. Daily Crypto Analysis - Bitcoin Steady, Ethereum Faces Decline

Daily Crypto Analysis – Bitcoin Steady, Ethereum Faces Decline

Daily Crypto Analysis – Bitcoin Steady, Ethereum Faces Decline

31 May 2024

Introduction

Bitcoin remained steady at $68,000 on Friday as traders awaited key U.S. inflation data, poised to close May on a positive note. Despite gains, Bitcoin stayed within its $60,000 to $70,000 trading range amid fears of sustained high interest rates. Ethereum and Dogecoin faced downward pressure, while Ripple awaited a crucial court ruling.

Markets In Focus Today – BITCOIN

Bitcoin price steady at $68k before PCE test, set for positive May.

Bitcoin price moved little on Friday as traders remained averse towards cryptocurrencies before key U.S. inflation data that is likely to factor into the outlook for interest rate, although the token was still sitting on strong gains in May. Crypto prices took little relief from an overnight decline in the dollar, as fears of high-for-longer interest rates remained in play despite a downward revision to first-quarter gross domestic product data.But despite its gains for the month, the token still remained within a $60,000 to $70,000 trading range established since mid-March. Inflation, interest rates in focus ahead of PCE data Rate fears were the biggest factor behind Bitcoin’s rangebound performance, as the prospect of high interest rates dampened the price outlook for the token and the broader crypto market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68177.5349 | Positive Crossover | Bullish
  • MA 20 : 67254.9054 | Positive Crossover | Bullish
  • MA 50 : 65726.6478 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68542.2370 | Negative Crossover | Bearish
  • MA 20 : 67138.4250 | Positive Crossover | Bullish
  • MA 50 : 64896.7278 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 55.8849 | Buy Zone | Bullish

Stochastic   Oscillator : 44.68 | Neutral Zone | Positive

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 : 67235.53 | Take Profit : 70557.56 | Stop Loss : 65389.96

ETHEREUM

Ethereum Faces an Uphill Battle.

Ethereum price extended its decline and tested the $3,720 support. ETH is now consolidating and facing many hurdles near the $3,800 level .Ethereum extended its decline and tested the $3,720 zone.The price is trading below $3,820 and the 100-hourly Simple Moving Average. Ethereum price remained in a short-term bearish zone and declined below the $3,800 support zone, like Bitcoin. ETH even traded below the 50% Fib retracement level of the upward move from the $3,631 swing low to the $3,975 high.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3721.9552 | Positive Crossover | Bullish
  • MA 20 : 3562.1610 | Positive Crossover | Bullish
  • MA 50 : 3374.8541 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3788.0410 | Positive Crossover | Bullish
  • MA 20 : 3468.2845 | Positive Crossover | Bullish
  • MA 50 : 3244.2096 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 65.4981 | Buy Zone | Bullish

Stochastic   Oscillator : 11.2 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3690.14 | Take Profit : 3965.44 | Stop Loss : 3555.84

DOGECOIN

Dogecoin Price Whales Dump 290 Million DOGE as PEPE, FLOKI Dominate.

Dogecoin price tumbled to weekly low of $0.156 on Thursday, May 30 2024, reflecting a 10% downsizing in the last 5 days. On-chain data trends suggest whale investors may be dumping DOGE to ape in on Ethereum-hosted memes. In affirmation of this bearish Dogecoin price outlook, on-chain data shows that whale investors have been selling off unusually high volumes of DOGE since the SEC approved Ethereum ETFs last week. Dogecoin price has lost considerable traction this week, with whale investors offloading $46 million worth of DOGE shutdown in the last 3 days. This puts DOGE price at risk of losing the $0.15 support level in the near-term.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1627 | Negative Crossover | Bearish
  • MA 20 : 0.1603 | Positive Crossover | Bullish
  • MA 50 : 0.1575 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1647 | Negative Crossover | Bearish
  • MA 20 : 0.1591 | Positive Crossover | Bullish
  • MA 50 : 0.1545 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.9165 | Buy Zone | Bullish

Stochastic   Oscillator : 7.61 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.151 | Take Profit : 0.173 | Stop Loss : 0.139

RIPPLE

Ripple’s Legal Battles Weigh on Prices, Awaiting Court Ruling.

XRP extended its losing streak to three sessions , declining by 0.84% to end the day at $0.5189.On Friday (May 31), SEC vs. Ripple case-related news and SEC activity need consideration.Investors should also monitor SEC vs. Coinbase case-related updates. Investors await a court ruling on the Ripple Motion to Seal. Following its reply brief filing on Wednesday, Ripple awaits a court decision on whether it must disclose financial statements and other non-public information that could impact its business relationships.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5256 | Negative Crossover | Bearish
  • MA 20 : 0.5252 | Negative Crossover | Bearish
  • MA 50 : 0.5335 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5286 | Negative Crossover | Bearish
  • MA 20 : 0.5227 | Negative Crossover | Bearish
  • MA 50 : 0.5200 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 47.7461 | Neutral Zone | Neutral

Stochastic   Oscillator : 30.8140 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.51 | Take Profit : 0.47 | Stop Loss : 0.54

Elsewhere In The Crypto Market

Bitcoin down (0.2%) at 68,202, Ethereum up (0.94%) at 3782.3, Litecoin down (0.7%) at 83.84, Solana up (0.37%) at 167.34, Dogecoin up (0.27%) at 0.159.

Key Economic Events & Data Release Today:

(JPY) Retail Sales (YoY) (Apr) Forecast 1.8%, Previous 1.2% at 05:20. (CNY) Manufacturing PMI (May) Forecast 50.5, Previous 50.4 at 07:00. (NZD) Annual Budget Release at 07:30. (EUR) CPI (YoY) (May) Forecast 2.5%, Previous 2.4% at 14:30. (CAD) GDP (QoQ) (Q1) Previous 0.2% at 18:00. (USD) Core PCE Price Index (MoM) (Apr) Forecast 0.3%, Previous 0.3% at 18:00. (CAD) GDP (MoM) (Mar) Forecast 0.0%, Previous 0.2% at 18:00. (CAD) GDP (MoM) (Apr) at 18:01.