. Daily Crypto Analysis - Crypto Market Bearish Amid Regulatory Challenges.

Daily Crypto Analysis – Crypto Market Bearish Amid Regulatory Challenges.

Daily Crypto Analysis – Crypto Market Bearish Amid Regulatory Challenges.

27 Jun 2024

Introduction

Bitcoin tumbles after US government sells large amount to exchanges, raising fear among traders. Other cryptos also fall, with Ripple stuck below resistance, Ethereum down despite potential ETF approval, and Cardano struggling due to lower trading activity.

Markets In Focus Today – BITCOIN

Bitcoin price declines as US government transfers 3,940 BTC to exchanges.

The US Government transferred 3,940.28 BTC, valued at $241.22 million, to Coinbase Prime.The German Government transferred another 750 BTC, valued at $46.35 million, on Wednesday.On-chain data shows that the miners’ selling activity is increasing, signaling bearish momentum.Bitcoin (BTC) encountered resistance near the $62,000 mark on Wednesday and declined 1.5% to trade around $60,777 in Thursday’s European session. The US and German governments’ transfers of BTC to exchanges in the past week have contributed to market FUD (Fear, Uncertainty, Doubt) among traders. Additionally, on-chain data reveals a rise in miners’ selling activity, suggesting bearish sentiment in the market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 62909.5481 | Negative Crossover | Bearish
  • MA 20 : 64501.5162 | Negative Crossover | Bearish
  • MA 50 : 65595.1081 | Negative Crossover | Bearish

Simple :

  • MA 10 : 63085.0160 | Negative Crossover | Bearish
  • MA 20 : 65372.7235 | Negative Crossover | Bearish
  • MA 50 : 66404.7866 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 32.7825 | Neutral Zone | Neutral

Stochastic   Oscillator : 27.5795 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 61963.21 | Take Profit : 59216.81 | Stop Loss : 63982.62

RIPPLE

XRP stuck under $0.48 while Ripple CEO claps back at SEC Chair for recent remarks on crypto.

Ripple CEO Brad Garlinghouse criticized SEC Chair Gensler for his statement that all crypto executives go to jail. Gensler shared his thoughts on crypto regulation and the sector’s role in the US Presidential election in a Bloomberg interview. XRP is struggling to break above resistance at $0.48 early on Thursday. Ripple (XRP) executive Brad Garlinghouse is making headlines for his statement on Securities and Exchange Commission (SEC) Gary Gensler’s remarks on crypto. Gensler said crypto is a field where either the executives are in jail or awaiting extradition. Garlinghouse slammed the SEC Chair’s statement in a recent tweet on X. The Ripple CEO has faced a lawsuit in California that is set to go to trial for his “misleading statements” in an interview in 2017.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4798 | Negative Crossover | Bearish
  • MA 20 : 0.4876 | Negative Crossover | Bearish
  • MA 50 : 0.5047 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4821 | Negative Crossover | Bearish
  • MA 20 : 0.4858 | Negative Crossover | Bearish
  • MA 50 : 0.5064 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.4943 | Sell Zone | Bearish

Stochastic   Oscillator : 22.79 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.477 | Take Profit : 0.439 | Stop Loss : 0.505

ETHEREUM

SEC spot Ether ETF approval nears, but ETH price tumbles 13%.

The biggest altcoin, Ethereum (ETH), is on a decline despite gaining clarity over the launch of a spot Exchange-Traded Fund (ETF). Ether price is down by 13% in the last 30 days. It seems like the massive interest in these investment products is waning among investors.As per reports, the final approval for trading spot Ether ETFs by the US Securities and Exchange Commission (SEC) could be granted as early as July 4. However, the report indicates that the SEC has yet to confirm the approval.Ethereum (ETH) is down 1% on Thursday following reports that the Securities & Exchange Commission (SEC) could approve spot ETH ETFs on July 4. Ethereum may need to shed 4% of its value before staging a comeback.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3442.3269 | Negative Crossover | Bearish
  • MA 20 : 3496.8956 | Negative Crossover | Bearish
  • MA 50 : 3485.8019 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3450.8280 | Negative Crossover | Bearish
  • MA 20 : 3513.4175 | Negative Crossover | Bearish
  • MA 50 : 3499.5336 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.0516 | Neutral Zone | Neutral

Stochastic   Oscillator : 35.4153 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3468.30 | Take Profit : 3299.75 | Stop Loss : 3594.71

CARDANO

Cardano (ADA) Price Struggles as Large Transaction Volume Plummets.

Last month’s general market decline has impacted Cardano’s ADAUSDT price. It trades at $0.36, having witnessed an 18% price decline in the past 30 days. On-chain data has revealed that this price dip has caused some of its biggest holders to reduce their trading activity.Cardano Whales Seek to Reduce Exposure. ADAUSDT has witnessed a decline in large transaction volume in the last month. For example, during that period, the daily count of ADA transactions worth between $1 million and $10 million has dropped by 33%. Likewise, the daily count of even larger transactions worth $10 million or more has dropped by 24% in the last 30 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.3884 | Negative Crossover | Bearish
  • MA 20 : 0.4020 | Negative Crossover | Bearish
  • MA 50 : 0.4341 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.3829 | Negative Crossover | Bearish
  • MA 20 : 0.4038 | Negative Crossover | Bearish
  • MA 50 : 0.4371 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.0501 | Sell Zone | Bearish

Stochastic   Oscillator : 36.7239 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.4931 R2 : 0.5149
  • S1 : 0.4229 S2 : 0.4011

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.393 | Take Profit : 0.334 | Stop Loss : 0.438

Elsewhere In The Forex Market

Bitcoin up (0.45%) at 61,073, Ethereum up (0.68%) at 3392.2, Litecoin down (0.04%) at 70.96, Solana up (1.17%) at 138.34, Dogecoin down (0.51%) at 0.122.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 05:30. (USD) GDP (QoQ) (Q1) Forecast 1.3%, Previous 3.4% at 08:30. (USD) Initial Jobless Claims Forecast 236K, Previous 238K at 08:30. (USD) Pending Home Sales (MoM) (May) Forecast 0.6%, Previous –7.7% at 10:00. (JPY) Industrial Production (MoM) (May) Forecast 2.0%, Previous –0.9% at 19:15.