. Daily Crypto Analysis - Bitcoin, XRP, Dogecoin, Chainlink surge ahead.

Daily Crypto Analysis – Bitcoin, XRP, Dogecoin, Chainlink surge ahead.

Daily Crypto Analysis – Bitcoin, XRP, Dogecoin, Chainlink surge ahead.

12 Feb 2024

Introduction

Bitcoin experiences a substantial rally, marking its most significant weekly surge in four months, reaching one-month highs. Analysts attribute the surge to increased buying activity ahead of April’s halving event and a slowdown in ETF outflows. Meanwhile, XRP faces a slight dip as the SEC v. Ripple lawsuit nears the end of the discovery phase, with potential resolution as early as 2024. Dogecoin anticipates double-digit gains, breaking a declining trend line, while a Chainlink whale accumulates $84 million worth of LINK, sparking speculation of a potential surge in the cryptocurrency’s price.

Markets In Focus Today – BITCOIN

Bitcoin surges in biggest weekly rally in four months.

Bitcoin rose to one-month highs, powered by what analysts said was a flurry of buying ahead of April’s halving event and as recent outflows from exchange-traded funds slowed. BTC/USD longs had a splendid week. The major crypto has added an eye-watering +10.7%. Bitcoin hit a two-year high just above $49,000 in January, but has since trended lower, under pressure from a “sell the news” wave of profit-taking after the Securities and Exchange Commission finally approved the ETFs.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 45819.8409 | Positive Crossover | Bullish
  • MA 20 : 44541.3564 | Positive Crossover | Bullish
  • MA 50 : 43165.7998 | Positive Crossover | Bullish

Simple :

  • MA 10 : 45187.0510 | Positive Crossover | Bullish
  • MA 20 : 43662.7295 | Positive Crossover | Bullish
  • MA 50 : 43401.9354 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 72.5472 | Buy Zone | Bullish

Stochastic   Oscillator : 92.9737 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 47324.88 | Take Profit : 48810.05 | Stop Loss : 46433.79

RIPPLE

XRP price drops slightly as SEC v. Ripple lawsuit heads towards end of discovery phase.

XRP price noted a drop of 0.76% on Monday as the SEC lawsuit entered the final week of remedies-related discovery phase.A federal judge granted Ripple an extension of remedies-related discovery deadline and moved it to February 20, 2024. Crypto expert states SEC v. Ripple lawsuit could end as early as 2024 or see a push to 2028 if either party appeals to the Supreme Court. XRP price climbed 3.70% in the past week and declined slightly on Monday as the SEC v. Ripple lawsuit entered its final week of the discovery phase. The Court granted Ripple’s request for extension of remedies-related discovery deadline from February 12 to 20.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5185 | Negative Crossover | Bearish
  • MA 20 : 0.5235 | Negative Crossover | Bearish
  • MA 50 : 0.5482 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5156 | Positive Crossover | Bullish
  • MA 20 : 0.5170 | Positive Crossover | Bullish
  • MA 50 : 0.5577 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.0152 | Neutral Zone | Neutral

Stochastic   Oscillator : 67.8320 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.51 | Take Profit : 0.47 | Stop Loss : 0.53

DOGECOIN

Dogecoin price eyes double digit gains as DOGE bulls make a comeback.

The recent breach of the declining trend line forecasts more upside for the dog-based crypto.DOGE could see a 10% rally that overcomes $0.0895 and tags $0.0911.Invalidation of the bullish outlook will occur if DOGE flips the $0.0749 support barrier into a resistance level. Dogecoin price has been consolidating for a few weeks now with no directional bias in sight. But the recent move to the upside is likely going to attract traders to DOGE as the altcoin looks primed for a rally.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.0802 | Negative Crossover | Bearish
  • MA 20 : 0.0803 | Negative Crossover | Bearish
  • MA 50 : 0.0817 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.0798 | Positive Crossover | Bullish
  • MA 20 : 0.0796 | Positive Crossover | Bullish
  • MA 50 : 0.0825 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 48.2435 | Buy Zone | Bullish

Stochastic   Oscillator : 59.2849 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.0901 R2 : 0.0949
  • S1 : 0.0747 S2 : 0.0700

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.075 | Take Profit : 0.069 | Stop Loss : 0.078

CHAINLINK

Chainlink Whale Scoops Up $84 Million Worth Of LINK.

The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Look onchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days. Based on the current LINK price, this accumulation is valued at a staggering $84 million. This relentless accumulation activity by the Chainlink whale has captured the attention of analysts and investors, generating anticipation for a potential future surge in the LINK price. The market is rife with speculation as traders eagerly await the outcome of this significant accumulation.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 18.7696 | Positive Crossover | Bullish
  • MA 20 : 17.6674 | Positive Crossover | Bullish
  • MA 50 : 16.2107 | Positive Crossover | Bullish

Simple :

  • MA 10 : 18.8376 | Positive Crossover | Bullish
  • MA 20 : 17.0151 | Positive Crossover | Bullish
  • MA 50 : 15.7539 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 72.0148 | Buy Zone | Bullish

Stochastic   Oscillator : 91.5622 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 16.3976 R2 : 17.4180
  • S1 : 13.0942 S2 : 12.0737

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 19.01 | Take Profit : 20.62 | Stop Loss : 18.03

Elsewhere In The Crypto Market

Bitcoin up (0.41%) at 44,530, Ethereum down (0.1%) at 2,421.8, Litecoin down (0.77%) at 71.03, Solana down (1.51%) at 105.89, Doge coin down (1.39%) at 0.080.

Key Economic Events & Data Release Today:

(NZD) RBNZ Gov Orr Speaks at 06:00. (GBP) BoE Gov Bailey Speaks at 23:30.