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Daily Crypto Analysis – Crypto Market Bounces Back Despite Rate Threat.

Daily Crypto Analysis – Crypto Market Bounces Back Despite Rate Threat.

11 Apr 2024

Introduction

Bitcoin demonstrates resilience, hovering near $70k despite USD strength from unexpected inflation data. As the market braces for higher interest rates, anticipation of the approaching halving event adds support to Bitcoin, expected around April 20. Ripple’s XRP also rallies, surpassing $0.60 amidst CEO Brad Garlinghouse’s discussion on stablecoins and ETFs. Ethereum faces a correction amid uncertainty over SEC’s approval of a spot ETF. Cardano slips, impacted by profit-taking amid volatile market conditions shaped by CPI data.

Markets In Focus Today – BITCOIN

Bitcoin recovers to $70k as CPI jitters clear, halving approaches.

Bitcoin price showed surprising resilience on Thursday, remaining close to record highs even as hotter-than-expected U.S. inflation data pushed up the dollar and battered expectations of interest rates. Anticipation of the upcoming halving event, which will reduce the pace at which new Bitcoin is generated, appeared to be offering some support to the token. But the build-up to the halving is also expected to spur increased volatility in Bitcoin.Markets were now awaiting the upcoming halving event, which is expected to take place around April 20 with the generation of block no. 840,000 on the Bitcoin blockchain. The event will halve the rate at which new Bitcoin is mined, tying into the narrative that the scarcity of the token will increase its value.Broader cryptocurrency prices also advanced on Thursday, recovering from earlier losses despite the prospect of higher-for-longer U.S. interest rates.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69583.0530 | Positive Crossover | Bullish
  • MA 20 : 68826.8806 | Positive Crossover | Bullish
  • MA 50 : 64784.7587 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68820.2770 | Positive Crossover | Bullish
  • MA 20 : 69027.3590 | Positive Crossover | Bullish
  • MA 50 : 65944.4674 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.8975 | Buy Zone | Bullish

Stochastic   Oscillator : 69.1849 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 70938.85 | Take Profit : 72023.20 | Stop Loss : 70339.61

RIPPLE

Ripple price extends gains, CEO Brad Garlinghouse says stablecoin would be very good for the XRPLedger.

XRP price surges past $0.60 resistance on Thursday, altcoin climbs nearly 5% from Monday’s low of $0.58. Ripple CEO Brad Garlinghouse discusses stablecoin plans and liquidity on XRPLedger at Paris Blockchain Week. Garlinghouse says there will be ETFs other than Bitcoin; it may take time in the US. Ripple (XRP) CEO spoke about USD-backed stablecoin, XRPLedger and Exchange Traded Funds (ETFs) in the US, at Paris Blockchain Week. XRP price is up nearly 5% this week. The altcoin extended gains on Thursday, flipping $0.60 resistance to support. Ripple CEO Brad Garlinghouse spoke at a gathering of professionals in blockchain and Web3 at the Paris Blockchain Week, on April 9.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6089 | Positive Crossover | Bullish
  • MA 20 : 0.6106 | Positive Crossover | Bullish
  • MA 50 : 0.6055 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5993 | Positive Crossover | Bullish
  • MA 20 : 0.6123 | Positive Crossover | Bullish
  • MA 50 : 0.6126 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 51.8052 | Buy Zone | Bullish

Stochastic   Oscillator : 64.7619 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.59 | Take Profit : 0.64 | Stop Loss : 0.57

ETHEREUM

Ethereum extends correction as Van Eck CEO dampens chances of spot ETH ETF approval.

Van Eck’s CEO says Ethereum ETFs are less likely to be approved in May because the SEC has remained silent.Following the crypto market correction, Ethereum is down 3.8% as ETH’s long liquidations have topped Bitcoin’s.EigenLayer’s launch on Ethereum Mainnet could add momentum to DeFi’s liquid restaking boom.Ethereum (ETH) is expected to see a price increase in the coming weeks, considering the upcoming Bitcoin (BTC) halving and a potential spot ETH approval. However, on Tuesday, Jan Van Eck, CEO of investment firm Van Eck, stated that the Securities & Exchange Commission’s (SEC) silence already indicates a negative outcome as the May 23 deadline for a decision approaches.In the wake of a rally that saw ETH tagging $3,730, a general market correction has forced the largest altcoin back to a previous consolidation range formed in March.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3507.1305 | Positive Crossover | Bullish
  • MA 20 : 3495.3368 | Positive Crossover | Bullish
  • MA 50 : 3378.2612 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3440.2780 | Positive Crossover | Bullish
  • MA 20 : 3479.9360 | Positive Crossover | Bullish
  • MA 50 : 3510.3170 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.8243 | Neutral Zone | Neutral

Stochastic   Oscillator : 66.2954 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3636.42 | Take Profit : 3864.72 | Stop Loss : 3488.69

CARDANO

Cardano Lead Losses .

Profit-taking continued as several major tokens slid lower. Cardano’s ADA and slumped as much as 4%. The U.S. CPI report, which in recent years has caused a spike in volatility comparable to NFP [nonfarm payrolls report], had an impressive potential to influence the market on Wednesday.With the buyers setting the stage for a bull run in the coming months, the altcoins are ready to break the supply barriers. As the altcoins hit the pedal to the metal, blue-chip coins like Cardano are preparing a supersonic recovery in 2024.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5976 | Negative Crossover | Bearish
  • MA 20 : 0.6132 | Negative Crossover | Bearish
  • MA 50 : 0.6247 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5866 | Positive Crossover | Bullish
  • MA 20 : 0.6168 | Negative Crossover | Bearish
  • MA 50 : 0.6555 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.1254 | Neutral Zone | Neutral

Stochastic   Oscillator : 28.5714 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7683 R2 : 0.8250
  • S1 : 0.5850 S2 : 0.5283

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.56 | Take Profit : 0.51 | Stop Loss : 0.60

Elsewhere In The Crypto Market

Bitcoin up (0.67%) at 71193, Ethereum up (1.89%) at 3612.7, Litecoin up (1.47%) at 98.15, Solana down (0.53%) at 171.51, Dogecoin up (1.3%) at 0.202.

Key Economic Events & Data Release Today:

(CPI) CPI (MoM) (Mar) Forecast –0.5%, Previous 1.0% at 07:00. (EUR) ECB Monetary Policy Statement at 17:45. (EUR) ECB Interest Rate Decision (Apr) Forecast 4.50%, Previous 4.50% at 17:45. (USD) PPI (MoM) (Mar) Forecast 0.3%, Previous 0.6% at 18:00. (USD) Initial Jobless Claims Forecast 216K, Previous 221K at 18:00. (ECB) ECB President Lagarde Speaks at 19:45.