, Litecoin down (0.48%) at 97.03, Solana down (0.53%) at 171.51, Doge coin down (0.02%) at 0.189.

Key Economic Events & Data Release Today:

(NZD) RBNZ Rate Statement at 07:30. (USD) CPI (YoY) (Mar) Forecast 3.4%, Previous 3.2% at 18:00. (USD) Core CPI (MoM) (Mar) Forecast 0.3%, Previous 0.4% at 18:00. (USD) CPI (MoM) (Mar) Forecast 0.3%, Previous 0.4% at 18:00. (CAD) BoC Interest Rate Decision Forecast 5.00%, Previous 5.00% at 19:25. (CAD) BoC Monetary Policy Report at 19:15. (USD) FOMC Meeting Minutes at 23:30.