. Daily Crypto Analysis - Bitcoin soars, Ethereum rises, XRP struggles.

Daily Crypto Analysis – Bitcoin soars, Ethereum rises, XRP struggles.

Daily Crypto Analysis – Bitcoin soars, Ethereum rises, XRP struggles.

21 Mar 2024

Introduction

Bitcoin surges to $66k fueled by hopes of rate cuts after the Federal Reserve’s steady interest rate stance. The dollar’s weakness post-Fed supports Bitcoin’s rebound, as it benefits from a high-liquidity environment favored by speculative investors. Ethereum rose 10% amidst growing investor confidence, while XRP faces a short-term decline amid ongoing legal battles. Litecoin eyes a potential rally towards $100, following steady gains against the US Dollar.

Markets In Focus Today – BITCOIN

Bitcoin Rebounds to $66k on rate cut hopes.

Bitcoin price rebounded sharply from recent losses on Thursday, tracking a broader rally in risk-driven markets after the Federal Reserve kept interest rates steady and signaled that rate cuts were coming in 2024. Weakness in the dollar aided Bitcoin’s recovery, as the greenback fell sharply from two-week highs after the Fed. Lower interest rates bode well for Bitcoin, which benefits from a high-liquidity environment that encourages speculative investments. Bitcoin is already up more than 50% so far in 2024, after a stellar, over 100% rally through 2023. The token’s latest gains were driven by increased capital inflows after the approval of spot exchange-traded funds for U.S. markets earlier in 2024.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67263.1528 | Negative Crossover | Bearish
  • MA 20 : 65837.1873 | Positive Crossover | Bullish
  • MA 50 : 59302.3787 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68425.2880 | Negative Crossover | Bearish
  • MA 20 : 67591.1310 | Positive Crossover | Bullish
  • MA 50 : 57198.4424 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.8734 | Buy Zone | Bullish

Stochastic   Oscillator : 35.4845 | Sell Zone | Positive

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: 66738.94 | Take Profit: 70469.82 | Stop Loss: 64873.50

ETHEREUM

Ethereum Climbs 10% As Investors Gain Confidence.

Ethereum was trading up 10.04% on the day. It was the largest one-day percentage gain since March 20. The move upward pushed Ethereum’s market cap up to $424.04B, or 16.59% of the total cryptocurrency market cap. At its highest, Ethereum’s market cap was $569.58B. Weakness in the dollar aided Bitcoin’s recovery, as the greenback fell sharply from two-week highs after the Fed. This trend also supported the broader cryptocurrency market, with the world no.2 token Ethereum rising 10% on Thursday. Over the past seven days, Ethereum has seen a drop in value, as it lost 11.82%. The volume of Ethereum traded in the twenty-four hours to the time of writing was $36.98B or 21.82% of the total volume of all cryptocurrencies.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3579.5958 | Negative Crossover | Bearish
  • MA 20 : 3564.2647 | Negative Crossover | Bearish
  • MA 50 : 3249.0364 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3649.3720 | Negative Crossover | Bearish
  • MA 20 : 3701.7070 | Negative Crossover | Bearish
  • MA 50 : 3142.5800 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.9949 | Buy Zone | Bullish

Stochastic   Oscillator : 30.0948 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 3382.06 | Take Profit: 3630.98 | Stop Loss: 3230.28

RIPPLE

XRP price decline could extend in the short term, on-chain metrics show.

XRP traders have realized more than $31 million in losses over the last week. Traders are shedding their XRP holdings and on-chain activity has dropped since the altcoin hit its year-to-date high on March 11. Technical indicators suggest XRP price is at risk of further decline as holders anticipate developments in the SEC vs. Ripple lawsuit. XRP price broadly consolidated above $0.60 on Thursday as The Securities and Exchange Commission (SEC) is poised to file its remedies-related opening brief on Friday. According to Ripple and SEC’s agreement, the proceedings will remain sealed from public view and this has increased XRP holders’ anticipation of the developments in the legal battle.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6227 | Negative Crossover | Bearish
  • MA 20 : 0.6201 | Negative Crossover | Bearish
  • MA 50 : 0.5976 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6351 | Negative Crossover | Bearish
  • MA 20 : 0.6338 | Negative Crossover | Bearish
  • MA 50 : 0.5779 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.3445 | Buy Zone | Bullish

Stochastic   Oscillator : 17.9492 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 0.605 | Take Profit: 0.560 | Stop Loss: 0.642

LITECOIN

Litecoin (LTC) Price Could Rally Towards $100.

Litecoin is gaining pace above the $82.00 resistance against the US Dollar. In the past few sessions, there was a steady increase in Bitcoin, Ethereum, Ripple, and Litecoin against the US Dollar. Earlier, LTC struggled to clear the $105 resistance zone and started a fresh decline. There was a move below the $88 and $85 support levels. Finally, the bulls protected the key support at $77. A low was formed near $76.96, and the price is now attempting a fresh increase. The price started a recovery wave above the $80.00 level. The pair could gain bullish momentum if it clears major resistance levels.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 86.4490 | Negative Crossover | Bearish
  • MA 20 : 85.9758 | Negative Crossover | Bearish
  • MA 50 : 80.8208 | Positive Crossover | Bullish

Simple :

  • MA 10 : 88.3595 | Negative Crossover | Bearish
  • MA 20 : 89.2188 | Negative Crossover | Bearish
  • MA 50 : 78.2052 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.4512 | Buy Zone | Bullish

Stochastic   Oscillator : 97.92 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 84.1465 R2 : 88.6554
  • S1 : 69.5501 S2 : 65.0412

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Stop Buy: 87.88 | Take Profit: 98.22 | Stop Loss: 81.76

Elsewhere In The Crypto Market

Bitcoin is down (1.13%) at 67,127, Ethereum is up (1.29%) at 3,560.1, Litecoin is up (0.65%) at 85.29, Solana is down (1.57%) at 188.80, Dogecoin is up (0.39%) at 0.152.

Key Economic Events & Data Release Today:

(CHF) SNB Interest Rate Decision (Q1) Forecast 1.75%, Previous 1.75% at 04:30. (EUR) German Manufacturing PMI (Mar) Forecast 43.1, Previous 42.5 at 04:30. (CHF) SNB Press Conference at 04:30. (GBP) Manufacturing PMI Forecast 47.9, Previous 47.5 at 05:30. (GBP) BoE Interest Rate Decision (Mar) Forecast 5.25%, Previous 5.25% at 08:00. (USD) Initial Jobless Claims Forecast 212K, Previous 209K at 08:30. (USD) Manufacturing PMI (Mar) Forecast 51.8, Previous 52.2 at 09:45. (USD) Existing Home Sales (Feb) Forecast 3.95M, Previous 4.00M at 10:00.