. Daily Crypto Analysis - Bitcoin Soars, Ethereum Crashes, Cardano Dips, Chainlink Struggles.

Daily Crypto Analysis – Bitcoin Soars, Ethereum Crashes, Cardano Dips, Chainlink Struggles.

Daily Crypto Analysis – Bitcoin Soars, Ethereum Crashes, Cardano Dips, Chainlink Struggles.

29 Jan 2024

Introduction

Bitcoin hovers around $42,000 as speculation grows over Charles Schwab’s potential entry into the Bitcoin ETF race, intensifying market interest. Ethereum faces a significant decline, erasing previous gains and raising concerns about its sustainability. Cardano experiences a dip in whale transactions, triggering discussions about network dynamics, while Chainlink struggles to establish a strong upswing after breaking out of an 18-month accumulation phase. The crypto space is abuzz with developments impacting various digital assets.

Markets In Focus Today – BITCOIN

Bitcoin price hovers around $42,000 as markets weigh possible Charles Schwab entry to ETF race.

Bitcoin ETF race continues as Bloom berg ETF analyst speculates Charles Schwab’s entry. Bitcoin exchange balances have nosedived by over one million BTC since 2020. BTC price sustained above the $42,000 level as Bitcoin eyes a recovery. Bitcoin ETF race likely to intensify as Bloomberg ETF specialist Eric Balchunas speculates $8.5 trillion asset manager Charles Schwab’s entry into the race. BTC exchange balances are on a decline and a recovery in Bitcoin price is likely in the short term.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 41611.80 | Positive Crossover | Bullish
  • MA 20 : 41991.30 | Positive Crossover | Bullish
  • MA 50 : 41843.11 | Positive Crossover | Bullish

Simple :

  • MA 10 : 41109.46 | Positive Crossover | Bullish
  • MA 20 : 42172.87 | Negative Crossover | Bearish
  • MA 50 : 42867.05 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.52 | Neutral Zone | Neutral

Stochastic   Oscillator : 70.74 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44312.50 R2 : 45985.97
  • S1 : 38894.98 S2 : 37221.51

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 42525.82 | Take Profit: 45086.71 | Stop Loss: 41005.29

ETHEREUM

Ethereum (ETH) Loses All of Its Gains.

Ethereum has wiped out the gains it had accumulated over a sustained period. The ETH/USD price chart depicts a grim narrative as the digital asset has swiftly descended from its peak, retracing back to levels that question the sustainability of its prior growth. The steep decline in Ethereum’s price is a significant bearish signal. It reflects the market’s hesitancy to invest at previous highs, most likely due to the underperformance Ethereum has shown in the recent past. This lack of traction and inability to initiate a recovery underscores the vulnerability of Ethereum’s price in the current market climate.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2302.12 | Negative Crossover | Bearish
  • MA 20 : 2340.02 | Negative Crossover | Bearish
  • MA 50 : 2305.14 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2298.92 | Negative Crossover | Bearish
  • MA 20 : 2417.63 | Negative Crossover | Bearish
  • MA 50 : 2329.09 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.87 | Neutral Zone | Neutral

Stochastic   Oscillator : 21.41 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2411.05 R2 : 2505.56
  • S1 : 2105.10 S2 : 2010.59

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 2261.50 | Take Profit: 2010.59 | Stop Loss: 2665.03

CARDANO

Cardano (ADA) Whale Transactions Take a Dip.

Based on on-chain metrics, Cardano (ADA) has witnessed a notable reduction in large transaction volumes associated with whale activity. A substantial decrease generally implies a shift in the dynamics of a particular network, but in Cardano’s (ADA) case, the reasons haven’t been pinpointed. Just a week ago, crypto research firm K33 released a scathing report saying there was no meaningful activity going on in Cardano (ADA), with its DeFi activity negligible compared to other Layer-1s. Cardano (ADA) was trading at $0.468 as of press time, up 4% in the past 24 hours. Cardano (ADA) price made a swift 16% recovery to close the week at $0.50 after having tumbled to the 50-day low of $0.43 on Tuesday, Jan 23. On-chain data trends examine how investors’ reactions and historical accumulation trends could impact ADA prices in the days ahead.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.49 | Negative Crossover | Bearish
  • MA 20 : 0.51 | Negative Crossover | Bearish
  • MA 50 : 0.51 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.49 | Positive Crossover | Bullish
  • MA 20 : 0.51 | Negative Crossover | Bearish
  • MA 50 : 0.56 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.78 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.08 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.67 R2 : 0.74
  • S1 : 0.43 S2 : 0.36

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.47 | Take Profit: 0.42 | Stop Loss: 0.51

CHAINLINK

Chainlink’s price has failed to establish a strong upswing after it broke out of the 18-month-long accumulation.

The speculation of another extended consolidation phase of Chainlink price below $20 continues to make huge waves within the crypto space. The market participants were optimistic when the Chainlink price broke the year-long consolidation and surged by more than 125%. After marking the highs above $17, they became confident that the token was initiating a bull run, as the rest of the tokens also followed a significant upswing. However, the bulls soon displayed their weakness, so the rally has been restricted below $17 since November 2023.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.52 | Positive Crossover | Bullish
  • MA 20 : 14.64 | Negative Crossover | Bearish
  • MA 50 : 14.58 | Negative Crossover | Bearish

Simple :

  • MA 10 : 14.56 | Positive Crossover | Bullish
  • MA 20 : 14.80 | Negative Crossover | Bearish
  • MA 50 : 14.80 | Negative Crossover | Bearish

RSI (Relative Strength Index): 48.97 | Neutral Zone | Neutral

Stochastic   Oscillator : 31.24 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 16.96 R2 : 17.91
  • S1 : 13.87 S2 : 12.92

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Stop Sell: 14.46 | Take Profit: 13.28 | Stop Loss: 15.32

Elsewhere In The Crypto Market

Bitcoin is up (0.61%) at 40,158, Ethereum is down (0.21%) at 2,212.8, Litecoin is down (0.68%) at 67.45, Solana is up (0.74%) at 96.76, Dogecoin is down (0.40%) at 0.078.

Key Economic Events & Data Release Today:

(EUR) ECB’s De Guindos Speaks at 08:10. (AUD) Retail Sales (MoM) (Dec) Forecast –0.7%, Previous 2.0% at 19:30.