. Daily Crypto Analysis - Bitcoin to $50K, Cardano, XRP, Ethereum Rise.

Daily Crypto Analysis – Bitcoin to $50K, Cardano, XRP, Ethereum Rise.

Daily Crypto Analysis – Bitcoin to $50K, Cardano, XRP, Ethereum Rise.

09 Jan 2024

Introduction

In the realm of cryptocurrencies, Bitcoin anticipates a surge to $50,000 amid a fierce competition among Spot BTC ETF issuers for SEC approval, sparking a fee war. Grayscale leads with a 1.5% fee, while others like BlackRock, Ark Invest, VanEck, and Bitwise vie with lower rates. As the January 10 deadline looms, the race intensifies, shaping Bitcoin’s potential rally. Meanwhile, Cardano faces challenges despite growth prospects, XRP rebounds ahead of a possible spot BTC ETF approval, and Ethereum eyes a 10% climb, set within an ascending parallel channel.

Markets In Focus Today – BITCOIN

Bitcoin price gears up for rally to $50,000 as Spot BTC ETF race for approval intensifies.

Bitcoin Spot ETF issuers are competing to offer lower fees on the securities product while awaiting the SEC’s approval. Grayscale stands out with the highest fee at 1.5%, while BlackRock, Ark Invest, VanEck or Bitwise offer more competitive rates. BTC price eyes rally to the psychologically important level of $50,000 as anticipation surrounding the January 10 deadline builds. Bitcoin Spot ETF filers are engaged in a fee war, offering competitive rates to attract capital. Bitwise Invest offers the lowest fee at 0.24%, while GrayScale is set to charge the highest fee at 1.5%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 44800.48 | Positive Crossover | Bullish
  • MA 20 : 43988.05 | Positive Crossover | Bullish
  • MA 50 : 41753.50 | Positive Crossover | Bullish

Simple :

  • MA 10 : 44512.28 | Positive Crossover | Bullish
  • MA 20 : 43873.01 | Positive Crossover | Bullish
  • MA 50 : 41954.70 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 65.66 | Buy Zone | Bullish

Stochastic   Oscillator : 80.62 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 45826.30 | Take Profit : 49899.40 | Stop Loss : 43857.63

CARDANO

Cardano Price Prediction: Despite room for 31% gains, ADA might find it difficult to rally again.

Cardano price corrected over the second half of December but is still sustaining the long-term uptrend. The price indicators are suggesting a likely bearish turn of events, exhibiting the first bearish signal in four months. Cardano price noted a significant increase followed by a sharp fall towards the end of December. While it was an expected course of action from the altcoin, the present scenario dictates that the bearishness may not have completely waned off even though there is still room for growth for ADA.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.55 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.52 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.56 | Negative Crossover | Bearish
  • MA 20 : 0.59 | Negative Crossover | Bearish
  • MA 50 : 0.52 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 43.73 | Buy Zone | Bullish

Stochastic   Oscillator : 21.40 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.67 R2 : 0.74
  • S1 : 0.43 S2 : 0.36

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Buy : 0.49 | Take Profit : 0.38 | Stop Loss : 0.56

RIPPLE

XRP price bearish momentum to fade away provided it can reclaim this crucial support.

XRP price bounces back after a 12.5% decline over the past week ahead of expected spot Bitcoin ETF approval. Ripple CTO David Schwartz states that the crypto market is still in its early stages and that a “winner” is yet to be found. XRP price is noting the initiation of recovery ahead of the potential spot Bitcoin ETF approval from the Securities & Exchange Commission (SEC). Ripple had its moment during the lawsuit proceedings last year and is now set to experience bullishness from broader market cues.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish
  • MA 20 : 0.60 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.59 | Negative Crossover | Bearish
  • MA 20 : 0.61 | Negative Crossover | Bearish
  • MA 50 : 0.62 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 39.12 | Sell Zone | Bearish

Stochastic   Oscillator : 39.73 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment : Bearish Market Direction :

Trade Suggestion : Limit Buy : 0.54 | Take Profit : 0.49 | Stop Loss : 0.58

ETHEREUM

Ethereum price coils up for a 10% climb.

Ethereum (ETH) price remains within the confines of an ascending parallel channel, with the final retest of the lower boundary of the channel possibly precipitating a 10% climb to $2,500. The RSI is moving north, evidence of rising momentum, accentuated by the falling Average Directional Index (ADX), showing that the slump that saw ETH value drop is losing strength. Increased buying pressure could see Ethereum price shatter the $2,388 resistance, before clearing the $2,445 range high as it heads to the forecasted $2,500 target. A strong jolt past this level could see ETH market value reach $3,000.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2281.96 | Positive Crossover | Bullish
  • MA 20 : 2275.44 | Positive Crossover | Bullish
  • MA 50 : 2200.48 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2283.12 | Positive Crossover | Bullish
  • MA 20 : 2290.05 | Positive Crossover | Bullish
  • MA 50 : 2222.43 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 52.48 | Buy Zone | Bullish

Stochastic   Oscillator : 49.77 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2410.75 R2 : 2505.13
  • S1 : 2105.19 S2 : 2010.81

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 2272.50 | Take Profit : 2412.21 | Stop Loss : 2194.50

Elsewhere In The Crypto Market

Bitcoin up (0.51%) at 43,090, Ethereum up (0.89%) at 2,230.3, Litecoin down (2.20%) at 66.32, Solana up (12.08%) at 100.77, Doge coin down up (471%) at 0.78 as of writing time.

Key Economic Events & Data Release Today:

(JPY) Tokyo Core CPI (YoY) (Nov) Actual –2.9%, Forecast –2.3%, Previous –2.5% at 05:00. (AUD) Retail Sales (MoM) (Nov) Actual 2.0%, Forecast –1.2%, Previous -0.2% at 15:30. (EUR) German Industrial Production (MoM) (Nov) Actual –0.7%, Forecast 0.2%, Previous –0.4% at 12:30. (CAD) Building Permits (MoM) (Nov) Forecast –1.7%, Previous 2.3% at 19:00.