. Daily Crypto Analysis - Bitcoin Stalls, Ripple Eye Breakouts

Daily Crypto Analysis – Bitcoin Stalls, Ripple Eye Breakouts

Daily Crypto Analysis – Bitcoin Stalls, Ripple Eye Breakouts

04 Jun 2024

Introduction

Cryptocurrency markets see some gains as investors bet on Fed rate cuts, countering the weakness in Bitcoin price. Bitcoin trades flat around $69k, while Ethereum experiences outflows from exchanges despite rising fund inflows. Cardano and Ripple prices show potential for breakouts, but uncertainties remain.

Markets In Focus Today – BITCOIN

Bitcoin price today hovers around $69k, rate cut hopes provides some support.

Bitcoin price steadied on Tuesday, hovering just below key levels as weakness in the dollar, amid speculation over potential interest rate cuts by the Federal Reserve, sparked some flows into crypto markets. Bitcoin price gets squeezed between the trendlines of a symmetrical triangle pattern.Bitcoin rose 0.8% in the past 24 hours.Broader cryptocurrency markets clocked some gains this week, as appetite for risk-driven assets improved on the prospect of eventual rate cuts by the Federal Reserve. The inflows signaled some improved sentiment towards crypto, after the space was hit with extended outflows through April. But overall trading volumes and daily turnover in crypto investment products still remained weak.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68245.1286 | Positive Crossover | Bullish
  • MA 20 : 67568.7493 | Positive Crossover | Bullish
  • MA 50 : 66084.2807 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68296.6450 | Positive Crossover | Bullish
  • MA 20 : 68151.4935 | Positive Crossover | Bullish
  • MA 50 : 65109.4492 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.2569 | Buy Zone | Bullish

Stochastic   Oscillator : 63.71 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 67604.64 | Take Profit : 71172.75 | Stop Loss : 65513.00

ETHEREUM

Ethereum sustains week-long consolidation, sees over $3 billion exodus from exchanges.

Ethereum saw increased outflows from crypto exchanges in the past seven days as investors anticipate spot ETH ETF launch.Ethereum funds finish second consecutive week of net inflows totaling $33.5 million.Ethereum will likely sustain a horizontal move until the SEC gives clarity on when spot ETH ETFs will launch.Ethereum (ETH) sustained a week-long horizontal trend following massive exchange outflows in the past seven days, which coincided with increased ETH fund inflows.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3748.5477 | Positive Crossover | Bullish
  • MA 20 : 3630.7555 | Positive Crossover | Bullish
  • MA 50 : 3433.2657 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3795.8610 | Negative Crossover | Bearish
  • MA 20 : 3632.2575 | Positive Crossover | Bullish
  • MA 50 : 3295.5196 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 62.2843 | Buy Zone | Bullish

Stochastic   Oscillator : 2.53 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3723.71 | Take Profit : 3938.58 | Stop Loss : 3602.84

CARDANO

Cardano price flashes buy signal.

Cardano price could see an 11% rally if it can overcome the $0.465 hurdle.If ADA rises above the $0.477 swing high, it will confirm an uptrend. A second scenario includes the so-called “Ethereum-killer” to first decline to $0.422 before it attempts a revisit of $0.510. Cardano (ADA) price is at a reversal zone but there are other factors at play that could prevent it from flipping bullish. Investors need to pay close attention to immediate levels to determine ADA’s bias.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4551 | Negative Crossover | Bearish
  • MA 20 : 0.4587 | Positive Crossover | Bullish
  • MA 50 : 0.4795 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.4538 | Negative Crossover | Bearish
  • MA 20 : 0.4649 | Negative Crossover | Bearish
  • MA 50 : 0.4628 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 47.97 | Neutral Zone | Neutral

Stochastic   Oscillator : 84.91 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.4935 R2 : 0.5152
  • S1 : 0.4232 S2 : 0.4015

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.445 | Take Profit : 0.489 | Stop Loss : 0.421

RIPPLE

Ripple price is poised to end the 50-day consolidation between $0.467 and $0.571 range.

Ripple price is currently consolidating between $0.571 and $0.467 after a major 33% fall in mid-April. This 49-day consolidation has seen XRP volume weakening. Investor bets on a September Fed rate cut drove buyer demand for XRP and the broader crypto market. XRP price extended losses below the $0.5120 level like Bitcoin and Ethereum. The price tested the $0.5080 zone and recently started a decent recovery wave.SEC vs. Ripple case-related updates and XRP-spot ETF market-related chatter need investor consideration.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5217 | Positive Crossover | Bullish
  • MA 20 : 0.5228 | Positive Crossover | Bullish
  • MA 50 : 0.5312 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5223 | Positive Crossover | Bullish
  • MA 20 : 0.5250 | Negative Crossover | Bearish
  • MA 50 : 0.5208 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 46.5243 | Neutral Zone | Neutral

Stochastic   Oscillator : 26.4272 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell: 0.510 | Take Profit : 0.465 | Stop Loss : 0.542

Elsewhere In The Crypto Market

Bitcoin up (0.03%) at 68,821, Ethereum down (0.29%) at 3755.4, Litecoin down (1.47%) at 81.61, Solana up (0.19%) at 165.15, Dogecoin down (0.31%) at 0.157.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) Forecast 0.1%, Previous –0.4% at 07:00. (EUR) German Unemployment Change (May) Forecast 7K, Previous 10K at 13:25. (USD) JOLTs Job Openings (Apr) Forecast 8.370M, Previous 8.488M at 19:30.