. Daily Crypto Analysis - Bitcoin up, XRP steady, Ethereum down.

Daily Crypto Analysis – Bitcoin up, XRP steady, Ethereum down.

Daily Crypto Analysis – Bitcoin up, XRP steady, Ethereum down.

14 Mar 2024

Introduction

Bitcoin’s meteoric rise continues, hitting $73,000 with eyes set on $80,000 as halving approaches XRP faces turbulence, plummeting to $0.67 ahead of a pivotal SEC vs. Ripple lawsuit deadline. Ripple and SEC lawyers delve into crypto regulation while anticipation brews over an XRP Exchange Traded Product. Meanwhile, Ethereum’s ETF prospects dim, affecting market sentiment, and Litecoin undergoes an 11% decline, reshaping its market dynamics.

Markets In Focus Today – BITCOIN

Bitcoin price continues to rise.

Bitcoin price tagged the $73,000 threshold on Wednesday amid rising momentum from an unrelenting buyer community.BTC could make it to the $80,000 psychological level with the halving just over five weeks out. Bitcoin ETF AUM reaches $58.7 billion, about 58% away from Gold ETFs’ $98 billion in total assets. Bitcoin’s (BTC) price is making slow but steady steps north, closing in on the $80,000 target weeks ahead of the halving. As tailwinds come from new capital inflow into the BTC spot exchange-traded funds (ETFs) markets, it remains anybody’s guess where the pioneer cryptocurrency will top out once the bull market catches steam. Bitcoin’s (BTC) price upside potential appears overstretched, but the bulls are not showing any signs of stopping.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69361.6363 | Positive Crossover | Bullish
  • MA 20 : 65064.3825 | Positive Crossover | Bullish
  • MA 50 : 56940.0309 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69211.9200 | Positive Crossover | Bullish
  • MA 20 : 64291.1945 | Positive Crossover | Bullish
  • MA 50 : 53772.0892 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.5514 | Buy Zone | Bullish

Stochastic   Oscillator : 95.4693 | 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: 71601.79 | Take Profit: 73455.89 | Stop Loss: 70499.36

RIPPLE

XRP price plummets to $0.67 as holders brace for SEC vs. Ripple lawsuit deadline.

XRP price corrected to $0.67 on Thursday as a key SEC vs. Ripple lawsuit deadline approaches. Ripple and SEC’s lead attorneys Andre Ceresney and Jorge Tenreiro dived into government enforcement in crypto in a recent panel discussion. Crypto expert Martin Hiesboeck weighs in on the possibility of an XRP Exchange Traded Product. XRP price falls slightly on Thursday, trading at around $0.67, below its 2024 peak of $0.7440. Investors brace for a key deadline in the Securities and Exchange Commission vs. Ripple lawsuit on March 22, which could potentially affect XRP price as it is the native token of the XRP Ledger payment network developed by Ripple.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6582 | Positive Crossover | Bullish
  • MA 20 : 0.6288 | Positive Crossover | Bullish
  • MA 50 : 0.5931 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6475 | Positive Crossover | Bullish
  • MA 20 : 0.6192 | Positive Crossover | Bullish
  • MA 50 : 0.5653 | Positive Crossover | Bullish

RSI (Relative Strength Index): 65.1770 | Buy Zone | Bullish

Stochastic   Oscillator : 72.8858 | Buy Zone | Neutral

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: 0.72 | Stop Loss: 0.61

ETHEREUM

Ethereum price is unlikely to be moved by the SEC ETF decision as approval odds diminish.

Ethereum’s recent technical updates have reduced the probability of a Spot Ether ETF approval, according to analysts at Blofin. SEC’s decision on Spot Ethereum ETF may not influence the breakthrough of Ether price, experts say. ETF experts and crypto analysts have gradually lowered their expectations for Spot Ethereum ETF approval in the past weeks. The possibility of approval of a Spot Ethereum ETF has divided the Ether holder community. While there was an expectation of approval by the Securities and Exchange Commission (SEC) immediately after the Bitcoin ETF announcement, the enthusiasm has recently faded after Bloomberg ETF analysts significantly reduced the probability of a Spot Ether exchange-traded fund approval in May, down to 30% from as high as 70%.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3865.4084 | Positive Crossover | Bullish
  • MA 20 : 3635.0642 | Positive Crossover | Bullish
  • MA 50 : 3167.8637 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3896.1160 | Positive Crossover | Bullish
  • MA 20 : 3609.5970 | Positive Crossover | Bullish
  • MA 50 : 2971.0624 | Positive Crossover | Bullish

RSI (Relative Strength Index): 76.9521 | Buy Zone | Bullish

Stochastic   Oscillator : 87.7926 | Buy Zone | Negative

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: 3917.71 | Take Profit: 4055.65 | Stop Loss: 3844.14

LITECOIN

Litecoin declines 11% In Selloff.

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 : 92.7475 | Positive Crossover | Bullish
  • MA 20 : 87.4499 | Positive Crossover | Bullish
  • MA 50 : 79.5960 | Positive Crossover | Bullish

Simple :

  • MA 10 : 91.7495 | Positive Crossover | Bullish
  • MA 20 : 85.8714 | Positive Crossover | Bullish
  • MA 50 : 75.7833 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.2531 | Buy Zone | Bullish

Stochastic   Oscillator : 74.3701 | 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: 92.44 | Take Profit: 100.41 | Stop Loss: 88.38

Elsewhere In The Crypto Market

Bitcoin is up (0.07%) at 73,216, Ethereum is down (0.64%) at 3,984.1, Litecoin is up (0.07%) at 97.41, Solana is up (6.09%) at 173.92, Dogecoin is up (9.77%) at 0.185.

Key Economic Events & Data Release Today:

(USD) Retail Sales (MoM) (Feb) Forecast 0.8%, Previous –0.8% at 08:30. (USD) Core Retail Sales (MoM) (Feb) Forecast 0.5%, Previous –0.6% at 08:30. (USD) PPI (MoM) (Feb) Forecast 0.3%, Previous 0.3% at 08:30. (CAD) Manufacturing Sales (MoM) (Jan) Forecast 0.3%, Previous –0.7% at 09:30. (USD) Initial Jobless Claims Forecast 218K, Previous 217K at 08:30. (USD) Retail Sales (MoM) (Feb) Forecast 0.8%, Previous –0.8% at 08:30. (USD) Core Retail Sales (MoM) (Feb) Forecast 0.5%, Previous –0.6% at 08:30. (USD) PPI (MoM) (Feb) Forecast 0.3%, Previous 0.3% at 08:30. (CAD) Manufacturing Sales (MoM) (Jan) Forecast 0.3%, Previous –0.7% at 09:30. (USD) Initial Jobless Claims Forecast 218K, Previous 217K at 08:30.