. Daily Crypto Analysis - Bitcoin surges, Litecoin declines, XRP gains.

Daily Crypto Analysis – Bitcoin surges, Litecoin declines, XRP gains.

Daily Crypto Analysis – Bitcoin surges, Litecoin declines, XRP gains.

13 Mar 2024

Introduction

Bitcoin maintains its course amid fluctuations, as the crypto market inches up to $2.75 trillion. Despite a brief surge to $73K, Bitcoin’s sharp pullback to $68.6K triggered a flurry of activity, hinting at institutional involvement. Meanwhile, Litecoin tumbles 11%, and XRP sees a 17% weekly surge amidst Ripple CEO’s insights. Dogecoin whales accumulate, driving its price to a peak of $0.18.

Markets In Focus Today – BITCOIN

Bitcoin fluctuates but keeps its direction.

The crypto market rose another 0.5% over the past 24 hours to $2.75 trillion. The Cryptocurrency Fear and Greed Index remained at 81 (extreme greed). But the past day was not a quiet one. Bitcoin briefly broke above $73K in a sharp move, triggering an avalanche of stop orders that drove the price down 6.5% over the next three hours to $68.6K – precisely the level from which the last rally began on Monday. This pullback was considered an opportunity for those looking to get in at the rally, and there appear to be quite a few. The intraday nature of the move is reminiscent of the behavior of large institutional traders, with trading algorithms intercepting the move and retail traders often joining in. Either way, the overall trend remains bullish, and Bitcoin is climbing back towards its highs as we head into early European trading.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68549.0306 | Positive Crossover | Bullish
  • MA 20 : 64228.9451 | Positive Crossover | Bullish
  • MA 50 : 56284.9372 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68733.8430 | Positive Crossover | Bullish
  • MA 20 : 63180.2250 | Positive Crossover | Bullish
  • MA 50 : 53114.2270 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.6927 | Buy Zone | Bullish

Stochastic   Oscillator : 94.9387 | Buy Zone | Negative

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: 71636.93 | Take Profit: 73126.26 | Stop Loss: 70792.98

Litecoin

Litecoin Falls 11% In Selloff.

Litecoin was trading at $93.815 on Tuesday, down 10.54% on the day. It was the largest one-day percentage loss since January 3. The move downwards pushed Litecoin’s market cap down to $7.020B, or 0.27% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. Litecoin had traded in a range of $93.815 to $104.245 in the previous twenty-four hours. Over the past seven days, Litecoin has seen a rise in value, as it gained 10.63%. The volume of Litecoin traded in the twenty-four hours to the time of writing was $1.281B or 0.85% of the total volume of all cryptocurrencies. It has traded in a range of $79.9100 to $105.6173 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 92.0210 | Positive Crossover | Bullish
  • MA 20 : 86.5486 | Positive Crossover | Bullish
  • MA 50 : 78.9261 | Positive Crossover | Bullish

Simple :

  • MA 10 : 91.0402 | Positive Crossover | Bullish
  • MA 20 : 84.5113 | Positive Crossover | Bullish
  • MA 50 : 75.1861 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.0984 | Buy Zone | Bullish

Stochastic   Oscillator : 82.2201 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 84.1465 R2 : 88.6554
  • S1 : 69.5501 S2 : 65.0412

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 95.80 | Take Profit: 103.81 | Stop Loss: 91.79

RIPPLE

XRP price gains 17% weekly, Ripple CEO addresses whether XRP is the next Bitcoin.

XRP price rallied 17% on the weekly time frame and the altcoin sustained above support at $0.6886. Ripple CEO Brad Garlinghouse told Bloomberg Live that there is an opportunity to create value in XRP. Garlinghouse says Ripple has worked with regulators as the SEC vs. Ripple lawsuit deadline approaches. XRP price corrected after hitting its year-to-date peak of $0.7440. Despite its recent pullback, XRP price yielded nearly 17% weekly gains for holders ahead of the upcoming deadline in the SEC vs. Ripple lawsuit. Ripple CEO Brad Garlinghouse commented on whether XRP can create value and how the altcoin compares to Bitcoin, in a recent interview with Bloomberg Live.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6513 | Positive Crossover | Bullish
  • MA 20 : 0.6225 | Positive Crossover | Bullish
  • MA 50 : 0.5892 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6435 | Positive Crossover | Bullish
  • MA 20 : 0.6115 | Positive Crossover | Bullish
  • MA 50 : 0.5619 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.3053 | Buy Zone | Bullish

Stochastic   Oscillator : 78.2883 | Buy Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.65 | Take Profit: 0.71 | Stop Loss: 0.62

DOGECOIN

Dogecoin Whales accumulated 660M DOGE in 30 days.

Dogecoin (DOGE) price hit a daily-time frame peak of $0.18 on Monday, March 11, after a weekend of consolidation. Crypto whales have acquired 660 million DOGE over the last 30 days, forming a major bullish catalyst for the ongoing rally. DOGE price now faces major resistance in the $0.20 territory. Dogecoin has emerged as one of the best-performing assets in the top 10 crypto market ranking over the past month, thanks to the booming demand for meme coins. Between Feb 12 and March 12, DOGE price is up by over 130%, despite having retraced from its 2-year peak of $0.21 recorded on March 5.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1634 | Positive Crossover | Bullish
  • MA 20 : 0.1459 | Positive Crossover | Bullish
  • MA 50 : 0.1181 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1686 | Positive Crossover | Bullish
  • MA 20 : 0.1399 | Positive Crossover | Bullish
  • MA 50 : 0.1049 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.8797 | Neutral Zone | Neutral

Stochastic   Oscillator : 68.6139 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.161 | Take Profit: 0.185 | Stop Loss: 0.148

Elsewhere In The Crypto Market

Bitcoin is up (1.95%) at 72,775, Ethereum is up (1.46%) at 4,038.5, Litecoin is up (0.81%) at 98.35, Solana is down (0.42%) at 150.42, Dogecoin is up (2.5%) at 0.172.

Key Economic Events & Data Release Today:

(GBP) Manufacturing Production (MoM) (Jan) Forecast 0.0%, Previous 0.8% at 12:30. (GBP) GDP (YoY) (Jan) Forecast –0.3%, Previous 0.0% at 12:30. (GBP) GDP (MoM) (Jan) Forecast 0.2%, Previous –0.1% at 12:30. (EUR) Industrial Production (MoM) (Jan) Forecast –1.8%, Previous 2.6% at 06:00. (USD) Crude Oil Inventories Forecast 0.900M, Previous 1.367M at 10:30.