. Daily Crypto Analysis - Bitcoin steady and Ripple stable.

Daily Crypto Analysis – Bitcoin steady and Ripple stable.

Daily Crypto Analysis – Bitcoin steady and Ripple stable.

10 Jul 2024

Introduction

Crypto market shows mixed signals. Bitcoin trades flat around $58,000 despite positive on-chain data. Ripple’s price holds steady at $0.43 with a surge in on-chain activity. Litecoin price drops as whales move coins to exchanges. Ethereum eyes upside break above $3,110 resistance.

Markets In Focus Today – BITCOIN

Bitcoin price hovers around $58,000 amid second-largest Bitcoin’s outflow from BitMEX.

Bitcoin spot ETFs received the second consecutive day of inflows this week on Tuesday.On June 5 and 6, 35,486 BTC outflowed from BitMEX, marking the second-largest BTC outflow in the exchange.Despite FUD from Mt. Gox and the German government, on-chain data shows investors quietly accumulating BTC.Technical analysis shows that BTC has formed a bullish divergence on a momentum indicator.Bitcoin (BTC) has encountered resistance near the $58,375 weekly level during the past few days, trying to break and hovering just above it at $58,865 at the time of writing on Wednesday. Concurrently, on-chain data reveals quiet BTC accumulation, alongside a notable outflow of 35,486 BTC from exchanges on June 5 and 6, marking BitMEX’s second-largest outflow in history. In addition, Bitcoin spot ETFs received $216.4 million in inflows on Tuesday, marking the second consecutive day of positive netflows this week. Technical analysis also indicates a bullish divergence on a momentum indicator, suggesting a potential rally ahead.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 58629.7009 | Negative Crossover | Bearish
  • MA 20 : 60301.4333 | Negative Crossover | Bearish
  • MA 50 : 62953.0508 | Negative Crossover | Bearish

Simple :

  • MA 10 : 58669.4200 | Negative Crossover | Bearish
  • MA 20 : 60357.1025 | Negative Crossover | Bearish
  • MA 50 : 64988.2478 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.0666 | Neutral Zone | Neutral

Stochastic   Oscillator : 41.1064 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.9868 R2 : 72674.8232
  • S1 : 59243.3132 S2 : 56073.4768

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 59271.02 | Take Profit : 56373.92 | Stop Loss : 61249.53

RIPPLE

Ripple’s on-chain activity surges as XRP remains around $0.43.

Ripple’s active addresses have surged over 30%, according to Santiment data. XRP traders are eagerly awaiting the conclusion of the SEC’s lawsuit against Ripple, expected by July 31. Despite investors realizing over $144 million in losses in July, XRP is trading around $0.43, up nearly 1% on Wednesday. Increased on-chain activity indicates growing relevance among market participants. With Bitcoin back above $57,000, trader optimism is high. Pro-crypto attorney Fred Rispoli tweeted that the SEC vs. Ripple lawsuit is likely to conclude by July 2024. XRP traders are closely monitoring lawsuit developments and overall market sentiment to gauge the altcoin’s future direction.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4450 | Negative Crossover | Bearish
  • MA 20 : 0.4580 | Negative Crossover | Bearish
  • MA 50 : 0.4827 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4466 | Negative Crossover | Bearish
  • MA 20 : 0.4617 | Negative Crossover | Bearish
  • MA 50 : 0.4902 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.1312 | Neutral Zone | Neutral

Stochastic   Oscillator : 51.2892 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.5176 R2 : 0.5357
  • S1 : 0.4586 S2 : 0.4405

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.448 | Take Profit : 0.390 | Stop Loss : 0.488

LITECOIN

Litecoin (LTC) Whales Push Exchange Inflows Amid Price Drop.

Litecoin has witnessed a significant uptick in large-holder coin flow to exchanges in the last week. This is due to the steady fall in the coin’s value and large holders’ desire to prevent further losses. As of this writing, LTC trades at $65.73, falling by almost 15% in the past seven days.Litecoin Whales Sell Their Holdings LTCUSD non-stop price decline in the past few weeks has caused some of its large holders to send their coins to cryptocurrency exchanges. On-chain data show that the coin’s large holder netflow has surged by over 464% in the last seven days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66.9738 | Negative Crossover | Bearish
  • MA 20 : 69.7054 | Negative Crossover | Bearish
  • MA 50 : 74.7809 | Negative Crossover | Bearish

Simple :

  • MA 10 : 67.3574 | Negative Crossover | Bearish
  • MA 20 : 70.2017 | Negative Crossover | Bearish
  • MA 50 : 76.8109 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.1876 | Neutral Zone | Neutral

Stochastic   Oscillator : 42.8405 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 83.2075 R2 : 87.5072
  • S1 : 69.2884 S2 : 64.9887

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 68.04 | Take Profit : 59.11 | Stop Loss : 74.06

ETHEREUM

Ethereum Price Targets Upside Break.

Ethereum’s price is poised for a potential recovery, with bullish momentum likely if it moves above the $3,110 resistance. Currently, ETH is gradually rising above the $3,000 level, having remained stable above the $2,880 support zone. It climbed past the $2,950 resistance, mirroring Bitcoin’s upward trend, and cleared the $3,050 resistance before facing resistance. The price tested the $3,120 zone, reaching a high at $3,110, and is now consolidating gains. If Ethereum fails to break the $3,110 resistance, it might face another decline.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3131.4937 | Negative Crossover | Bearish
  • MA 20 : 3242.4612 | Negative Crossover | Bearish
  • MA 50 : 3361.3839 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3138.9210 | Negative Crossover | Bearish
  • MA 20 : 3278.9815 | Negative Crossover | Bearish
  • MA 50 : 3525.2174 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 39.6651 | Sell Zone | Bearish

Stochastic   Oscillator : 34.5307 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.8955 R2 : 3920.0778
  • S1 : 3275.2378 S2 : 3123.0555

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3212.60 | Take Profit : 2967.43 | Stop Loss : 3373.08

Elsewhere In The Crypto Market

Bitcoin up (0.84%) at 58,523, Ethereum up (1.37%) at 3109.3, Litecoin up (1.1%) at 66.09, Solana up (1.17%) at 143.07, Dogecoin up (1.73%) at 0.109.

Key Economic Events & Data Release Today:

(USD) Fed Chair Powell Testifies at 10:00. (USD) Crude Oil Inventories Forecast 0.700M, Previous –12.157M at 10:30. (GBP) BoE MPC Member Pill Speaks at 09:30.