. Daily Crypto Analysis - Bitcoin soars, Ethereum struggles.

Daily Crypto Analysis – Bitcoin soars, Ethereum struggles.

Daily Crypto Analysis – Bitcoin soars, Ethereum struggles.

18 Mar 2024

Introduction

Bitcoin climbs back above $67,000 amidst pre-FOMC volatility and renewed investor confidence, defying macroeconomic uncertainties. Memecoins surge, propelling the sector’s market cap past $55 billion. XRP price rebounds to $0.62 with significant events ahead for Ripple and XRP holders. Ethereum faces a corrective pullback below $3,650, while Litecoin struggles to maintain ground above $85 amid bearish derivative market trends.

Markets In Focus Today – BITCOIN

Bitcoin back above $67K.

Bitcoin has rebounded above $67,000K amid pre-FOMC volatility and investor confidence in buying the dip, despite macroeconomic concerns. Memecoins surge, driving the sector’s market cap to over $55 billion. Bitcoin (BTC) changed hands at around $67,800 during Monday’s Asian trading hours, as pre-Federal Open Market Committee (FOMC) volatility worked its way through the crypto market, moving major digital assets and pushing up meme coins. “The weekend was filled with both fear and greed as BTC was driven down to $64,500 lows,” Singapore-based QCP Capital wrote in a note on Telegram. “BTC has since bounced back above $67,000, and we’ve seen heavy BTC put selling, which suggests that ‘fear’ has dissipated in BTC, and investors are happy to buy the dip.”

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68424.2243 | Negative Crossover | Bearish
  • MA 20 : 65894.5433 | Positive Crossover | Bullish
  • MA 50 : 58505.5336 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69669.6200 | Negative Crossover | Bearish
  • MA 20 : 67052.0150 | Positive Crossover | Bullish
  • MA 50 : 55848.5948 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.1076 | Buy Zone | Bullish

Stochastic   Oscillator : 60.6808 | Buy 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: Stop Buy: 68711.99 | Take Profit: 72280.09 | Stop Loss: 66620.34

RIPPLE

XRP price rose to $0.62 on Monday, and several key events lined up for Ripple and XRP holders.

XRP price holds above the $0.62 level on Monday, recovering from its recent decline.The 2024 XRP Gold Coast conference, the Digital Asset Summit, and the SEC vs. Ripple lawsuit deadline are the key events lined up for XRP. XRP supply on exchanges and active addresses decline on the weekly time frame, signaling a drop in demand among traders. XRP price wiped out its weekly gains over the weekend but managed to stay above $0.62 early on Monday. XRP price begins recovery on Monday as traders anticipate activity in the altcoin with upcoming events. Ripple CEO Brad Garlinghouse will speak at the Digital Asset Summit 2024, alongside Ripple Senior Vice President Markus Infanger on Monday. Their words could become a market-moving event for XRP is the native token of the XRP Ledger payment network developed by Ripple.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6328 | Negative Crossover | Bearish
  • MA 20 : 0.6231 | Negative Crossover | Bearish
  • MA 50 : 0.5957 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6466 | Negative Crossover | Bearish
  • MA 20 : 0.6301 | Negative Crossover | Bearish
  • MA 50 : 0.5722 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.8107 | Buy Zone | Bullish

Stochastic   Oscillator : 35.5086 | Sell Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Stop Sell: 0.60 | Take Profit: 0.65 | Stop Loss: 0.57

ETHEREUM

Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet.

Ethereum price started a downside correction below $3,650. ETH traded below $3,500 and is currently attempting a decent recovery wave in the near term. Ethereum price started a downside correction below the $3,800 and $3,700 levels, like Bitcoin. ETH declined below the $3,650 support level to enter a short-term bearish zone. It even spiked below the $3,500 support zone. A low was formed at $3,414 and the price is now attempting a recovery wave. There was a move above the $3,500 level. Ether climbed above the 23.6% Fib retracement level of the downward move from the $4,084 swing high to the $3,414 low. ETH buyers are still optimistic about the future.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3716.8657 | Negative Crossover | Bearish
  • MA 20 : 3622.1219 | Negative Crossover | Bearish
  • MA 50 : 3231.0549 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3819.9550 | Negative Crossover | Bearish
  • MA 20 : 3702.2025 | Negative Crossover | Bearish
  • MA 50 : 3078.4030 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.1961 | Buy Zone | Bullish

Stochastic   Oscillator : 36.9319 | Sell Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion : Stop Buy: 3616.61 | Take Profit: 3858.37 | Stop Loss : 3492.28

LITECOIN

Litecoin Price declines.

Litecoin (LTC) price is hanging precariously above the $85 mark on Monday, March 18, 2024, as the bulls look to stage a comeback from 24% pullback from last week’s peak.LTC Open Interest remains in a downtrend, after a $105 million decline in the past week. Historical accumulation trends highlight that Litecoin price prospects for the week rest heavily on the bulls holding the $80 support. Litecoin (LTC) price briefly reclaimed $105 on March 11, only to be followed by 5 consecutive red candles that saw LTC dip 24% to a weekly low of $80 on March 17. Despite a mild recovery in the last 48 hours, critical derivatives market trends suggest that the bears are still largely in the driving seat.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 88.6950 | Negative Crossover | Bearish
  • MA 20 : 86.7962 | Negative Crossover | Bearish
  • MA 50 : 80.4698 | Positive Crossover | Bullish

Simple :

  • MA 10 : 91.5094 | Negative Crossover | Bearish
  • MA 20 : 88.6543 | Negative Crossover | Bearish
  • MA 50 : 77.2462 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.4968 | Buy Zone | Bullish

Stochastic   Oscillator : 33.5101 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction : Sell

Trade Suggestion: Stop Sell: 83.66 | Take Profit: 76.35 | Stop Loss: 89.35

Elsewhere In The Crypto Market

Bitcoin is down (0.56%) at 67,998, Ethereum is down (1.64%) at 3,582.5, Litecoin is down (1.67%) at 84.39, Solana is up (0.38%) at 202.45, Dogecoin is down (4.52%) at 0.147.

Key Economic Events & Data Release Today:

(EUR) CPI (YoY) (Feb) Forecast 2.6%, Previous 2.8% at 06:00. (JPY) BoJ Monetary Policy Statement 22:30. (AUD) RBA Interest Rate Decision (Mar) Forecast 4.35%, Previous 4.35% at 23:30. (AUD) RBA Rate Statement 23:30.