. Daily Crypto Analysis - Bitcoin, XRP, DOGE setbacks, Cardano's potential revival.

Daily Crypto Analysis – Bitcoin, XRP, DOGE setbacks, Cardano’s potential revival.

Daily Crypto Analysis – Bitcoin, XRP, DOGE setbacks, Cardano’s potential revival.

19 Jan 2024

Introduction

Bitcoin retracted below $42,000 after an initial surge triggered by the approval of a Bitcoin Exchange-Traded Fund (ETF). Despite the ETF optimism, the market sentiment turns bearish. XRP faces a potential 9% decline as traders realize over $130 million in losses, signaling decreased demand. Dogecoin experiences a 25% decline, with retail investors retreating while whales accumulate, aiming to revive its price. Cardano ADA, resilient amid a 17.6% monthly fall, sees whales accumulating $85 million, hinting at a possible 30% recovery rally. Cryptocurrency markets exhibit varied trends, influenced by regulatory developments and investor behavior.

Markets In Focus Today – BITCOIN

Bitcoin retreats below $42k following initial ETF-driven surge.

Bitcoin experienced a significant pullback today, retreating below the $42,000 mark after a recent surge close to $49,000. This fluctuation in Bitcoin’s value comes in the wake of the sanctioning of a Bitcoin Exchange-Traded Fund (ETF), which initially boosted the cryptocurrency’s price. The market’s sentiment has taken a bearish turn despite the optimism earlier generated by the ETF news. A new batch of U.S. bitcoin exchange-traded funds (ETFs) has attracted strong investor interest, though it is unclear if they will be able to maintain the pace of inflows in coming weeks.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42803.31 | Negative Crossover | Bearish
  • MA 20 : 43236.82 | Negative Crossover | Bearish
  • MA 50 : 42168.55 | Negative Crossover | Bearish

Simple :

  • MA 10 : 43216.80 | Negative Crossover | Bearish
  • MA 20 : 43837.88 | Negative Crossover | Bearish
  • MA 50 : 43106.87 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.87 | Neutral Zone | Neutral

Stochastic   Oscillator : 10.89 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 41881.90 | Take Profit : 39770.44 | Stop Loss : 43412.71

RIPPLE

XRP price could bleed another 9% as traders realize over $130 million in losses.

XRP traders have realized $130.24 million in losses since the beginning of January as Ripple price declines. XRP active addresses have decreased by 34% since January 1, signaling a decrease in demand and relevance of the altcoin. XRP price is in a downward trend that has shed around a quarter of the altcoin’s value in the last few months. The price decline came even as the community anticipates the approval of a Spot XRP ETF after the recent approval of the Bitcoin ETFs by the SEC. Still, investors with XRP holdings have realized losses in large numbers in January, on-chain data shows, putting Ripple’s token on the path for another 9% decline if the current trajectory persists.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.57 | Negative Crossover | Bearish
  • MA 20 : 0.58 | Negative Crossover | Bearish
  • MA 50 : 0.60 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.57 | Negative Crossover | Bearish
  • MA 20 : 0.58 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 36.29 | Sell Zone | Bearish

Stochastic   Oscillator : 15.66 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.53 | Take Profit : 0.48 | Stop Loss : 0.56

DOGECOIN

DOGE whales attempt to revive Dogecoin price as retail investors retreat after a 25% crash.

Dogecoin price has noted a near 25% drawdown in the past month, with the meme coin trading at $0.077 at the moment.DOGE retail investors have been pulling back, too, with the average active addresses falling by 36.8%.Whale addresses known to influence the price action have begun accumulating, adding $10 million in DOGE in two weeks. Dogecoin price has emerged as one of the most disappointing crypto assets over the past month, noting consistent declines. The lack of growth has been such that even retail investors have taken a step back from participating in conducting transactions. Thus, the burden now falls on whales who are attempting to initiate a comeback for the meme coin.

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 : 0.09 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 39.53 | Sell Zone | Bearish

Stochastic   Oscillator : 34.37 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.10 R2 : 0.11
  • S1 : 0.08 S2 : 0.08

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.72 | Take Profit : 0.65 | Stop Loss : 0.76

CARDANO

Cardano ADA whales’ resilience might catalyze a 30% recovery rally.

Cardano price fell by 17.6% in the past month but is still treading water above $0.46critical support at $0.53.ADA whales accumulated $85 million of assets in the last four weeks – a positive – despite a 17% crash.On-chain data suggests the time is right to buy as ADA is in the opportunity zone. Cardano price nearly confirmed a bullish reversal pattern about four weeks ago but failed to achieve success owing to broader market bearish cues. Although the altcoin is now back at a monthly low, it still has a shot at reclaiming the target price derived from the pattern, which places the likely rally at 30% above the current price, and it looks like the whales might play a crucial role in this rally.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.53 | Negative Crossover | Bearish
  • MA 20 : 0.54 | Negative Crossover | Bearish
  • MA 50 : 0.53 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.55 | Negative Crossover | Bearish
  • MA 50 : 0.55 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.52 | Neutral Zone | Neutral

Stochastic   Oscillator : 29.61 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.67 R2 : 0.74
  • S1 : 0.43 S2 : 0.36

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.46 | Take Profit : 0.38 | Stop Loss : 0.52

Elsewhere In The Crypto Market

Bitcoin up (0.21%) at 41,370, Ethereum up (0.33%) at 2,479.4, Litecoin down (1.81%) at 68.86, Solana up (0.61%) at 94.94, Doge coin down (1.49%) at 0.080.

Key Economic Events & Data Release Today:

(JPY) National Core CPI (YoY) (Dec) Actual 2.3%, Forecast 2.3%, Previous 2.5% at 05:00. (GBP) Core Retail Sales (MoM) (Dec) Actual –3.2%, Forecast –0.5%, Previous 1.3% at 12:30. (ECB) ECB President Lagarde Speaks at 15:30. (CAD) Core Retail Sales (MoM) (Nov) Forecast –0.1%, Previous 0.6% at 19:00. (USD) Existing Home Sales (Dec) Forecast 3.82M, Previous 3.82M at 20:30. (EUR) ECB President Lagarde Speaks at 20:45.