. Daily Crypto Analysis -Bitcoin soars, Dogecoin leads, Ethereum surges.

Daily Crypto Analysis – Bitcoin soars, Dogecoin leads, Ethereum surges.

Daily Crypto Analysis – Bitcoin soars, Dogecoin leads, Ethereum surges.

04 Mar 2024

Introduction

Bitcoin breaches $64,000 briefly, marking its highest level since November 2021, fueled by ETF demand. Bitcoin NFT sales surge 80% to $168.5 million in a week, with Bitcoin Ordinals-based collections leading. Dogecoin leads meme coins’ upward trend, defending gains, while XRP hits a new yearly high at $0.65 amid declining Ripple influence. Ethereum defends its range low at $884.51, with a potential 30% climb if it closes above $3,602.43. Bulls eyeing a retake of Ethereum’s November 2021 highs.

Markets In Focus Today – BITCOIN

Bitcoin Breaches $64,000 Briefly as ETF Demand Lures Traders.

Bitcoin rose for the second straight day and marched closer to its all-time high, driven by expectations of exchange-traded funds’ robust demand at the week’s start. The most liquid cryptocurrency rose to as much as $64,279 – its first move above $64,000 since November 2021 — before trimming back to $63,622. Bitcoin nonfungible tokens (NFT) sales have just surpassed Ethereum over the last seven days following a sudden spike of Bitcoin Ordinals-based NFT collections, led largely by the collection NodeMonkes.Bitcoin NFT sales rocketed 80% week-over-week to $168.5 million, with three of the top five best-selling NFT collections for the week being Bitcoin Ordinals-based.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 59641.3140 | Positive Crossover | Bullish
  • MA 20 : 56098.9623 | Positive Crossover | Bullish
  • MA 50 : 50558.9162 | Positive Crossover | Bullish

Simple :

  • MA 10 : 58902.7700 | Positive Crossover | Bullish
  • MA 20 : 55349.9475 | Positive Crossover | Bullish
  • MA 50 : 48125.7194 | Positive Crossover | Bullish

RSI (Relative Strength Index): 81.1861 | Buy Zone | Bullish

Stochastic   Oscillator : 91.2765 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 64017.8939 R2 : 69245.4261
  • S1 : 47094.8661 S2 : 41867.3339

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 60368.94 | Take Profit: 64142.80 | Stop Loss: 58392.51

DOGECOIN

Dogecoin Price DOGE refuses to let WIF have all the fun.

Dogecoin is leading meme coins north, even though Dogwifhat is outperforming it. With DOGE defending the gains, the upside potential remains alive and the meme coin could reclaim its March 2 peak. If Dogecoin price loses the $0.1356 support, it could weaken the bullish thesis, paving the way for an extended fall. Dogecoin (DOGE) price is trading with a bullish bias, but so are Dogwifhat (WIF) and most of the large market capitalization-sized meme coins. Dogecoin (DOGE) price is up 69% over the last week, while Dogwifhat price is up almost 420% in the same timeframe. Over the last day, DOGE is up only by a fraction, but WIF boasts upwards of 30% in gains.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1276 | Positive Crossover | Bullish
  • MA 20 : 0.1111 | Positive Crossover | Bullish
  • MA 50 : 0.0959 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1192 | Positive Crossover | Bullish
  • MA 20 : 0.1023 | Positive Crossover | Bullish
  • MA 50 : 0.0891 | Positive Crossover | Bullish

RSI (Relative Strength Index): 93.5100 | Buy Zone | Bullish

Stochastic   Oscillator : 94.4818 | 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: 0.14 | Take Profit: 0.17 | Stop Loss: 0.12

RIPPLE

XRP price hits new yearly high at $0.65, attorney says Ripple’s influence on XRP is decelerating.

XRP price hit a peak of $0.65 on Saturday, the altcoin sustained above $0.63 on Monday. Attorney Bill Morgan pointed out that Ripple’s influence on the altcoin is declining gradually as its store of XRP reduces. Downward pressure on the XRP price is likely lessened by Ripple’s escrow of nearly 55% of the total possible supply. XRP price climbed to a new 2024 high of $0.65 on Saturday and suffered a minor pullback to $0.63, early on Monday. The altcoin has sustained above the psychologically important level of $0.60 amidst developments in the SEC v. Ripple lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5982 | Positive Crossover | Bullish
  • MA 20 : 0.5772 | Positive Crossover | Bullish
  • MA 50 : 0.5635 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5889 | Positive Crossover | Bullish
  • MA 20 : 0.5706 | Positive Crossover | Bullish
  • MA 50 : 0.5450 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.4957 | Buy Zone | Bullish

Stochastic   Oscillator : 86.3336 | Buy 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: Limit Buy: 0.58 | Take Profit: 0.64 | Stop Loss: 0.56

ETHEREUM

Ethereum the long game could see ETH climb 30%.

Ethereum price has defended its range low of $884.51 since early 2021 while the $4,485.32 peak capped the upside. If ETH manages to close above $3,602.43, it could catalyze a continuation to the January 2021 peak. A break and close below the midrange of the channel at $2,684.92 would invalidate the bullish thesis. Ethereum (ETH) price is trading with a bullish bias, having breached the midline of the market range between the January low of around $884.51 and the November high of the year 2021 around $4,485.32.Ethereum price could retake the November 2021 highs if bulls play the long game.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3313.3937 | Positive Crossover | Bullish
  • MA 20 : 3122.1653 | Positive Crossover | Bullish
  • MA 50 : 2797.4825 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3306.9670 | Positive Crossover | Bullish
  • MA 20 : 3098.0830 | Positive Crossover | Bullish
  • MA 50 : 2674.7352 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.5163 | Buy Zone | Bullish

Stochastic   Oscillator : 90.6402 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3526.0116 R2 : 3828.3417
  • S1 : 2547.2817 S2 : 2244.9516

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 3501.68 | Take Profit: 3883.53 | Stop Loss: 3269.25

Elsewhere In The Crypto Market

Bitcoin is up (0.65%) at 63,551, Ethereum is down (0.6%) at 3,468.5, Litecoin is down (0.66%) at 90.17, Solana is down (0.75%) at 129.25, Dogecoin is up (6.27%) at 0.162.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) (Jan) Forecast 3.8%, Previous –9.5% at 06:00. (USD) FOMC Member Harker Speaks at 21:30.