. Daily Crypto Analysis - Bitcoin rises, Ethereum falls, XRP struggles, Dogecoin surges.

Daily Crypto Analysis – Bitcoin rises, Ethereum falls, XRP struggles, Dogecoin surges.

Daily Crypto Analysis – Bitcoin rises, Ethereum falls, XRP struggles, Dogecoin surges.

06 Mar 2024

Introduction

Bitcoin achieves a record-breaking high, surpassing $69,324, propelled by a nearly 65% year-to-date gain and the anticipation of its fourth halving on April 18. Ethereum faces a sharp correction after rallying to $3,850, following Bitcoin’s surge, with support found near $3,350. XRP price drops below $0.60 amid a broader crypto market downturn, influenced by concerns surrounding the SEC vs. Ripple lawsuit. Dogecoin experiences a 150% weekly gain as bullish whales invest $250M, indicating confidence in the ongoing price rally despite potential short-term corrections.

Markets In Focus Today – BITCOIN

Bitcoin peaks at $69,324 with BTC fourth halving around the corner.

Bitcoin has set up a new all-time high above $69,324 on Tuesday after rallying nearly 9% in the last 24 hours.BTC has registered a nearly 65% year-to-date gain on top of the 155% rally in 2023. The spot ETF approval, which led to a surge in capital inflows, is one of the most important narratives responsible for the parabolic rally. In addition to the Bitcoin spot ETF approval being the main driver behind BTC’s price rally to new all-time highs, the halving narrative has also played a pivotal role. The fourth Bitcoin halving will occur on April 18, in roughly 47 days. This event will slash the block reward for miners from 6.25 BTC to 3.125 BTC. The fourth Bitcoin halving, embedded within Bitcoin’s code, reduces the rate at which new Bitcoins enter circulation by 50% every roughly four years or 210,000 blocks.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62200.6334 | Positive Crossover | Bullish
  • MA 20 : 58183.7289 | Positive Crossover | Bullish
  • MA 50 : 51879.6563 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62147.4520 | Positive Crossover | Bullish
  • MA 20 : 56942.0865 | Positive Crossover | Bullish
  • MA 50 : 49125.0354 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.6483 | Buy Zone | Bullish

Stochastic   Oscillator : 86.5298 | Buy Zone | Negative

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: 63218.80 | Take Profit: 67615.95 | Stop Loss: 60644.86

ETHEREUM

Ethereum Price Drops Over 10% But Bulls Are Not Done Yet.

Ethereum price rallied toward $3,850 before crashing. ETH followed Bitcoin, but the bulls are now active near the $3,350 support zone. Ethereum price extended its rally above the $3,650 level, like Bitcoin. BTC surged and even traded to a new all-time high above $69,000. ETH also cleared the $3,800 level before the bears appeared. There was a strong bearish reaction from the $3,827 high. The price crashed over $500 and traded toward the $3,200 support. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3465.6782 | Positive Crossover | Bullish
  • MA 20 : 3240.9423 | Positive Crossover | Bullish
  • MA 50 : 2872.9778 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3452.6040 | Positive Crossover | Bullish
  • MA 20 : 3196.0775 | Positive Crossover | Bullish
  • MA 50 : 2724.0024 | Positive Crossover | Bullish

RSI (Relative Strength Index): 84.0157 | Buy Zone | Bullish

Stochastic   Oscillator : 89.2054 | Buy Zone | Negative

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: 3537.83 | Take Profit: 3780.84 | Stop Loss: 3389.91

RIPPLE

XRP price dips below $0.60 in a broader crypto market bloodbath.

XRP price nosedived below the key psychological support at $0.60 in Tuesday’s crypto market crash. Ripple’s CLO highlighted the SEC’s “bad faith practice” as the regulator cited a default summary judgment in its lawsuit. SEC’s lawsuit against Coinbase could influence the outcome of the regulator’s case against Ripple.XRP price slipped below the key psychological level at $0.60 as Bitcoin experienced a sharp correction after briefly touching a fresh all-time high on Tuesday. The altcoin, which recovered slightly on Wednesday from a low of $0.5386, could see further declines with the upcoming SEC vs. Ripple lawsuit developments.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6037 | Positive Crossover | Bullish
  • MA 20 : 0.5841 | Positive Crossover | Bullish
  • MA 50 : 0.5675 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6034 | Positive Crossover | Bullish
  • MA 20 : 0.5772 | Positive Crossover | Bullish
  • MA 50 : 0.5466 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.6664 | Buy Zone | Bullish

Stochastic   Oscillator : 66.3562 | Buy Zone | Negative

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: 0.634 | Take Profit: 0.689 | Stop Loss: 0.603

DOGECOIN

Dogecoin Whales Invest $250M Amid 150% Price Rally.

Dogecoin (DOGE) price popped above $0.20 in the early hours of March 5 to bring its weekly gains to the 150% markBullish Dogecoin Whales have maintained a bullish outlook acquiring 1.3 billion DOGE between Feb 29, and March, signaling conviction that the price rally could advance even further. The Parabolic SAR indicator suggests that the bulls can be firmly in control of the market in the short term, its current key support level holds. On-chain data shows that whale investors are still buying millions of dollars worth of DOGE despite prices trending at a 3-year peak.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1415 | Positive Crossover | Bullish
  • MA 20 : 0.1218 | Positive Crossover | Bullish
  • MA 50 : 0.1017 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1362 | Positive Crossover | Bullish
  • MA 20 : 0.1109 | Positive Crossover | Bullish
  • MA 50 : 0.0927 | Positive Crossover | Bullish

RSI (Relative Strength Index): 74.9092 | Buy Zone | Bullish

Stochastic   Oscillator : 75.0504 | Buy Zone | Negative

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: 0.163 | Take Profit: 0.198 | Stop Loss: 0.145

Elsewhere In The Crypto Market

Bitcoin is up (5.23%) at 67,143, Ethereum is up (8.11%) at 3,848.4, Litecoin is up (4.95%) at 86.09, Solana is up (5.36%) at 132.29, Dogecoin is up (12.09%) at 0.171.

Key Economic Events & Data Release Today:

(AUD) GDP (QoQ) (Q4) Forecast 0.2%, Previous 0.2% at 06:00. (AUD) Retail Sales (MoM) Forecast 1.1%, Previous –2.1% at 06:00. (USD) ADP Nonfarm Employment Change (Feb) Forecast 149K, Previous 107K at 18:45. (CAD) BoC Interest Rate Decision Forecast 5.00%, Previous 5.00% at 20:15. (USD) JOLTs Job Openings (Jan) Forecast 8.800M, Previous 9.026M at 20:30. (CAD) BoC Press Conference at 21:00.