. Daily Crypto Analysis - BTC, Ether, Dogecoin, and Cardano.

Daily Crypto Analysis – BTC, Ether, Dogecoin, and Cardano

Daily Crypto Analysis – BTC, Ether, Dogecoin, and Cardano

22 May 2024

Introduction

Bitcoin fell slightly on Wednesday as traders locked in gains from a recent rally, with anticipation of U.S. interest rate cues. Bitcoin dropped 1.5% to $69,880.1, retreating from Tuesday’s high of $71,000. Altcoin prices, including Ethereum and Cardano, also cooled, while Dogecoin saw a surge in trading volume.

Markets In Focus Today – BITCOIN

Bitcoin price fell slightly on Wednesday.

Bitcoin price fell slightly on Wednesday as anticipation of more cues on U.S. interest rates saw traders lock-in gains from a recent rally on optimism over a spot Ether exchange-traded fund. Bitcoin fell 1.5% over the past 24 hours to $69,880.1 by 01:33 ET. Bitcoin struggles to hold gains, more Fed cues awaited The token had risen as far as $71,000 on Tuesday, before falling back into a $60,000 to $70,000 trading range seen over most of the past two months. Focus was now on the minutes of the Fed’s late-April meeting, for more cues on when the central bank could begin trimming interest rates. Broader altcoin prices also cooled as Bitcoin retreated, while traders remained largely biased towards Ether in the altcoin complex. Resilience in the dollar also limited any major upside in crypto.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67115.4876 | Positive Crossover | Bullish
  • MA 20 : 65594.2813 | Positive Crossover | Bullish
  • MA 50 : 64574.5277 | Positive Crossover | Bullish

Simple :

  • MA 10 : 66595.6940 | Positive Crossover | Bullish
  • MA 20 : 64489.9040 | Positive Crossover | Bullish
  • MA 50 : 65024.9398 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 63.4503 | Buy Zone | Bullish

Stochastic   Oscillator : 32.63 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 68345.40 | Take Profit : 71920.62 | Stop Loss : 66412.84

ETHEREUM

Ethereum continues to rally as five potential spot ETH ETF issuers have already submitted amended filings.

SEC allegedly called exchanges, informing them they would approve spot ETH ETFs this week. Five potential spot ETH ETF issuers have submitted amended 19b-4s on Tuesday. Ethereum’s recent price action shows new all-time high is in sight. Ethereum (ETH) continued its rally following the submission of amended filings on the Securities & Exchange Commission’s (SEC) website by five potential spot ETH ETF issuers. Ether (ETH $3,735) is up 23.28% over the past two days to $3,785 amid renewed hope that the U.S. Securities and Exchange Commission (SEC) is moving to approve spot Ether ETFs by a May 23 deadline.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3347.4721 | Positive Crossover | Bullish
  • MA 20 : 3221.4847 | Positive Crossover | Bullish
  • MA 50 : 3193.0256 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3229.2690 | Positive Crossover | Bullish
  • MA 20 : 3124.6685 | Positive Crossover | Bullish
  • MA 50 : 3181.8078 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 69.6442 | Buy Zone | Bullish

Stochastic   Oscillator : 82.69 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3609.33 | Take Profit : 3850.69 | Stop Loss : 3482.90

CARDANO

Cardano ADA’s recent breakout could trigger 15% rally.

Cardano price rally suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors. Investors could reaccumulate ADA if it were to fall to $0.456, the 61.8% Fibonacci retracement level. Cardano (ADA) price could be set for a 15% rally after the sharp 7% price increase seen in previous session, technical indicators and on-chain metrics show. The recent price action of the so-called “Ethereum-killer” has formed a double-bottom technical formation and broke above the key $0.47 resistance, a bullish sign that is also supported by increasing network activity.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4753 | Positive Crossover | Bullish
  • MA 20 : 0.4703 | Positive Crossover | Bullish
  • MA 50 : 0.4961 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4691 | Positive Crossover | Bullish
  • MA 20 : 0.4609 | Positive Crossover | Bullish
  • MA 50 : 0.4873 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 53.4500 | Buy Zone | Bullish

Stochastic   Oscillator : 44.52 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Limit Buy : 0.45 | Take Profit : 0.53 | Stop Loss : 0.41

DOGECOIN

Dogecoin (DOGE) Skyrockets 150% in Volume Amid Bullish Momentum.

Dogecoin has seen a huge surge in trading volume, propelled by a bullish trend on the broader cryptocurrency market. The trading volume for DOGE spiked by an impressive 151.93%, reaching $2.06 billion, reflecting renewed investor interest and activity surrounding the meme-inspired cryptocurrency. Simultaneously, Dogecoin’s market capitalization has increased by 9.05% to $23.73 billion, solidifying its position as the eighth largest coin by market cap and the largest meme coin on the market. The rise in market cap indicates a significant inflow of capital into DOGE, driven by market optimism and positive sentiment. As of the latest trading data, DOGE is priced at $0.1625, marking an increase of 8.45% over the last 24 hours.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1582 | Positive Crossover | Bullish
  • MA 20 : 0.1549 | Positive Crossover | Bullish
  • MA 50 : 0.1546 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1560 | Positive Crossover | Bullish
  • MA 20 : 0.1529 | Positive Crossover | Bullish
  • MA 50 : 0.1590 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 58.1472 | Buy Zone | Bullish

Stochastic   Oscillator : 76.08 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.1956 R2 : 0.2172
  • S1 : 0.1256 S2 : 0.1039

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.15 | Take Profit : 0.18 | Stop Loss : 0.14

Elsewhere In The Crypto Market

Bitcoin down (0.15%) at 70,019, Ethereum down (1.52%) at 3732.9, Litecoin down (1.72%) at 86.74, Solana up (1.34%) at 180.50, Dogecoin down (1.69%) at 0.167.

Key Economic Events & Data Release Today:

(NZD) RBNZ Interest Rate Decision Forecast 5.50%, Previous 5.50% at 07:30. (NZD) RBNZ Rate Statement at 07:30. (NZD) RBNZ Press Conference at 08:30. (GBP) CPI (YoY) (Apr) Forecast 2.1%, Previous 3.2% at 11:30. (EUR) ECB President Lagarde Speaks at 18:00. (GBP) Gov Bailey Speaks at 13:35. (USD) Existing Home Sales (Apr) Forecast 4.21M, Previous 4.19M at 19:30. (USD) FOMC Meeting Minutes at 23:30.