. Daily Crypto Analysis - Bitcoin Steady and XRP Climbs.

Daily Crypto Analysis – Bitcoin Steady and XRP Climbs.

Daily Crypto Analysis – Bitcoin Steady and XRP Climbs.

02 Jul 2024

Introduction

Bitcoin remains flat at $62k amid Mt Gox distribution concerns and interest rate jitters. XRP climbs on favorable Ripple ruling in SEC vs. Binance case, while Ethereum rises despite ETF outflows. Dogecoin sees a 6% surge, with increased trader demand and new addresses.

Markets In Focus Today – BITCOIN

Bitcoin price flat at $62k amid Mt Gox fears, rate jitters.

Bitcoin price moved little on Tuesday as anticipation of token distributions from the now defunct exchange Mt Gox, along with closely-watched cues on interest rates, kept crypto markets on edge. Fund flow data showed digital assets marking a third straight week of outflows, although sentiment appeared to be improving after steep outflows through June. The world’s biggest cryptocurrency was nursing steep losses through June, and remained within a trading range of $60,000 to $70,000 seen through most of the second quarter.Bitcoin (BTC) is encountering resistance near the $64,000 level, with on-chain data indicating a rise in daily active addresses, slight inflows into US spot Bitcoin ETFs, and the German Government’s transfer of 1,500 BTC valued at $94.7 million potentially triggering a minor correction in BTC price before an anticipated upward rally in the coming days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62493.9987 | Positive Crossover | Bullish
  • MA 20 : 63578.2971 | Negative Crossover | Bearish
  • MA 50 : 64960.9379 | Negative Crossover | Bearish

Simple :

  • MA 10 : 61763.9820 | Positive Crossover | Bullish
  • MA 20 : 63671.4480 | Negative Crossover | Bearish
  • MA 50 : 66425.4012 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.5958 | Neutral Zone | Neutral

Stochastic   Oscillator : 51.8273 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 69504.7902 R2 : 72674.6265
  • S1 : 59243.1165 S2 : 56073.2802

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 63901.84 | Take Profit : 60751.56 | Stop Loss : 66244.35

RIPPLE

Ripple ruling by Judge Torres accepted by court in SEC vs. Binance lawsuit, XRP climbs to key resistance.

Ripple ruling that states XRP is not a security in secondary market sales was cited by Judge in SEC vs. Binance lawsuit. The ruling acted as a precedent, and the Judge clarified whether secondary market sales of crypto were securities. XRP climbs above $0.48 resistance, extending gains by nearly 1%. Ripple (XRP) ruling acted as a precedent when Judge Amy Berman Jackson ruled in the US Securities and Exchange Commission (SEC) vs. Binance lawsuit. The Judge for the US District Court for the District of Columbia dismissed part of the charges against Binance concerning the secondary market sales of Binance’s native BNB token. The Judge relied on Judge Torres ruling in the SEC vs. Ripple lawsuit, where secondary market sales of the token did not satisfy the Howey test, and XRP was free of security status.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4789 | Positive Crossover | Bullish
  • MA 20 : 0.4838 | Positive Crossover | Bullish
  • MA 50 : 0.4998 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4757 | Positive Crossover | Bullish
  • MA 20 : 0.4822 | Positive Crossover | Bullish
  • MA 50 : 0.5034 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 49.8050 | Buy Zone | Bullish

Stochastic   Oscillator : 38.3957 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5176 R2 : 0.5358
  • S1 : 0.4587 S2 : 0.4405

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.472 | Take Profit : 0.507 | Stop Loss : 0.450

ETHEREUM

Ethereum’s expected July rise threatened by outflows and whale exchange deposit.

Global Ethereum ETF outflows threaten expectations of successful spot ETH ETF launch.ICO whale and US government hint at ETH sale after recent transfers.Ethereum’s historical July returns could attract bulls as spot ETH ETF launch draws closer.Ethereum (ETH) is up more than 2% despite increased outflows across global ETH ETF products and exchange deposits from key whale wallets.Ethereum is trading around $3,440, up over 2% in the past 24 hours, as the crypto market looks set for a recovery. The price increase wiped more than $20 million worth of ETH short positions off the market, while long positions only saw minor liquidations of about $4 million.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3433.6875 | Positive Crossover | Bullish
  • MA 20 : 3469.3232 | Negative Crossover | Bearish
  • MA 50 : 3474.9543 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3406.2690 | Positive Crossover | Bullish
  • MA 20 : 3464.2390 | Negative Crossover | Bearish
  • MA 50 : 3547.2474 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 47.1093 | Neutral Zone | Neutral

Stochastic   Oscillator : 51.5674 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3767.9422 R2 : 3920.1245
  • S1 : 3275.2845 S2 : 3123.1022

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3471.25 | Take Profit : 3284.06 | Stop Loss : 3613.87

DOGECOIN

Dogecoin (DOGE) Sees Demand Surge, Presents Buying Opportunity.

The uptick in meme market activity in the last week has led to a rally in Dogecoin’s value. Trading at $0.12 at press time, the leading meme coin has witnessed a 6% price hike in the past seven days. During that period, the daily count of addresses involved in DOGE transactions and the number of new addresses created to trade the meme coin have risen.The week under review has been marked by increased traders’ demand for Dogecoin. In the past seven days, the number of addresses involved in daily DOGE transactions has risen by 20%. Likewise, the new demand for the meme coin has also spiked. During the same period, the daily count of new addresses created to trade DOGE has gone up 17%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1243 | Negative Crossover | Bearish
  • MA 20 : 0.1284 | Negative Crossover | Bearish
  • MA 50 : 0.1389 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1233 | Positive Crossover | Bullish
  • MA 20 : 0.1264 | Negative Crossover | Bearish
  • MA 50 : 0.1450 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.0923 | Neutral Zone | Neutral

Stochastic   Oscillator : 58.6940 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1544 R2 : 0.1668
  • S1 : 0.1141 S2 : 0.1017

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.124 | Take Profit : 0.108 | Stop Loss : 0.135

Elsewhere In The Crypto Market

Bitcoin down (0.37%) at 62,594, Ethereum up (0.14%) at 3445.2, Litecoin up (1.2%) at 75.22, Solana up (1.66%) at 149.00, Dogecoin up (0.32%) at 0.123.

Key Economic Events & Data Release Today:

(EUR) CPI (YoY) (Jun) Forecast 2.5%, Previous 2.6% at 14:30. (USD) Fed Chair Powell Speaks at 09:30. (EUR) ECB President Lagarde Speaks at 09:30. (USD) JOLTs Job Openings (May) Forecast 7.960M, Previous 8.059M at 10:00. (AUD) Retail Sales (MoM) (May) Previous 0.1% at 21:30.