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

Daily Crypto Analysis – Bitcoin, Ripple, Ethereum drama.

Daily Crypto Analysis – Bitcoin, Ripple, Ethereum drama.

26 Mar 2024

Introduction

Bitcoin maintains its position above $70k, but signs of slowed ETF flows and on-chain activity emerge. The anticipation of the upcoming halving event sustains Bitcoin’s rise, despite capital outflows and sluggish on-chain activity. However, the dollar’s relative strength and impending U.S. inflation cues limit further gains. Meanwhile, Ethereum faces a decline as supply on exchanges hits a one-year high, suggesting increased selling pressure. Additionally, Dogecoin whales’ movement coincides with the token nearing $0.2, fueling speculation within the crypto market.

Markets In Focus Today – BITCOIN

Bitcoin price is steady above $70k, but ETF flows and on-chain activity are slow.

The bitcoin price rose on Tuesday, remaining above key levels and in sight of record highs amid anticipation of the upcoming halving event, although signs of capital outflows and sluggish on-chain activity suggested that the token’s stellar rally could be slowing. Relative strength in the dollar, ahead of more cues on U.S. inflation and the Federal Reserve, limited more gains in the token. But Bitcoin recovered sharply from lows of around $60,000 hit last week, largely on anticipation of the halving event, which will see new supply of the token slashed by 50%. The event is set to occur sometime in April with the generation of the 740,000th block.Bitcoin’s volatility has remained a main point of contention for potential investors, given that the token lost record highs just as quickly as it attained them.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67640.2535 | Positive Crossover | Bullish
  • MA 20 : 66453.5398 | Positive Crossover | Bullish
  • MA 50 : 60719.1629 | Positive Crossover | Bullish

Simple :

  • MA 10 : 66774.7450 | Positive Crossover | Bullish
  • MA 20 : 68153.2580 | Positive Crossover | Bullish
  • MA 50 : 59598.9116 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.6387 | Buy Zone | Bullish

Stochastic   Oscillator : 65.8359 | Buy 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: 69798.51 | Take Profit: 72302.58 | Stop Loss: 68182.98

RIPPLE

The price of XRP remains above $0.63 following Ripple’s AMM liquidity pool error.

XRP Ledger’s Automated Market Makers experienced a technical glitch, leading to transaction discrepancies. Ripple called community participants to vote on the amendment and act quickly to fix the error. XRP price sustained above $0.63 on Monday, maintaining its upward trend. Ripple identified a technical issue in a few of its Automated Market Maker (AMM) Liquidity Pools (LP) over the weekend, failing many transactions. The firm asked users to redeem the LP tokens as Ripple’s engineering team worked on resolving the issue.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6319 | Positive Crossover | Bullish
  • MA 20 : 0.6266 | Positive Crossover | Bullish
  • MA 50 : 0.6046 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6251 | Positive Crossover | Bullish
  • MA 20 : 0.6367 | Positive Crossover | Bullish
  • MA 50 : 0.5907 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.8171 | Buy Zone | Bullish

Stochastic   Oscillator : 45.6392 | Neutral Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.627 | Take Profit: 0.678 | Stop Loss: 0.597

ETHEREUM

Ethereum price crumbles as Ether supply on exchanges climbs to a one-year high.

Ethereum price has declined 16% from its year-to-date peak of $4,093.92. The altcoin is currently trading sideways, below the $3,680 resistance level. Ethereum supply on exchanges climbed to the highest level in a year, increasing the likelihood of higher selling pressure on Ether. Ethereum (ETH) price could be poised for a further correction in the short-term as the altcoin’s supply on exchanges, an indicator that provides clues over the selling pressure on an asset, hit a one-year peak on Monday, according to on-chain data. Despite trading in a narrow range recently, the value of the second-largest cryptocurrency remains nearly 16% below its March 12 peak of $4,093.92.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3533.9811 | Positive Crossover | Bullish
  • MA 20 : 3534.2883 | Positive Crossover | Bullish
  • MA 50 : 3290.2171 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3470.8350 | Positive Crossover | Bullish
  • MA 20 : 3672.6940 | Negative Crossover | Bearish
  • MA 50 : 3259.4364 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.5636 | Buy Zone | Bullish

Stochastic   Oscillator : 49.4403 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment : Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3582.07 | Take Profit: 3830.74 | Stop Loss: 3437.02

DOGECOIN

Dogecoin Whales Shuffle Over 1 Bln DOGE As Price Nears $0.2.

Massive Dogecoin whales appear to be on the move, nabbing significant attention across the crypto universe. With nearly 1 billion DOGE shifted in the past 24 hours, the whales’ move, coming in tandem with DOGE’s movement nearing $0.2, reverberated a craze among crypto market enthusiasts globally, stirring speculations over future price action shifts as it illustrated accumulations and dumps in hand. Meanwhile, intriguingly, the market dynamics surrounding Dogecoin infused a bullish dash on the world’s largest meme-based token by global market cap. This phenomenon, emerging amid the broader cryptocurrency market uptrend, ignited further speculations.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1658 | Positive Crossover | Bullish
  • MA 20 : 0.1578 | Positive Crossover | Bullish
  • MA 50 : 0.1352 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1587 | Positive Crossover | Bullish
  • MA 20 : 0.1631 | Positive Crossover | Bullish
  • MA 50 : 0.1257 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.6394 | Buy Zone | Bullish

Stochastic   Oscillator : 80.6217 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.171 | Take Profit: 0.195 | Stop Loss: 0.159

Elsewhere In The Crypto Market

Bitcoin up (1.79%) at 7,1150, Ethereum up (2.1%) at 3,667.1, Litecoin up (0.63%) at 91.38, Solana up (3.44%) at 195.45, Dogecoin up (5.76%) at 0.185.

Key Economic Events & Data Release Today:

(CAD) Wholesale Sales (MoM) Previous 0.1% at 18:00. (USD) Durable Goods Orders (MoM) (Feb) Forecast 1.2%, Previous –6.1% at 18:00. (USD) CB Consumer Confidence (Mar) Forecast 106.9, Previous 106.7 at 19:30.