. Daily Crypto Analysis - Bitcoin surges, Ethereum uncertain, XRP steady.

Daily Crypto Analysis – Bitcoin surges, Ethereum uncertain, XRP steady.

Daily Crypto Analysis – Bitcoin surges, Ethereum uncertain, XRP steady.

11 Mar 2024

Introduction

Bitcoin surpasses a new record high above $71,000, indicating a robust uptrend amid ongoing market optimism. With over a 60% surge in 2024, Bitcoin continues to thrive as a top-performing asset. Ethereum’s price holds steady above $4,000, but concerns arise over anti-Ether political campaigns potentially hindering the approval of a Spot ETH ETF. Meanwhile, XRP maintains levels above $0.60 amidst anticipation of the SEC’s deadline in the Ripple lawsuit and the approval of XRPLedger’s Automated Market Maker (AMM). Chainlink gears up for potential gains, with large wallet investors accumulating LINK while retail holders distribute their holdings.

Markets In Focus Today – BITCOIN

Bitcoin surges to a new record high above $71,000.

Bitcoin is trading near a new record high above $71000 early Monday, with a steady ascend in the past few sessions signaling a continuation of a larger uptrend, after a brief consolidation last week. Bulls remain firmly in play and so far offset signals of correction on strongly overbought daily studies, as the bitcoin continues to benefit from a flood of cash into new exchange-traded funds and growing expectations that the Fed will soon start cutting its interest rates. Bitcoin advanced over 60% in 2024 and was the top performer in the market during the first months of this year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66639.7614 | Positive Crossover | Bullish
  • MA 20 : 62427.0924 | Positive Crossover | Bullish
  • MA 50 : 54948.4990 | Positive Crossover | Bullish

Simple :

  • MA 10 : 66788.1450 | Positive Crossover | Bullish
  • MA 20 : 61110.1925 | Positive Crossover | Bullish
  • MA 50 : 51812.0702 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.8347 | Buy Zone | Bullish

Stochastic   Oscillator : 95.2759 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 70010.05 | Take Profit: 71635.90 | Stop Loss: 68975.41

ETHEREUM

Ethereum price trades above $4,000 while anti-Ether political campaigns downplay spot ETH ETF.

Ethereum holders’ optimism on the approval of a Spot ETH ETF is waning, according to Fox Business reporter Eleanor Terrett. Terrett notes that rallies by politicians against crypto could hinder the passage of Spot Ethereum ETF by the final deadline of May 23. Ethereum price is trading sideways near the $4,000 level on Monday. Ethereum (ETH) price traded volatile on Monday’s European session, exceeding the $4,000 psychological level, gaining momentum after the weekend’s lull. Traders are watching for two key catalysts: the upcoming Dencun Hard Fork and the possibility that the US Securities and Exchange Commission (SEC) approves a Spot Ethereum ETF as it happened with Bitcoin. While expectations for the approval of an ETF run high, recent voices have downplayed this possibility due to political campaigns against crypto assets.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3757.9808 | Positive Crossover | Bullish
  • MA 20 : 3508.1463 | Positive Crossover | Bullish
  • MA 50 : 3061.8968 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3750.4460 | Positive Crossover | Bullish
  • MA 20 : 3452.6150 | Positive Crossover | Bullish
  • MA 50 : 2866.8494 | Positive Crossover | Bullish

RSI (Relative Strength Index): 84.8016 | Buy Zone | Bullish

Stochastic   Oscillator : 92.3875 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3871.26 | Take Profit: 4014.41 | Stop Loss: 3791.88

RIPPLE

XRPLedger’s AMM activation could have a positive effect on Ripple, XRP.

XRPLedger’s Automated Market Maker (AMM) activation will allow XRP holders to earn passive income by providing liquidity. XRP holders that provide liquidity to AMM could receive a proportionate amount of earnings by sharing risk. XRP price sustains above the psychologically important $0.60 level on Monday. XRP struggles to regain the losses suffered the past week, but the altcoin’s price sustains above the $0.60 level as two factors seem to be driving price action. On the one hand, there is the upcoming deadline for the US Securities and Exchange Commission (SEC) opening brief in the lawsuit against Ripple, which has caused a stir among market participants. On the other hand, the amendment for an Automated Market Maker (AMM) on the XRPLedger has been approved.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6134 | Positive Crossover | Bullish
  • MA 20 : 0.5979 | Positive Crossover | Bullish
  • MA 50 : 0.5768 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6228 | Positive Crossover | Bullish
  • MA 20 : 0.5920 | Positive Crossover | Bullish
  • MA 50 : 0.5532 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.1610 | Buy Zone | Bullish

Stochastic   Oscillator : 63.6108 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 0.61 | Take Profit: 0.65 | Stop Loss: 0.59

CHAINLINK

Chainlink price gears up for nearly 10% gains as LINK sees whale accumulation.

Chainlink has noted an increase in accumulation by large wallet investors, eight whales pulled nearly $17 million in LINK from Binance. In the past ten days, there has been an increase in LINK supply held by whales while retail holders distribute their holdings. LINK price declines slightly on Sunday, after yielding nearly 9% monthly gains for holders. Chainlink holders have engaged in accumulating LINK in the past two days. Chainlink’s supply has seen an increase in whale wallets and a decrease in retail investor holdings, likely to catalyze gains in the altcoin. Data from crypto intelligence tracker Sentiment reveals that Chainlink has been accumulated by large wallet addresses since the beginning of the month. LINK wallets holding between 100 to 100,000 LINK tokens have shed their holdings while large wallets holding between 100,000 to 1 million LINK have accumulated the altcoin, as seen in the chart below.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 20.4183 | Positive Crossover | Bullish
  • MA 20 : 19.9399 | Positive Crossover | Bullish
  • MA 50 : 18.6642 | Positive Crossover | Bullish

Simple :

  • MA 10 : 20.4379 | Positive Crossover | Bullish
  • MA 20 : 19.6596 | Positive Crossover | Bullish
  • MA 50 : 18.4274 | Positive Crossover | Bullish

RSI (Relative Strength Index): 61.2361 | Buy Zone | Bullish

Stochastic   Oscillator : 77.6995 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 20.6112 R2 : 21.9610
  • S1 : 16.2416 S2 : 14.8918

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 20.88 | Take Profit: 24.22 | Stop Loss: 19.03

Elsewhere In The Crypto Market

Bitcoin up (3.79%) at 71,621, Ethereum up (3.97%) at 4,034.8, Litecoin up (8.67%) at 95.12, Solana up (0.88%) at 149.01, Doge coin up (0.86%) at 0.176.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) Forecast –1.0%, Previous –10.1% at 20:30.