. Daily Crypto Analysis - Bitcoin, Uniswap soar, XRP falters.

Daily Crypto Analysis – Bitcoin, Uniswap soar, XRP falters.

Daily Crypto Analysis – Bitcoin, Uniswap soar, XRP falters.

16 Apr 2024

Introduction

Bitcoin retreats to $62k amid concerns over rising interest rates and tensions between Iran and Israel, reflecting a broader market unease. The dollar’s surge to a five-month high adds pressure, fueled by robust US retail sales and inflation data, dampening hopes of early rate cuts. Meanwhile, Uniswap nears $3 billion in daily trading volume despite regulatory hurdles, while XRP struggles below $0.50 amidst anticipation of the SEC vs. Ripple lawsuit’s final pretrial conference. Ethereum sees a modest recovery following Hong Kong’s approval of Bitcoin and Ethereum ETF applications, with whales seizing the market dip as a buying opportunity.

Markets In Focus Today – BITCOIN

Bitcoin Weakens to $62k amid rate fears, Iran-Israel tensions.

Bitcoin price fell on Tuesday as risk appetite remained frail in the face of higher-for-longer U.S. interest rates and continued geopolitical tensions in the Middle East. The dollar shot up to an over five-month high this week, pressuring the broader crypto market as strong retail sales and inflation data saw traders price out expectations of early U.S. interest rate cuts. Crypto prices had seen a flash crash over the weekend following an Iranian strike against Israel, although they recovered some ground after reports showed the damage from the attack was minimal.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66416.4240 | Negative Crossover | Bearish
  • MA 20 : 67213.7592 | Negative Crossover | Bearish
  • MA 50 : 64790.4314 | Negative Crossover | Bearish

Simple :

  • MA 10 : 67544.2220 | Negative Crossover | Bearish
  • MA 20 : 68211.8505 | Negative Crossover | Bearish
  • MA 50 : 67236.1124 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.0785 | Neutral Zone | Neutral

Stochastic   Oscillator : 24.5898 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 65032.80 | Take Profit : 61447.70 | Stop Loss : 67781.38

UNISWAP

Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike.

Uniswap’s trading volume is approaching $3 billion on Monday.Uniswap hikes fee to prepare for its battle with the SEC.UNI token unlock is expected on Tuesday amid Wells notice.Uniswap’s (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%. Uniswap sees increased volume regardless of increased fees.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 7.47 | Negative Crossover | Bearish
  • MA 20 : 8.20 | Negative Crossover | Bearish
  • MA 50 : 9.66 | Negative Crossover | Bearish

Simple :

  • MA 10 : 7.19 | Negative Crossover | Bearish
  • MA 20 : 8.27 | Negative Crossover | Bearish
  • MA 50 : 10.20 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 34.27 | Sell Zone | Bearish

Stochastic   Oscillator : 86.25 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 8.25 R2 : 10.32
  • S1 : 5.86 S2 : 4.33

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 7.89 | Take Profit : 6.83 | Stop Loss : 8.56

RIPPLE

XRP struggles below $0.50 resistance as SEC vs. Ripple lawsuit likely to enter final pretrial conference.

SEC vs. Ripple lawsuit is likely to enter its final pretrial conference on Tuesday under Judge Sarah Netburn. XRP holders and proponents anticipate settlement talks between the two parties to avoid the trial phase. XRP price is struggling to overcome resistance at $0.50, falling to $0.48 on Tuesday. XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court. This conference will allow both parties to explore settlement options before the official trial phase begins. The legal calendar shows the date and time, so the conference is planned and may proceed as scheduled.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5410 | Negative Crossover | Bearish
  • MA 20 : 0.5681 | Negative Crossover | Bearish
  • MA 50 : 0.5869 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5577 | Negative Crossover | Bearish
  • MA 20 : 0.5815 | Negative Crossover | Bearish
  • MA 50 : 0.6087 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 33.5401 | Neutral Zone | Neutral

Stochastic   Oscillator : 33.2402 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.50 | Take Profit : 0.45 | Stop Loss : 0.53

ETHEREUM

Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree.

Hong Kong has approved applications for a spot Bitcoin and Ethereum ETF.Whales have been accumulating ETH as they view recent crypto market dump as buying opportunity.Ethereum may not post significant gains in coming days despite price recovery.Ethereum’s (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend. Hong Kong has approved applications for a spot Bitcoin and Ethereum ETF.Whales have been accumulating ETH as they view recent crypto market dump as buying opportunity.Ethereum may not post significant gains in coming days despite price recovery.Ethereum’s (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3252.3997 | Negative Crossover | Bearish
  • MA 20 : 3341.2191 | Negative Crossover | Bearish
  • MA 50 : 3328.3471 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3332.1280 | Negative Crossover | Bearish
  • MA 20 : 3382.3190 | Negative Crossover | Bearish
  • MA 50 : 3517.0282 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.3662 | Neutral Zone | Neutral

Stochastic   Oscillator : 29.6331 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3203.01 | Take Profit : 2973.50 | Stop Loss : 3383.85

Elsewhere In The Crypto Market

Bitcoin down (0.2%) at 63318, Ethereum down (0.44%) at 3089.5, Litecoin up (1.04%) at 78.94, Solana down (0.53%) at 171.51, Dogecoin down (3.42%) at 0.155.

Key Economic Events & Data Release Today:

(CNY) GDP (YoY) (Q1) Forecast –4.8%, Previous –5.2% at 07:30. (CNY) Industrial Production (YoY) (Mar) Forecast 6.0%, Previous 7.0% at 07:30 (GBP) Average Earnings Index+Bonus (Feb) Forecast 5.5%, Previous 5.6% at 11:30. (USD) Building Permits (Mar) Forecast 1.514M, Previous 1.524M at 18:00. (CAD) Core CPI (MoM) (Mar) Previous 0.1% at 18:00. (GBP) BoE Gov Bailey Speaks at 22:30.