. Daily Crypto Analysis -Crypto markets uncertain amid inflation fears.

Daily Crypto Analysis – Crypto markets uncertain amid inflation fears.

Daily Crypto Analysis – Crypto markets uncertain amid inflation fears.

14 Feb 2024

Introduction

“Bitcoin’s brief ascent to the $50,000 milestone faces challenges as US CPI inflation data points to persistent inflationary pressure, triggering potential price drops. Ethereum eyes a 10% gain, but caution emerges with signs of falling momentum. Ripple reveals crypto custody plans amidst XRP’s sideways trading, while Chainlink hits a one-year high above $20 fueled by increased DeFi adoption and network activity.”

Markets In Focus Today – BITCOIN

Bitcoin price $50,000 milestone short-lived as US CPI inflation signals persistent inflationary pressure.

Bitcoin price shocked the market, hitting the $50,000 milestone after two years. BTC could drop 5% into the supply zone turned bullish breaker or confirm an extended fall below $45,554. A higher high above the $50,368 range would invalidate the bearish thesis, bringing $60,000 into focus. US CPI inflation in January printed at 3.1% every year, above the 2.9% market expectation. Bitcoin’s (BTC) price has repelled the $50,000 milestone. The retraction follows the US CPI inflation data, which signaled persistent inflationary pressures.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 47621.5930 | Positive Crossover | Bullish
  • MA 20 : 45776.7299 | Positive Crossover | Bullish
  • MA 50 : 43799.5841 | Positive Crossover | Bullish

Simple :

  • MA 10 : 46911.3480 | Positive Crossover | Bullish
  • MA 20 : 44804.1700 | Positive Crossover | Bullish
  • MA 50 : 43733.3678 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.4816 | Buy Zone | Bullish

Stochastic   Oscillator : 94.2667 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47387.2295 R2 : 49860.6039
  • S1 : 39380.2039 S2 : 36906.8295

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 50011.09 | Take Profit: 51626.22 | Stop Loss: 49008.60

ETHEREUM

Ethereum price eyes 10% gains.

Ethereum (ETH) price could rally 10% to retake the $2,717 range high since bulls maintain a strong presence in the market. This is seen with the MACD above its signal line and its histogram bars in positive territory. However, the Proof-of-Stake (PoS) token is likely to provide a buying opportunity before the next leg up. This can be seen with the RSI bending south, a sign of falling momentum. Notably, the bullish outlook would only be threatened if Ethereum’s price falls out of the ascending parallel channel, confirmed by a close below $2,388.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2540.3387 | Positive Crossover | Bullish
  • MA 20 : 2462.9463 | Positive Crossover | Bullish
  • MA 50 : 2377.1170 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2505.9920 | Positive Crossover | Bullish
  • MA 20 : 2399.7000 | Positive Crossover | Bullish
  • MA 50 : 2389.9676 | Positive Crossover | Bullish

RSI (Relative Strength Index): 75.5424 | Buy Zone | Bullish

Stochastic   Oscillator : 95.1849 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 2598.1573 R2 : 2733.4727
  • S1 : 2160.1027 S2 : 2024.7873

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2671.45 | Take Profit: 2915.61 | Stop Loss: 2527.58

RIPPLE

Ripple unveils plans for crypto custody while XRP price trades sideways.

XRP price declined slightly on Wednesday, trading sideways below $0.53. Ripple CEO Brad Garlinghouse unveiled the payment firm’s plan to expand product offerings to crypto custody. Ripple is seeking US regulatory approval to purchase Standard Custody and Trust Co. to acquire a New York trust charter. XRP price is trading sideways below the $0.53 level. The altcoin is struggling to tackle resistance on its path to its $0.56 target. The payment remittance firm’s CEO, Brad Garlinghouse, announced Ripple’s plan to foray into crypto custody with its recent acquisition of a New York trust charter firm.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5235 | Positive Crossover | Bullish
  • MA 20 : 0.5254 | Positive Crossover | Bullish
  • MA 50 : 0.5472 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5204 | Positive Crossover | Bullish
  • MA 20 : 0.5189 | Positive Crossover | Bullish
  • MA 50 : 0.5538 | Negative Crossover | Bearish

RSI (Relative Strength Index): 50.4133 | Buy Zone | Bullish

Stochastic   Oscillator : 82.2320 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6027 R2 : 0.6393
  • S1 : 0.4843 S2 : 0.4477

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.52 | Take Profit: 0.56 | Stop Loss: 0.50

CHAINLINK

Chainlink (LINK) hits 1-year price high above $20.

A surge in network activity and increased adoption throughout DeFi may have played a role in LINK rallying above $20. Chainlink’s native token showcased a 16% rally between Feb. 9 and Feb. 12 to trade at $20.85 a level not seen since January 2022. This has brought its market capitalization to $11.67 billion and overtakes Dogecoin to become the 10th largest cryptocurrency by market capitalization. Data from IntoTheBlock highlighted Chainlink network activity hitting a 22-month peak alongside an increase in active and new addresses.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 19.1939 | Positive Crossover | Bullish
  • MA 20 : 18.0996 | Positive Crossover | Bullish
  • MA 50 : 16.5057 | Positive Crossover | Bullish

Simple :

  • MA 10 : 19.2658 | Positive Crossover | Bullish
  • MA 20 : 17.6201 | Positive Crossover | Bullish
  • MA 50 : 15.9423 | Positive Crossover | Bullish

RSI (Relative Strength Index): 68.1386 | Buy Zone | Bullish

Stochastic   Oscillator : 88.0188 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 16.3976 R2 : 17.4180
  • S1 : 13.0942 S2 : 12.0737

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 19.19 | Take Profit: 20.79 | Stop Loss: 18.19

Elsewhere In The Crypto Market

Bitcoin is up (3.15%) at 51,284, Ethereum is up (3.22%) at 2,421.8, Litecoin is up (1.91%) at 70.32, Solana is up (2.74%) at 115.65, Dogecoin is up (0.75%) at 0.082.

Key Economic Events & Data Release Today:

(GBP) CPI (YoY) (Jan) Actual 4.0%, Forecast 4.1%, Previous 4.0% at 12:30. (EUR) GDP (QoQ) Forecast 0.0%, Previous –0.1% at 15:30. (EUR) Industrial Production (MoM) (Dec) Forecast –0.2%, Previous –0.3% at 15:30. (EUR) GDP (YoY) (Q4) Forecast 0.1%, Previous 0.0% at 15:30. (GBP) BoE Gov Bailey Speaks at 20:30. (USD) Crude Oil Inventories Forecast 3.300M, Previous 5.521M at 21:00.