. Daily Crypto Analysis - Bitcoin, XRP bullish, Uniswap $2T.

Daily Crypto Analysis – Bitcoin, XRP bullish; Uniswap $2T.

Daily Crypto Analysis – Bitcoin, XRP bullish; Uniswap $2T.

08 Apr 2024

Introduction

Bitcoin sees a modest recovery to $69k, yet concerns over potential rate cuts temper gains. Following strong U.S. payrolls data, markets trim expectations of a June rate cut by the Federal Reserve. Anticipation of key inflation data for March adds to muted sentiment in crypto markets. Meanwhile, Ripple’s XRP struggles for recovery as the SEC lawsuit deadline looms, while Ethereum shows signs of a rebound amidst whale activity and positive outlooks. Uniswap hits a significant milestone with $2 trillion in total volume, signaling continued growth and technological advancements.

Markets In Focus Today – BITCOIN

Bitcoin recovers to $70k, but rate cut jitters limit gains.

Bitcoin price moved little in Asian trade on Monday after rebounding over the weekend, although further strength in the token now appeared uncertain as strong U.S. payrolls data saw traders price out chances of early interest rate cuts. Markets were seen largely trimming bets that the Federal Reserve would cut interest rates as soon as June. The CME Fed watch tool showed traders pricing in a barely 51% chance for a 25 basis point cut in June. Anticipation of key consumer price index inflation data for March- due this Wednesday- also kept sentiment muted, offering little strength to crypto markets. The reading is expected to show inflation fell slightly but remained well above the Fed’s 2% annual target.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69193.5395 | Positive Crossover | Bullish
  • MA 20 : 68429.1984 | Positive Crossover | Bullish
  • MA 50 : 64131.9379 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68948.4850 | Positive Crossover | Bullish
  • MA 20 : 68418.5585 | Positive Crossover | Bullish
  • MA 50 : 64872.4954 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.1503 | Buy Zone | Bullish

Stochastic   Oscillator : 75.0023 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 71692.41 | Take Profit: 73477.61 | Stop Loss: 70576.66

RIPPLE

XRP price attempts recovery, pro Ripple attorney points out inconsistencies in SEC argument.

Ripple CEO told CNBC that the entire crypto market value could double in 2024. Pro Ripple attorney Bill Morgan pointed out inconsistencies in SEC’s argument against the payment firm and said there is no admissible evidence. XRP price broadly consolidates and eyes recovery above the psychologically important $0.60 level on Monday. Ripple (XRP) price struggled to recoup the $0.60 round level on Monday after touching it over the weekend, after Ripple CEO Brad Garlinghouse said in an interview with CNBC that he expects the crypto market to remain bullish this year. The next key deadline in the Securities & Exchange Commission vs. Ripple lawsuit is April 22, when the payment firm will file its remedy-related opposition brief. Until then, XRP holders are closely watching comments from attorneys and crypto influencers for insights into the legal battle, with pro Ripple attorney Bill Morgan sharing his views on the SEC’s arguments on Ripple in the summary judgment briefings.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6015 | Positive Crossover | Bullish
  • MA 20 : 0.6080 | Positive Crossover | Bullish
  • MA 50 : 0.6038 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6001 | Positive Crossover | Bullish
  • MA 20 : 0.6127 | Negative Crossover | Bearish
  • MA 50 : 0.6089 | Negative Crossover | Bearish

RSI (Relative Strength Index): 49.9390 | Buy Zone | Bullish

Stochastic   Oscillator : 37.8980 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.59 | Take Profit: 0.63 | Stop Loss: 0.56

ETHEREUM

Ethereum had a quiet weekend as its price maintained a slow movement.

Ethereum (ETH) began showing signs of recovery on Monday, briefly trading above $3,600, after consolidating for the past week. This recovery may likely be due to recent whale activity surrounding the largest altcoin and JP Morgan’s positive outlook for an ETH ETF approval. Ethereum whales are looking to resume a bullish momentum after showing weak hands last week. According to Spot On Chain data, two whales bought 10,322 ETH with $35.11 million in stablecoins within 14 hours. This includes a purchase of 6,145 ETH for 20.86 million USDT by eight wallets, likely one entity, stated Spot On Chain.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3454.2032 | Positive Crossover | Bullish
  • MA 20 : 3469.0359 | Positive Crossover | Bullish
  • MA 50 : 3353.7895 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3435.2470 | Positive Crossover | Bullish
  • MA 20 : 3461.8265 | Positive Crossover | Bullish
  • MA 50 : 3474.6422 | Positive Crossover | Bullish

RSI (Relative Strength Index): 57.3059 | Buy Zone | Bullish

Stochastic   Oscillator : 59.1190 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3559.93 | Take Profit: 3677.72 | Stop Loss: 3493.67

Uniswap

Uniswap hits $2tn in total volume.

Uniswap has achieved a milestone of $2 trillion in total volume since its launch in 2018. The exchange is expanding its technology with Uniswap V4, aiming for increased efficiency and reduced costs. Uniswap, a decentralized exchange, reached $2 trillion in total cumulative trading volume today at around 1 pm London time, and Devin Walsh, executive director of the Uniswap Foundation said that Uniswap’s finest days are yet to come. Additionally, the wider Uniswap delegate community is contributing to the platform’s growth, most recently through the initiation of a cross-chain deployment program.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 11.30 | Positive Crossover | Bullish
  • MA 20 : 11.38 | Positive Crossover | Bullish
  • MA 50 : 11.73 | Negative Crossover | Bearish

Simple :

  • MA 10 : 11.19 | Positive Crossover | Bullish
  • MA 20 : 11.13 | Positive Crossover | Bullish
  • MA 50 : 11.92 | Negative Crossover | Bearish

RSI (Relative Strength Index): 55.03 | Buy Zone | Bullish

Stochastic   Oscillator : 96.57 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 12.48 R2 : 14.65
  • S1 : 10.55 S2 : 8.42

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 11.46 | Take Profit: 13.20 | Stop Loss: 10.67

Elsewhere In The Crypto Market

Bitcoin is up (4.34%) at 72389, Ethereum is up (5.41%) at 3,641.6 Litecoin is up (2.98%) at 104.23, Solana is down (2.61%) at 184.75, Dogecoin is up (3.86%) at 0.206.

Key Economic Events & Data Release Today:

(EUR) German Industrial Production (MoM) (Feb) Forecast –0.6%, Previous 1.0% at 11:30. (EUR) German Trade Balance (Feb) Forecast 25.91B, Previous 27.5B at 11:30.