. Daily Crypto Analysis - Bitcoin Stagnates, Ether Rallies

Daily Crypto Analysis – Bitcoin Stagnates, Ether Rallies

Daily Crypto Analysis – Bitcoin Stagnates, Ether Rallies

27 May 2024

Introduction

Crypto markets see mixed performance on Monday. Bitcoin remains stagnant ahead of inflation data, while Ether rallies on progress towards a spot ETF. Dogecoin surges after breaking resistance, while XRP dips as the SEC lawsuit against Ripple lingers.

Markets In Focus Today – BITCOIN

Bitcoin price hovers around $68k, Ether surges on spot ETF progress.

Bitcoin price moved little on Monday as concerns over high interest rates persisted ahead of key U.S. inflation data due later this week, while Ether saw an extended rally on progress towards a spot exchange-traded fund. Broader crypto prices were also largely subdued, as traders remained biased towards the dollar amid waning optimism over interest rate cuts by the Federal Reserve this year. Bitcoin fell 0.3% in the past 24 hours. Fears of high for longer U.S. interest rates were a key point of pressure on crypto markets in recent weeks, especially after a string of Federal Reserve officials warned that sticky inflation will delay any plans to cut rates. Focus this week is squarely on PCE price index data- the Fed’s preferred inflation gauge. Bitcoin has largely tread water in recent months after initial enthusiasm over the ETFs ran dry.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67999.5596 | Positive Crossover | Bullish
  • MA 20 : 66719.6045 | Positive Crossover | Bullish
  • MA 50 : 65269.6883 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68492.7120 | Positive Crossover | Bullish
  • MA 20 : 65765.0190 | Positive Crossover | Bullish
  • MA 50 : 65043.5822 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.9540 | Buy Zone | Bullish

Stochastic   Oscillator : 32.66 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 67261.48 | Take Profit : 71224.57 | Stop Loss : 65169.85

ETHEREUM

Ether boosted by SEC approval for spot ETF .

The world’s second-largest crypto token saw a major boost over the weekend after the Securities and Exchange Commission approved applications from several major exchanges for the listing of ETFs that directly track the price of Ether. The approval now opens the door for the SEC to engage with fund operators including VanEck, ARK Investment Management and seven other issuers who have applied to list their spot Ether ETFs. Analysts expect the approval of spot ETFs to trigger a sharp rally in Ether, similar to one seen in Bitcoin after the approval of spot Bitcoin ETFs earlier this year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3643.2070 | Positive Crossover | Bullish
  • MA 20 : 3452.0810 | Positive Crossover | Bullish
  • MA 50 : 3303.6243 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3638.3670 | Positive Crossover | Bullish
  • MA 20 : 3303.0395 | Positive Crossover | Bullish
  • MA 50 : 3226.4964 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 72.2725 | Buy Zone | Bullish

Stochastic   Oscillator : 46.06 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3731.15 | Take Profit : 3982.99 | Stop Loss : 3576.17

DOGECOIN

Dogecoin eyes 10% rally as DOGE bulls show strength.

Dogecoin price is likely to rally 10%, after breaking resistance level of $0.118. On-chain data suggest DOGE investors are accumulating. A daily candlestick close below $0.135 would invalidate the bullish thesis. Dogecoin (DOGE) price surges after 36 days of consolidation, breaking the range. The price action produces higher highs and higher lows, suggesting the exhaustion of bears and bulls taking over. On-chain data also indicates that the bulls are in control and accumulating, with DOGE potentially rallying.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1634 | Positive Crossover | Bullish
  • MA 20 : 0.1593 | Positive Crossover | Bullish
  • MA 50 : 0.1566 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1635 | Positive Crossover | Bullish
  • MA 20 : 0.1556 | Positive Crossover | Bullish
  • MA 50 : 0.1572 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 55.4384 | Buy Zone | Bullish

Stochastic   Oscillator : 44.4 | Neutral Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.154 | Take Profit : 0.174 | Stop Loss : 0.141

RIPPLE

XRP Price Dips.

XRP price again struggled to continue higher above the $0.5450 resistance. It is now moving lower and might test the $0.512 support zone. After a close above the $0.5320 level, XRP price extended its increase like Bitcoin and Ethereum. However, the bears were active near the $0.5420 resistance zone. XRP holders await a ruling in the SEC vs. Ripple lawsuit that has dragged since 2020. XRP wiped out nearly 2% of its value on the day. Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5288 | Negative Crossover | Bearish
  • MA 20 : 0.5260 | Positive Crossover | Bullish
  • MA 50 : 0.5352 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5296 | Negative Crossover | Bearish
  • MA 20 : 0.5203 | Positive Crossover | Bullish
  • MA 50 : 0.5272 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.8338 | Buy Zone | Bullish

Stochastic   Oscillator : 34.2 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.511 | Take Profit : 0.556 | Stop Loss : 0.487

Elsewhere In The Crypto Market

Bitcoin up (0.09%) at 68,549, Ethereum up (2.16%) at 3909.5, Litecoin up (0.99%) at 84.70, Solana up (2.36%) at 167.07, Dogecoin up (1.03%) at 0.167.

Key Economic Events & Data Release Today:

(EUR) German Ifo Business Climate Index (May) Forecast –90.4, Previous –89.4 at 13:30. (CAD) Wholesale Sales (MoM) (Apr) Previous –1.1% at 18:00.