. Daily Crypto Analysis - Bitcoin Under Pressure, Ripple Struggles

Daily Crypto Analysis – Bitcoin Under Pressure, Ripple Struggles

Daily Crypto Analysis – Bitcoin Under Pressure, Ripple Struggles

28 May 2024

Introduction

Bitcoin remains under pressure but outperforms expectations, falling 0.7% to $68K amid cautious trading. Crypto market cap drops 0.8% to $2.55 trillion as fears of prolonged high Fed rates persist. Ethereum shows bullish momentum, approaching $4,000, while Ripple struggles at $0.55. Dogecoin eyes a 10% rally after breaking resistance, supported by strong on-chain data.

Markets In Focus Today – BITCOIN

Bitcoin is under pressure but beats expectations.

Bitcoin price fell slightly on Tuesday, while a rally in no.2 token Ether also cooled as anticipation of key inflation readings this week kept traders largely risk averse, especially towards crypto. The crypto market capitalisation is down 0.8% in 24 hours to $2.55 trillion. Bitcoin is losing 0.7%. Bitcoin failed to build on Monday’s gains and is losing ground on Tuesday. It is pulling back deep from the upper boundary of the trading range, trading at $68K. Sentiment towards crypto and other risk-driven assets was battered by growing fears that the Fed will keep rates high for longer, especially after a string of officials warned that sticky inflation will delay any monetary easing. This notion also kept Bitcoin trading comfortably within a trading range established over nearly three months, and also limited bigger gains in Ether.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68231.7723 | Positive Crossover | Bullish
  • MA 20 : 66969.5095 | Positive Crossover | Bullish
  • MA 50 : 65431.1580 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68740.3260 | Negative Crossover | Bearish
  • MA 20 : 66178.8225 | Positive Crossover | Bullish
  • MA 50 : 65005.6134 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.1986 | Buy Zone | Bullish

Stochastic   Oscillator : 38 | Sell Zone | Neutral

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 : 66989.45 | Take Profit : 71049.71 | Stop Loss : 64897.81

RIPPLE

XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55.

Ripple holders shed their XRP holdings and took $20 million in profits since May 18. XRP social dominance is nearly at the same level, at 1.46%. XRP sustained above $0.52 on Tuesday but is down 1% on the day. Ripple (XRP) holders have consistently realized losses on their XRP holdings on several occasions between May 18 and 28, as seen on the crypto intelligence tracker Santiment. The altcoin’s social dominance remains nearly unchanged, signaling XRP’s relevance among market participants. XRP holders await further developments in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5300 | Positive Crossover | Bullish
  • MA 20 : 0.5270 | Positive Crossover | Bullish
  • MA 50 : 0.5353 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5311 | Negative Crossover | Bearish
  • MA 20 : 0.5213 | Positive Crossover | Bullish
  • MA 50 : 0.5257 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.6448 | Buy Zone | Bullish

Stochastic   Oscillator : 33.05 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.51 | Take Profit : 0.55 | Stop Loss : 0.49

ETHEREUM

Ethereum bulls push ETH’s price as Fear and Greed Index shows investors’ overconfidence.

Ethereum is clearly amping up for a potential surge toward a new yearly high as the price of the second-biggest cryptocurrency approaches $4,000. Previously, some analysts stated that ETH is going to reach $4,500 before ETF trading goes live. Ethereum has also continued to rise above the $3,800 level, now trading at around $3,906. This bullish run is rather supported by a considerably high amount of volume, indicating good buying interest. The SEC had last week approved applications from major exchanges to list a spot Ether ETF, which triggered a sharp rally in the token and broader crypto markets. ETH has gained about 27% since last week after it became apparent that the SEC would approve issuers’ 19b-4 filings submitted by exchanges.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3690.1372 | Positive Crossover | Bullish
  • MA 20 : 3494.7482 | Positive Crossover | Bullish
  • MA 50 : 3326.9803 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3715.9600 | Positive Crossover | Bullish
  • MA 20 : 3349.2215 | Positive Crossover | Bullish
  • MA 50 : 3230.5630 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 72.4460 | Buy Zone | Bullish

Stochastic   Oscillator : 23.86 | Sell Zone | Negative

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 : 3696.85 | Take Profit : 3985.59 | Stop Loss : 3549.13

DOGECOIN

Dogecoin eyes 10% rally as DOGE bulls show strength.

Dogecoin price is likely to rally 10%, after breaking resistance level of $0.118. On-chain data suggest DOGE investors are accumulating. Dogecoin (DOGE) price surges after 36 days of consolidation, breaking the range. The price action produces higher highs and higher lows, suggesting the exhaustion of bears and bulls taking over. On-chain data also indicates that the bulls are in control and accumulating, with DOGE potentially rallying. Dogecoin price broke out on May 20 and rallied 6% from a 36-day consolidation range of $0.162 and $0.118.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1643 | Positive Crossover | Bullish
  • MA 20 : 0.1602 | Positive Crossover | Bullish
  • MA 50 : 0.1571 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1650 | Positive Crossover | Bullish
  • MA 20 : 0.1569 | Positive Crossover | Bullish
  • MA 50 : 0.1565 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.8565 | Buy Zone | Bullish

Stochastic   Oscillator : 31.24 | Sell Zone | Negative

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 : 0.166 | Take Profit : 0.191 | Stop Loss : 0.152

Elsewhere In The Crypto Market

Bitcoin down (1.35%) at 68,451, Ethereum up (0.11%) at 3895.0, Litecoin down (1.63%) at 83.78, Solana down (0.75%) at 168.76, Dogecoin down (1.45%) at 0.166.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Apr) Forecast –0.3%, Previous –0.4% at 07:00. (USD) CB Consumer Confidence (May) For