. Daily Crypto Analysis - BTC steady, ETH up, XRP down, UNI soars.

Daily Crypto Analysis – BTC steady, ETH up, XRP down, UNI soars.

Daily Crypto Analysis – BTC steady, ETH up, XRP down, UNI soars.

07 Mar 2024

Introduction

Bitcoin sustains its position above $65,000 as MicroStrategy announces plans to acquire more BTC, potentially fueling another push towards the $69,000 mark. Ethereum stands resilient, surging over 5%, despite a crypto market downturn. The upcoming Dencun upgrade on March 13, aimed at reducing transaction costs, boosts ETH. XRP faces a dip below a crucial support at $0.65 ahead of a pivotal SEC v. Ripple lawsuit development. Uniswap’s UNI rallies 20% as a governance proposal gains strong support, hinting at token rewards and potential dividends for holders, though regulatory scrutiny may follow.

Markets In Focus Today – BITCOIN

Bitcoin price brews a recovery as MicroStrategy advances on plans to absorb more BTC.

Bitcoin price remains above the $65,000 threshold as MicroStrategy makes headlines for the second time this week. BTC could have another shot at the $69,000 threshold as buyer momentum continues to rise. The voluminous acquisition could inspire FOMO in the market ahead of the halving. Bitcoin’s (BTC) price could move north soon after the recent all-time high, with four fundamental drivers at play. These are the spot Bitcoin exchange-traded funds (ETFs) theme, the oncoming BTC halving, and voluminous purchases by large holders that continue to drive the fear of missing out (FOMO) among retail holders.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62872.1126 | Positive Crossover | Bullish
  • MA 20 : 58910.2793 | Positive Crossover | Bullish
  • MA 50 : 52423.9807 | Positive Crossover | Bullish

Simple :

  • MA 10 : 63273.4850 | Positive Crossover | Bullish
  • MA 20 : 57619.1815 | Positive Crossover | Bullish
  • MA 50 : 49583.5894 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.2107 | Buy Zone | Bullish

Stochastic   Oscillator : 81.1511 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 64016.7673 R2 : 69244.2994
  • S1 : 47093.7394 S2 : 41866.2073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 63646.90 | Take Profit: 67527.08 | Stop Loss: 61383.46

ETHEREUM

Ethereum price beats crypto market bloodbath nearly a week away from Dencun upgrade.

Ethereum price rallied over 5% on Wednesday despite the crypto market correction led by Bitcoin price decline. Ethereum Dencun upgrade, scheduled for March 13, is expected to lower transaction costs for Layer 2 chains. Staked Ethereum climbed to $118 billion, as ETH holders prepared for EIP-4844’s arrival on the main net. Ethereum (ETH) price climbed on Wednesday while several other cryptocurrencies wiped out their recent gains following Bitcoin’s price rally and its subsequent pullback on Tuesday. Ether resumed its recent uptrend towards the psychological $4,000 target despite mass profit-taking by holders. The Dencun upgrade, a key technical development on the Ethereum mainnet, is scheduled to go live on March 13.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3521.3473 | Positive Crossover | Bullish
  • MA 20 : 3291.3162 | Positive Crossover | Bullish
  • MA 50 : 2908.0995 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3511.6590 | Positive Crossover | Bullish
  • MA 20 : 3244.2795 | Positive Crossover | Bullish
  • MA 50 : 2748.7732 | Positive Crossover | Bullish

RSI (Relative Strength Index): 81.4565 | Buy Zone | Bullish

Stochastic   Oscillator : 84.0473 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 3525.8049 R2 : 3828.1351
  • S1 : 2547.0751 S2 : 2244.7449

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 3584.50 | Take Profit: 3823.15 | Stop Loss: 3437.26

RIPPLE

XRP price dips below critical support ahead of key development in SEC v. Ripple lawsuit.

XRP price declined to $0.62 on Thursday; the altcoin dropped below key support at $0.65. The SEC is preparing its remedies-related opening brief for the March 22 deadline in the Ripple lawsuit. Ripple’s CLO criticized the regulator, highlighting a comment by a judge on the SEC’s “vague and loosey-goosey” rules. XRP price nosedived below an important support level for the altcoin, at $0.65. The altcoin is trading at $0.62 on Thursday. An important deadline in the SEC v. Ripple lawsuit is fast approaching and the regulator is set to present its remedies-related opening brief on March 22.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6061 | Positive Crossover | Bullish
  • MA 20 : 0.5872 | Positive Crossover | Bullish
  • MA 50 : 0.5694 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6098 | Positive Crossover | Bullish
  • MA 20 : 0.5797 | Positive Crossover | Bullish
  • MA 50 : 0.5476 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.4086 | Buy Zone | Bullish

Stochastic   Oscillator : 58.5642 | Buy Zone | Positive

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

UNISWAP

Uniswap’s UNI Gains 20% as Token Reward Proposal Inches Closer to Approval.

Uniswap’s UNI gained 20% as a governance proposal to distribute protocol revenues among token holders gets overwhelming support in a temperature check before voting. The initiative, if approved, could pay out between $62 million and $156 million to UNI owners in annual dividends, one observer estimated. Uniswap’s reward scheme could inspire other Defi protocols but may attract regulatory scrutiny. Decentralized exchange Uniswap’s governance token (UNI) defied the broader crypto correction and surged to a new 26-month high price on Wednesday as the proposal to reward token holders from protocol revenues was inching closer to becoming a reality.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.11 | Positive Crossover | Bullish
  • MA 20 : 12.96 | Positive Crossover | Bullish
  • MA 50 : 10.82 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.00 | Positive Crossover | Bullish
  • MA 20 : 12.65 | Positive Crossover | Bullish
  • MA 50 : 10.12 | Positive Crossover | Bullish

RSI (Relative Strength Index): 71.03 | Buy Zone | Bullish

Stochastic   Oscillator : 51.04 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 15.85 R2 : 18.09
  • S1 : 13.23 S2 : 11.17

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 13.63 | Take Profit: 15.85 | Stop Loss: 12.35

Elsewhere In The Crypto Market

Bitcoin is up (1.06%) at 66,817, Ethereum is down (0.55%) at 3,801.7, Litecoin is down (0.7%) at 85.33, Solana is up (6.95%) at 139.01, Dogecoin is down (3.27%) at 0.152.

Key Economic Events & Data Release Today:

(EUR) ECB Interest Rate Decision (Mar) Forecast 4.50%, Previous 4.50% at 08:15. (ECB) ECB Monetary Policy Statement at 08:15. (USD) Initial Jobless Claims Forecast 217K, Previous 215K at 08:30. (EUR) ECB Press Conference at 08:45. (ECB) ECB President Lagarde Speaks at 10:00.