. Daily Crypto Analysis - Bitcoin Stalls, Ripple Steady

Daily Crypto Analysis – Bitcoin Stalls, Ripple Steady

Daily Crypto Analysis – Bitcoin Stalls, Ripple Steady

17 May 2024

Introduction

Bitcoin stalls after Fed comments but eyes a strong weekly gain. Despite a slight pullback on Friday, Bitcoin is poised for a positive week thanks to earlier gains fueled by a weakening dollar and hopes for future interest rate cuts. Meanwhile, Ripple remains steady near $0.50 as the firm plans to expand services in Africa, and Chainlink surges 10% on news of successful tests with major banks for tokenizing funds. Finally, Ethereum overcomes a key hurdle by breaching the $3,000 resistance level, although some caution is advised due to potential headwinds.

Markets In Focus Today – BITCOIN

Bitcoin price stalls at $66k, but set for strong weekly bounce.

Bitcoin price fell slightly on Friday, reversing some gains seen over the past two days as a slew of warnings from Federal Reserve officials largely cooled optimism over interest rate cuts this year. The world’s biggest cryptocurrency remained squarely within a tight $60,000 to $70,000 trading range established over the past two months, seeing few catalysts to break out amid weak capital flows and tepid risk appetite. Bitcoin price set for strong week amid some rate cut hopes But even as it traded rangebound, Bitcoin was sitting on strong gains over the past seven days, especially since it had fallen as low as $60,000 last week. The token was up around 8% from lows hit last Friday, encouraged chiefly by weakness in the dollar amid some signs of easing U.S. inflation.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 63778.0426 | Positive Crossover | Bullish
  • MA 20 : 63449.8819 | Positive Crossover | Bullish
  • MA 50 : 63637.7936 | Positive Crossover | Bullish

Simple :

  • MA 10 : 62969.7180 | Positive Crossover | Bullish
  • MA 20 : 62569.8660 | Positive Crossover | Bullish
  • MA 50 : 65080.1030 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.2914 | Buy Zone | Bullish

Stochastic   Oscillator : 83.33 | Buy Zone | Negative

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 : 65369.45 | Take Profit : 67830.21 | Stop Loss : 64057.04

RIPPLE

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa.

Ripple Managing Director of Africa Reece Merrick said that the firm plans to expand into crypto-native services such as custody. The payment firm plans to expand in Africa by supporting the XRP Ledger program in the region. XRP is hovering around $0.51 on Friday, broadly unchanged from a day earlier. Ripple (XRP) hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission (SEC) and amid new commitments from the firm to expand its services in Africa. While Ripple and XRP are best known for payment-remittance services, the firm said it is eyeing expansion into crypto-native services like custody.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5142 | Positive Crossover | Bullish
  • MA 20 : 0.5182 | Positive Crossover | Bullish
  • MA 50 : 0.5377 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5108 | Positive Crossover | Bullish
  • MA 20 : 0.5164 | Positive Crossover | Bullish
  • MA 50 : 0.5417 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.4784 | Buy Zone | Bullish

Stochastic   Oscillator : 93.37 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.50 | Take Profit : 0.54 | Stop Loss : 0.48

CHAINLINK

LINK price jumps 10% as Chainlink races toward tokenization of funds.

Chainlink network has completed tests with US banking giants to accelerate the tokenization of funds.JPMorgan, Franklin Templeton, Invesco, and BNY Mellon are among the ten participating firms.Network cofounder Sergey Nazarov says large market players are coming together to leverage blockchains, smart contracts, and Oracle networks.Chainlink price is up 10% as LINK bulls flock to the sceneChainlink (LINK) price has remained range-bound for a while, stuck between the $16.00 roadblock to the upside and $13.08 to the downside. However, in light of recent revelations, the token, which powers the verifiable web of the decentralized computing platform, may have further upside potential.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.4700 | Positive Crossover | Bullish
  • MA 20 : 14.3433 | Positive Crossover | Bullish
  • MA 50 : 15.1772 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.0920 | Positive Crossover | Bullish
  • MA 20 : 14.0094 | Positive Crossover | Bullish
  • MA 50 : 15.2324 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 65.2598 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 17.6032 R2 : 19.3362
  • S1 : 11.9930 S2 : 10.2601

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 15.76 | Take Profit : 17.74 | Stop Loss : 14.65

ETHEREUM

Ethereum (ETH) Finally Breaks Crucial $3,000 Resistance.

After one very long ride, Ethereum ETHUSD has finally breached the psychologically important $3,000 price mark. While this calls for celebration, investors are advised to exercise caution as headwinds lie ahead.Despite its strong correlation with Bitcoin, Ethereum’s price outlook in this current bull cycle has been somewhat disappointing. The $3,000 price level has been a major bane for Ethereum over the past month. From at least April 17, Ethereum has made at least six attempts to surpass the $3,000 resistance but was always rejected at each point.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2985.6000 | Positive Crossover | Bullish
  • MA 20 : 3025.4323 | Positive Crossover | Bullish
  • MA 50 : 3124.4746 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2961.5120 | Positive Crossover | Bullish
  • MA 20 : 3025.1865 | Positive Crossover | Bullish
  • MA 50 : 3181.9754 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.6843 | Buy Zone | Bullish

Stochastic   Oscillator : 68.86 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 3049.53 | Take Profit : 3221.27 | Stop Loss : 2935.04

Elsewhere In The Crypto Market

Bitcoin up (1.63%) at 66,320, Ethereum up (3.02%) at 3034.6, Litecoin up (0.8%) at 83.08, Solana up (5.44%) at 168.04, Dogecoin up (1.82%) at 0.152.

Key Economic Events & Data Release Today:

(CNY) Industrial Production (YoY) (Apr) Forecast 5.5%, Previous 4.5% at 07:30. (EUR) CPI (YoY) (Apr) Forecast 2.4%, Previous 2.4% at 14:30.