. Daily Crypto Analysis - Crypto markets tumble, investors fear declines.

Daily Crypto Analysis – Crypto markets tumble, investors fear declines.

Daily Crypto Analysis – Crypto markets tumble, investors fear declines.

19 Mar 2024

Introduction

Bitcoin saw a significant 5.7% slide on Tuesday, marking its largest single-day drop in two weeks, as profit-taking swept through the cryptocurrency market alongside other risk assets like stocks. Despite the downturn, attention remains on the forthcoming halving and the potential for the next bull cycle. Meanwhile, Cardano and XRP also experienced notable declines, while Ethereum extended its losses below key support levels.

Markets In Focus Today – BITCOIN

Bitcoin slides 5% as profit-taking sweeps crypto.

Bitcoin fell by as much as 5.7% on Tuesday in its largest one-day drop in two weeks, as a wave of selling hit cryptocurrencies and other risk assets, such as stocks. Bitcoin’s (BTC) price downside momentum continues to gain strength, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle. In the meantime, however, spot BTC ETFs remain the main player in the market. Bitcoin price is down a fraction in the last day with trading volume dropping nearly 20%. It continues to slide lower after losing critical support due to the midline of the ascending parallel channel. Bitcoin is still showing a 52% gain for the year so far, as investors have piled into U.S. exchange-traded funds backed by spot bitcoin.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67510.6993 | Negative Crossover | Bearish
  • MA 20 : 65651.2077 | Negative Crossover | Bearish
  • MA 50 : 58693.0966 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69151.1970 | Negative Crossover | Bearish
  • MA 20 : 67094.2170 | Negative Crossover | Bearish
  • MA 50 : 56246.7796 | Positive Crossover | Bullish

RSI (Relative Strength Index): 50.0909 | Buy Zone | Bullish

Stochastic   Oscillator : 46.3015 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 65266.92 | Take Profit: 61452.74 | Stop Loss: 68342.87

CARDANO

Cardano Falls 11% In Rout.

Cardano was trading at $0.6185 on Tuesday, down 10.85% on the day. It was the largest one-day percentage loss since December 16, 2022. The move downwards pushed Cardano’s market cap down to $22.2889B, or 0.91% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B. Over the past seven days, Cardano has seen a drop in value, as it lost 17.8%. The volume of Cardano traded in the twenty-four hours to the time of writing was $881.0385M or 0.57% of the total volume of all cryptocurrencies. It has traded in a range of $0.6184 to $0.8097 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6883 | Negative Crossover | Bearish
  • MA 20 : 0.6898 | Negative Crossover | Bearish
  • MA 50 : 0.6438 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.7093 | Negative Crossover | Bearish
  • MA 20 : 0.7174 | Negative Crossover | Bearish
  • MA 50 : 0.6248 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.8644 | Sell Zone | Bearish

Stochastic   Oscillator : 26.8074 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7024 R2 : 0.7579
  • S1 : 0.5229 S2 : 0.4674

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.61 | Take Profit: 0.55 | Stop Loss: 0.66

RIPPLE

XRP price risks decline below the support of $0.60, holders await the decision in the SEC v. Ripple lawsuit.

XRP price dips in response to losses realized by traders since March 15.XRP price dropped toward $0.60, technical indicators suggest a potential decline if support breaks. Ripple makes strides as a cross-border and DeFi infrastructure platform and gets recognized with an award. XRP price dropped closer to its psychologically important support level at $0.60 on Tuesday amidst a steep correction in the crypto ecosystem. Most of the top 30 cryptocurrencies by market capitalization have noted a decline in their prices on March 19. XRP price declines as sellers realize losses in the altcoin. The altcoin is suffering a correction as the crypto market faces headwinds with Bitcoin’s recent decline.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6297 | Negative Crossover | Bearish
  • MA 20 : 0.6227 | Negative Crossover | Bearish
  • MA 50 : 0.5967 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6466 | Negative Crossover | Bearish
  • MA 20 : 0.6325 | Negative Crossover | Bearish
  • MA 50 : 0.5739 | Positive Crossover | Bullish

RSI (Relative Strength Index): 46.1941 | Neutral Zone | Neutral

Stochastic   Oscillator : 31.0249 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6191 R2 : 0.6510
  • S1 : 0.5157 S2 : 0.4838

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.570 | Take Profit: 0.527 | Stop Loss: 0.602

ETHEREUM

Ethereum Price Extends Losses.

Ethereum price extended its decline below $3,500. ETH is showing a few bearish signs and there could be a drop toward the $3,200 support zone. Ethereum started a downside correction below the $3,550 zone. Ethereum fails to clear the $3,520 resistance, it could continue to move down. On the upside, the price is now facing resistance near the $3,540 level. The first major resistance is near the $3,650 level. The next major resistance is near the $3,750 zone. A clear move above the $3,650 and $3,750 resistance levels might call for a fresh move to $3,880.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3622.5274 | Negative Crossover | Bearish
  • MA 20 : 3581.2870 | Negative Crossover | Bearish
  • MA 50 : 3229.4585 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3747.6160 | Negative Crossover | Bearish
  • MA 20 : 3692.3450 | Negative Crossover | Bearish
  • MA 50 : 3095.8222 | Positive Crossover | Bullish

RSI (Relative Strength Index): 40.9532 | Neutral Zone | Neutral

Stochastic   Oscillator : 25.9252 | Sell Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 3319.59 | Take Profit: 3050.21 | Stop Loss: 3513.00

Elsewhere In The Crypto Market

Bitcoin is down (5.57%) at 63,947, Ethereum is down (6.18%) at 3,301.1, Litecoin is down (7.96%) at 79.92, Solana is down (7.41%) at 181.69, Dogecoin is down (9.29%) at 0.130.

Key Economic Events & Data Release Today:

(JPY) Industrial Production (MoM) (Jan) Forecast –7.5%, Previous 1.4% at 00:30. (JPY) BoJ Press Conference at 02:00 . (EUR) German ZEW Economic Sentiment (Mar) Forecast 20.6, Previous 19.9 at 06:00. (USD) Building Permits (Feb) Forecast 1.500M, Previous 1.489M at 08:30. (CAD) Core CPI (MoM) (Feb) Previous 0.1% at 08:30. (CNY) PBoC Loan Prime Rate Forecast 3.45%, Previous 3.45% at 21:15.