. Daily Crypto Analysis - Bitcoin stalls, XRP climbs, Dogecoin soars.

Daily Crypto Analysis – Bitcoin stalls, XRP climbs, Dogecoin soars.

Daily Crypto Analysis – Bitcoin stalls, XRP climbs, Dogecoin soars.

01 Mar 2024

Introduction

Bitcoin experiences a pause in its rally, encountering resistance near $68,212, prompting a potential healthy correction to $60,000. Grayscale challenges the SEC’s alleged unfair treatment of its shareholders. Meanwhile, XRP faces a legal showdown, climbing to $0.62 before a correction amid an impending class action trial. Dogecoin, propelled by the Bitcoin surge, hits a two-year high. Litecoin sees a notable 11.08% rally, trading at $82.133, marking its largest one-day percentage gain since June 30, 2023, amid a positive trend in the broader cryptocurrency market.

Markets In Focus Today – BITCOIN

Bitcoin price rally eases as Grayscale calls out SEC for unfair discrimination against its shareholders.

Bitcoin price uptrend has lost steam after a rejection from the supply zone between $62,905 and $68,212. BTC could drop 5% to $60,000 as part of a healthy correction to give sidelined investors a buying opportunity. A candlestick close below $60K could instigate and extend BTC falls to $50,000. Bitcoin’s (BTC) price has suffered rejection from a multi-year supply barrier, but this correction looks healthy to give sidelined investors and late buyers a chance to buy the dip. Meanwhile, Grayscale is the subject of a new contention with the US financial regulator as it looks to reach a new class of customers.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 56790.7094 | Positive Crossover | Bullish
  • MA 20 : 53657.9428 | Positive Crossover | Bullish
  • MA 50 : 48965.2305 | Positive Crossover | Bullish

Simple :

  • MA 10 : 55386.1050 | Positive Crossover | Bullish
  • MA 20 : 53278.2750 | Positive Crossover | Bullish
  • MA 50 : 46896.6506 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.6432 | Buy Zone | Bullish

Stochastic   Oscillator : 82.9335 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 63998.0754 R2 : 69226.1646
  • S1 : 47073.2446 S2 : 41845.1554

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 60194.58 | Take Profit: 62957.90 | Stop Loss: 58500.94

RIPPLE

XRP climbs to $0.62 ahead of legal showdown: Ripple faces class action lawsuit trial soon.

XRP price climbed to a local peak of $0.62 on Thursday and corrected to $0.59 early on Friday. The Zakinov v. Ripple Labs class action lawsuit has a trial scheduled for April 15, 2024. Key dates in Ripple’s ongoing legal battle with the SEC and class action lawsuit coincide, making April crucial for XRP holders. XRP price inched closer to its 2024 high, rallying past the $0.62 level on Thursday. The altcoin was hit by a correction, however, which pulled it back down to the $0.59s early Friday. Ripple, a cross-border payment remittance firm is currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) and a class action lawsuit filed by XRP holders.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5682 | Positive Crossover | Bullish
  • MA 20 : 0.5569 | Positive Crossover | Bullish
  • MA 50 : 0.5542 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5605 | Positive Crossover | Bullish
  • MA 20 : 0.5543 | Positive Crossover | Bullish
  • MA 50 : 0.5412 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.5170 | Buy Zone | Bullish

Stochastic   Oscillator : 63.6986 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6192 R2 : 0.6513
  • S1 : 0.5153 S2 : 0.4832

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.56 | Take Profit: 0.61 | Stop Loss: 0.53

DOGECOIN

Dogecoin rides the Bitcoin wave, rallies to 2-year high.

Traders are continuing to use prominent meme tokens as ecosystem bets on their respective blockchains, boosting dogecoin (DOGE) futures to set a record level. The value of leading meme coin Dogecoin [DOGE] rose 33% in the past 24 hours to trade at a two-year high at press time. According to data from CoinMarketCap, the coin exchanged hands at $0.12 as of this writing. The last time DOGE traded at this was on 11th February 2022. This double-digit uptick in DOGE’s value highlighted the historical correlation between the coin and leading crypto Bitcoin [BTC], whose value also surged to a three-year high on 28th February.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1021 | Positive Crossover | Bullish
  • MA 20 : 0.0944 | Positive Crossover | Bullish
  • MA 50 : 0.0879 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.0968 | Positive Crossover | Bullish
  • MA 20 : 0.0907 | Positive Crossover | Bullish
  • MA 50 : 0.0843 | Positive Crossover | Bullish

RSI (Relative Strength Index): 86.8358 | Buy Zone | Bullish

Stochastic   Oscillator : 74.8339 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0878 S2 : 0.0742

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.112 | Take Profit: 0.129 | Stop Loss: 0.103

LITECOIN

Litecoin Climbs 11.08% In Rally.

Litecoin was trading at $82.133 by 10:05 (04:35 GMT) on Thursday, up 11.08% on the day. It was the largest one-day percentage gain since Friday, June 30, 2023. The move upward pushed Litecoin’s market cap up to $5.892B, or 0.26% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. Litecoin had traded in a range of $73.935 to $82.133 in the previous twenty-four hours. Over the past seven days, Litecoin has seen a rise in value, as it gained 15.97%. The volume of Litecoin traded in the twenty-four hours to the time of writing was $858.902M or 0.45% of the total volume of all cryptocurrencies. It has traded in a range of $67.5438 to $82.1330 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 79.64 | Positive Crossover | Bullish
  • MA 20 : 74.32 | Positive Crossover | Bullish
  • MA 50 : 71.76 | Positive Crossover | Bullish

Simple :

  • MA 10 : 78.83 | Positive Crossover | Bullish
  • MA 20 : 74.33 | Positive Crossover | Bullish
  • MA 50 : 71.76 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.68 | Buy Zone | Bullish

Stochastic   Oscillator : 79.79 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 85.95 R2 : 93.13
  • S1 : 79.42 S2 : 73.08

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 80.55 | Take Profit: 85.95 | Stop Loss: 77.34

Elsewhere In The Crypto Market

Bitcoin is up (1.6%) at 62,156, Ethereum is up (2.58%) at 3,427.9, Litecoin is up (6.64%) at 85.13, Solana is up (6.28%) at 133.46, Dogecoin is up (4.46%) at 0.122.

Key Economic Events & Data Release Today:

(NZD) RBNZ Gov Orr Speaks at 05:35. (CNY) Manufacturing PMI (Feb) Actual 49.1, Forecast 49.1, Previous 49.2 at 07:00. (EUR) German Manufacturing PMI (Feb) Forecast 42.3, Previous 45.5 at 14:25. (EUR) CPI (YoY) (Feb) Forecast 2.5%, Previous 2.8% at 15:30. (USD) Manufacturing PMI (Feb) Forecast 51.5, Previous 50.7 at 20:30. (USD) ISM Manufacturing PMI (Feb) Forecast 49.5, Previous 49.1 at 20:30.