. Daily Crypto Analysis - Bitcoin, XRP, Chainlink dynamics.

Daily Crypto Analysis – Bitcoin, XRP, Chainlink dynamics.

Daily Crypto Analysis – Bitcoin, XRP, Chainlink dynamics.

05 Feb 2024

Introduction

Bitcoin remains flat at around $42,000 as East Asia anticipates the Lunar New Year, marking the start of the ‘Year of the Dragon.’ Despite a sell-the-news effect in the crypto market, optimism prevails due to controlled inflation and an upcoming bitcoin halving event. Meanwhile, XRP trades unchanged ahead of a crucial milestone in the SEC vs. Ripple lawsuit on February 12. Chainlink sees a price rebound as large wallet holders strategically accumulate LINK tokens, while Dogecoin’s price stability hints at potential bottom formation despite recent network activity spikes.

Markets In Focus Today – BITCOIN

Bitcoin Flat as Traders Look Forward to the ‘Year of the Dragon’.

Bitcoin (BTC) traded flat, hovering over $42,000 early Monday, while the CoinDesk 20 Index {{CD20}} is down 0.75% at 1,643, according to CoinDesk Indices data, as nations in East Asia count down the last working days before the Lunar New Year holiday. Over the next few days, East Asia will celebrate the start of the year of the dragon, which is considered to be one of the luckiest and most prosperous animals in the Chinese Zodiac. Despite the crypto market currently experiencing a sell-the-news effect, the year of Dragon is on track to be one of the best performing as the inflation is now under control and the bitcoin halving event takes place later this year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42683.30 | Positive Crossover | Bullish
  • MA 20 : 42535.76 | Positive Crossover | Bullish
  • MA 50 : 42151.49 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42823.99 | Positive Crossover | Bullish
  • MA 20 : 41941.95 | Positive Crossover | Bullish
  • MA 50 : 43019.07 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 53.82 | Buy Zone | Bullish

Stochastic   Oscillator : 81.89 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47387.23 R2 : 49860.60
  • S1 : 39380.20 S2 : 36906.83

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Stop Buy : 43460.89 | Take Profit : 45061.04 | Stop Loss : 42447.47

RIPPLE

XRP price trades broadly unchanged leading up to crucial milestone in SEC vs. Ripple lawsuit.

XRP price trades sideways on Monday after yielding 3.66% weekly losses for holders. Following the recent developments in the SEC vs. Ripple lawsuit, the next key date is February 12. Legal expert John Deaton notes that Ripple could show an exemption to a vast majority of institutional sales in the lawsuit. XRP (XRP) price trades broadly unchanged on Monday at $0.5046, up 0.30% on the day, after recording a 3.74% loss in the past week. The next key date in the SEC vs. Ripple lawsuit is February 12, when the remedies-related discovery period ends. According to legal expert Bill Morgan, presiding Judge Analisa Torres might need to rule on the regulator’s motion to compel before the deadline.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.51 | Negative Crossover | Bearish
  • MA 20 : 0.53 | Negative Crossover | Bearish
  • MA 50 : 0.56 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.51 | Negative Crossover | Bearish
  • MA 20 : 0.53 | Negative Crossover | Bearish
  • MA 50 : 0.57 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.43 | Sell Zone | Bearish

Stochastic   Oscillator : 37.12 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.60 R2 : 0.64
  • S1 : 0.48 S2 : 0.45

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.50 | Take Profit : 0.47 | Stop Loss : 0.52

CHAINLINK

Chainlink whales trigger price rebound through strategic accumulation of LINK tokens.

Chainlink’s large wallet investors are scooping up LINK tokens after consistent profit-taking in the past two weeks. Four whale wallets have pulled 119,583 LINK tokens from exchanges, early on Monday. Chainlink, an Ethereum-alternative token, climbed nearly 4% on Monday after posting gains consistently for two weeks. Large wallet holders with LINK tokens are pulling the altcoin off exchanges, supporting a recovery in Chainlink price. According to data from Lookonchain, a crypto intelligence tracker, four large wallet addresses scooped up 119,583 tokens from Binance, early on Monday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 17.00 | Positive Crossover | Bullish
  • MA 20 : 16.12 | Positive Crossover | Bullish
  • MA 50 : 15.28 | Positive Crossover | Bullish

Simple :

  • MA 10 : 16.49 | Positive Crossover | Bullish
  • MA 20 : 15.68 | Positive Crossover | Bullish
  • MA 50 : 15.19 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 73.84 | Buy Zone | Bullish

Stochastic   Oscillator : 87.80 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 16.40 R2 : 17.42
  • S1 : 13.09 S2 : 12.07

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Sell : 17.48 | Take Profit : 19.22 | Stop Loss : 16.33

DOGECOIN

Dogecoin’s recent network activity spike might not trigger DOGE price do the same.

Dogecoin price continues to trade between the $0.0749 to $0.0943 range for roughly a month. The BBW indicator indicator is in a squeeze position, hinting at a volatile move ahead for DOGE.If history repeats, there might be a sweep of the equal lows before the meme coin rallies 10% to the upside. Invalidation of the bullish outlook will occur if DOGE flips the $0.0749 support barrier into a resistance level. Dogecoin (DOGE) price has been producing lower highs coupled with nearly equal lows hinting at a potential bottom formation. This development could be followed by a quick move to the upside, but not for the recent spike in network activity.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.85 | Neutral Zone | Neutral

Stochastic   Oscillator : 25.10 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.09 R2 : 0.09
  • S1 : 0.07 S2 : 0.07

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.074 | Take Profit : 0.069 | Stop Loss : 0.078

Elsewhere In The Crypto Market

Bitcoin up (0.29%) at 43,431, Ethereum down (0.2%) at 2,313.9, Litecoin down (0.04%) at 67.87, Solana up (1.71%) at 97.07, Doge coin up (0.72%) at 0.079.

Key Economic Events & Data Release Today:

(GBP) Composite PMI (Jan) Forecast 53.8, Previous 53.4 at 4:30. (USD) Service PMI (Jan) Forecast 52.9, Previous 51.4 at 09:45. (USD) ISM Non-Manufacturing PMI (Jan) Forecast 52.0, Previous 50.6 at 10:00. (AUD) Retail Sales (MoM) (Dec) Forecast 0.4%, Previous 1.6% at 19:30. (AUD) RBA Interest Rate Decision (Feb) Forecast 4.35%, Previous 4.35% at 22:30.