. Daily Crypto Analysis - Bitcoin, XRP, Dogecoin, Ethereum soar.

Daily Crypto Analysis – Bitcoin, XRP, Dogecoin, Ethereum soar.

Daily Crypto Analysis – Bitcoin, XRP, Dogecoin, Ethereum soar.

05 Mar 2024

Introduction

Bitcoin soars above $68,000, inching close to its November 2021 peak, fueled by BlackRock’s Bitcoin ETF recording over $2 billion in trading volume. XRP eyes a rally to $0.70, fueled by institutional accumulation despite retail profit-taking. Dogecoin doubles in 8 days, rising 27% in 24 hours amid the meme coin rally. Ethereum surpasses $3,600, marking a 3% gain in 24 hours and a 15% increase in the past week ahead of the Dencun Upgrade. Cryptocurrency markets exhibit notable dynamics with Bitcoin leading the charge.

Markets In Focus Today – BITCOIN

Bitcoin tops $68K.

Bitcoin topped $68,000 on Monday, nearing its November 2021 record around $69,000.BlackRock’s Bitcoin ETF saw another busy trading day, recording over $2 billion in volume before market close. Bitcoin (BTC) continued to knock off $1,000 milestones, surging past $67,000 and nearing not just its own record high of $69,000, but the nearly $1.4 trillion market capitalization of silver. The largest and oldest crypto asset broke out from its week-long sideways consolidation capped below the $64,000 level, hitting $68,800 during early Asian trading hours on Tuesday. It was recently up 8.5% over the past 24 hours, roughly in line with the broad-market Coin Desk 20 Index’s (CD20) 8% advance.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 61633.6944 | Positive Crossover | Bullish
  • MA 20 : 57518.5113 | Positive Crossover | Bullish
  • MA 50 : 51370.9654 | Positive Crossover | Bullish

Simple :

  • MA 10 : 60893.7650 | Positive Crossover | Bullish
  • MA 20 : 56327.9185 | Positive Crossover | Bullish
  • MA 50 : 48704.1898 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 79.5074 | Buy Zone | Bullish

Stochastic   Oscillator : 93.6441 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 64017.8939 R2 : 69245.4261
  • S1 : 47094.8661 S2 : 41867.3339

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 64370.34 | Take Profit : 68769.27 | Stop Loss : 61682.10

RIPPLE

XRP price eyes rally to $0.70 amidst profit-taking by Ripple holders.

XRP price rallied to $0.66 despite holders realizing over $320 million in gains in March.Retail traders realize gains, shedding XRP holdings while institutions and large entities accumulate the altcoin. XRP price increased over 16% on a weekly basis and 23% on a monthly basis.XRP price climbed to a high of $0.6685 on Tuesday, before correcting to $0.6410. XRP price appears to be on an uptrend following the recent rally in Bitcoin, sustaining above the psychologically important level of $0.60. The recent XRP rally seems to be sustained by large wallets, which have accumulated XRP since the beginning of March, according to on-chain data. Meanwhile, while retail traders appear to be taking profits from the recent price increase.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6091 | Positive Crossover | Bullish
  • MA 20 : 0.5851 | Positive Crossover | Bullish
  • MA 50 : 0.5673 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6006 | Positive Crossover | Bullish
  • MA 20 : 0.5768 | Positive Crossover | Bullish
  • MA 50 : 0.5467 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 69.2278 | Buy Zone | Bullish

Stochastic   Oscillator : 83.2342 | Buy Zone | Negative

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 : 0.60 | Take Profit : 0.65 | Stop Loss : 0.57

DOGECOIN

Dogecoin more than doubles as DOGE joins WIF, PEPE, FLOKI and others in meme coin rally.

Dogecoin price has shot up 27% in the last 24 hours; up by 130% in the past eight days This massive upswing could see DOGE tag the $0.279 resistance next. Investors should be cautious and be ready to buy the dips above the $0.116 support level. Dogecoin price has shown incredible momentum and continues to climb after the previous week’s 78% rally. Considering the massive volatility surrounding meme coins, this DOGE move is not surprising. Dogecoin (DOGE) price cleared the multi-month declining trend line in October 2023, but the parabolic rally began in February 2024. So far, DOGE has soared by 130% in the past eight days. This massive upswing has shattered the $0.116 and $0.181 weekly resistance levels.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1398 | Positive Crossover | Bullish
  • MA 20 : 0.1192 | Positive Crossover | Bullish
  • MA 50 : 0.0999 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1304 | Positive Crossover | Bullish
  • MA 20 : 0.1080 | Positive Crossover | Bullish
  • MA 50 : 0.0914 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 92.4862 | Buy Zone | Bullish

Stochastic   Oscillator : 90.6512 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1322 R2 : 0.1459
  • S1 : 0.0879 S2 : 0.0742

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.154 | Take Profit : 0.182 | Stop Loss : 0.138

ETHEREUM

Ethereum Hits $3,600 Just Days Before Dencun Upgrade.

Ethereum is starting the week having inched its way past $3,600, marking a 3% gain gain since this time yesterday.At the time of writing, the Ethereum price is $3,650.38, which means that ETH has gained 15% in the past week. This is the highest Ethereum has been since January 2022, when it was coming down from the late 2021 bull run. And 91% of ETH held in wallets is now in the money. That means all but 9% of ETH has appreciated in value since it was purchased, according to blockchain analytics firm IntotheBlock.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3405.3775 | Positive Crossover | Bullish
  • MA 20 : 3189.8931 | Positive Crossover | Bullish
  • MA 50 : 2838.4584 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3392.5230 | Positive Crossover | Bullish
  • MA 20 : 3151.6680 | Positive Crossover | Bullish
  • MA 50 : 2701.4886 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 86.2251 | Buy Zone | Bullish

Stochastic   Oscillator : 95.8229 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3526.0116 R2 : 3828.3417
  • S1 : 2547.2817 S2 : 2244.9516

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3509.60 | Take Profit : 3748.62 | Stop Loss : 3355.94

Elsewhere In The Crypto Market

Bitcoin down (2.28%) at 66,825, Ethereum up (1.67%) at 3,694.4, Litecoin up (1.32%) at 90.04, Solana down (2.2%) at 130.58, Doge coin down (0.86%) at 0.180.

Key Economic Events & Data Release Today:

(JPY) Tokyo Core CPI (YoY) (Feb) Forecast 2.5%, Previous 1.6% at 05:00. (GBP) Service PMI (Feb) Forecast 54.3, Previous 54.3 at 15:00. (GBP) Composite PMI (Feb) Forecast 53.3, Previous 52.9 at 15:00. (USD) Service PMI (Feb) Forecast 51.3, Previous 52.5 at 20:15. (USD) ISM Non-Manufacturing PMI (Feb) Forecast 53.0, Previous 53.4 at 20:30.