. Daily Crypto Analysis - Bitcoin stable, XRP struggles, ETF rumors.

Daily Crypto Analysis – Bitcoin stable, XRP struggles, ETF rumors.

Daily Crypto Analysis – Bitcoin stable, XRP struggles, ETF rumors.

28 Mar 2024

Introduction

Despite bearish predictions, Bitcoin remains steady above $69,000, while rumors of Morgan Stanley approving BTC ETFs circulate. Rising open interest suggests impending volatility as 95% of BTC supply sits in profit, with long-term holders increasing distribution pressure. XRP struggles below $0.65 resistance amidst Ripple’s legal woes after a US court rejected Coinbase’s defense in the SEC lawsuit. Meanwhile, Chainlink aims for a $20 breakout, and Cardano eyes $1 fueled by whale activity and user engagement surge.

Markets In Focus Today – BITCOIN

Bitcoin Price Continues to See Consolidation.

Bitcoin price is holding well above the $69,000 threshold despite analysts speculating bearish calls. Rumors have it that Morgan Stanley will approve BTC ETFs on their platform soon. Bitcoin nears a big sell wall with rising open interest signaling incoming volatility.95% of BTC supply is now in profit as the long-term holder cohort ramping up distribution pressure Bitcoin (BTC) price has recorded increased volatility this week, with most BTC holders currently in profit. As market activity continues to grow with long-term holders now ramping up on distribution pressure, the pioneer cryptocurrency is bearing the brunt of growing overhead pressure. Still, the $69,000 threshold refuses to bulge with rumors about Morgan Stanley having something to do with it.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68291.2739 | Positive Crossover | Bullish
  • MA 20 : 67009.6965 | Positive Crossover | Bullish
  • MA 50 : 61391.3496 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67043.7530 | Positive Crossover | Bullish
  • MA 20 : 68330.6505 | Positive Crossover | Bullish
  • MA 50 : 60628.0036 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.5286 | Buy Zone | Bullish

Stochastic   Oscillator : 73.4900 | 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: 70071.42 | Take Profit: 73662.06 | Stop Loss: 68181.61

RIPPLE

XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat.

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. The US Court rejected Coinbase’s motion to dismiss the SEC lawsuit, weighing heavily on Ripple’s legal battle.XRP price pulls back to $0.61 after failing to tackle resistance at $0.65. XRP price fell slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US Securities and Exchange Commission (SEC), failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase. A US court ruled on Wednesday that the SEC’s allegations that the exchange is operating as an unregistered broker are reasonable, rejecting Coinbase’s motion to dismiss the case. As Coinbase had based its defense partially on Ripple’s landmark ruling, this legal setback for Coinbase could have a significant impact on the regulator’s legal battle with Ripple.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6250 | Negative Crossover | Bearish
  • MA 20 : 0.6235 | Negative Crossover | Bearish
  • MA 50 : 0.6049 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6204 | Positive Crossover | Bullish
  • MA 20 : 0.6351 | Negative Crossover | Bearish
  • MA 50 : 0.5947 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.4726 | Buy Zone | Bullish

Stochastic   Oscillator : 41.9842 | Buy Zone | Neutral

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 Buy: 0.609 | Take Profit: 0.656 | Stop Loss: 0.583

CHAINLINK

Chainlink Price Edges Closer to $20 Breakout.

Chainlink Price During the recent downturn in the cryptocurrency market that saw the Bitcoin price drop to $60,000, Chainlink’s price exhibited pronounced volatility, as shown by the significant price fluctuations captured in the daily chart. This consolidation since early February reflected the clear dominance of buyers or sellers. However, amid the current market recovery, the LINK price rebounded from the $16.25 level, sparking a fresh reversal opportunity among traders. The coin price rebounded several times from this pattern’s boundaries indicating the market participants are strictly following this pattern.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.1336 | Positive Crossover | Bullish
  • MA 20 : 19.1755 | Positive Crossover | Bullish
  • MA 50 : 18.8355 | Positive Crossover | Bullish

Simple :

  • MA 10 : 18.6954 | Positive Crossover | Bullish
  • MA 20 : 19.3478 | Positive Crossover | Bullish
  • MA 50 : 19.4475 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.6615 | Buy Zone | Bullish

Stochastic   Oscillator : 63.1281 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 20.6112 R2 : 21.9610
  • S1 : 16.2416 S2 : 14.8918

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 19.25 | Take Profit: 21.51 | Stop Loss: 17.95

CARDANO

Cardano Eyes $1 as Whale Activity, User Engagement Soar.

Cardano (ADA-USD) is inching closer to the coveted $1 mark, propelled by a notable uptick in whale (large holders) transactions and a surge in active addresses. Despite trailing behind its cryptocurrency peers in price, the recent data points toward bullish momentum for ADA, suggesting a robust growth trajectory ahead. Cardano’s network is buzzing with activity, particularly from the big players, with a record 6,810 transactions exceeding $100,000 reported in the last 48 hours. This spike in whale activity indicates growing investor confidence in ADA’s potential, hinting at a bullish trend that could significantly impact its market position.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6520 | Negative Crossover | Bearish
  • MA 20 : 0.6614 | Negative Crossover | Bearish
  • MA 50 : 0.6427 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6358 | Positive Crossover | Bullish
  • MA 20 : 0.6792 | Negative Crossover | Bearish
  • MA 50 : 0.6492 | Negative Crossover | Bearish

RSI (Relative Strength Index): 47.7862 | Buy Zone | Bullish

Stochastic   Oscillator : 37.2910 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7024 R2 : 0.7579
  • S1 : 0.5229 S2 : 0.4674

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Stop Buy: 0.653 | Take Profit: 0.734 | Stop Loss: 0.605

Elsewhere In The Crypto Market

Bitcoin is up (1.71%) at 7,0626, Ethereum is up (2.45%) at 3,584, Litecoin is up (2.07%) at 95.47, Solana is up (3.44%) at 195.45, Dogecoin is up (6.95%) at 0.203.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Feb) Forecast 0.4%, Previous 1.1% at 06:00 . (GBP) GDP (QoQ) (Q4) Forecast –0.3%, Previous –0.1% at 12:30. (GBP) GDP (YoY) (Q4) Forecast –0.2%, Previous 0.3% at 12:30. (USD) GDP (QoQ) (Q4) Forecast 3.2%, Previous 4.9% at 18:00. (CAD) GDP (MoM) (Jan) Forecast 0.4%, Previous 0.0% at 18:00. (USD) Initial Jobless Claims Forecast 212K, Previous 210K at 18:00. (USD) Pending Home Sales (MoM) (Feb) Forecast 1.4%, Previous –4.9% at 19:30