. Daily Crypto Analysis - Crypto surge nears highs, SEC scrutiny.

Daily Crypto Analysis – Crypto surge nears highs, SEC scrutiny.

Daily Crypto Analysis – Crypto surge nears highs, SEC scrutiny.

28 Feb 2024

Introduction

Bitcoin continues its upward trajectory, rising 4.6% to $59,202.5, nearing its all-time high. The surge, up 16% in seven days, is fueled by U.S. approval of Bitcoin ETFs and anticipation of the April halving event. Meanwhile, Cardano faces sell-offs, with holders realizing losses of 102.38 million. XRP climbs to $0.58 amid the SEC’s request to extend deadlines in the Ripple lawsuit. Additionally, a Uniswap wallet, possibly linked to an early investor or team member, sells 90,000 UNI tokens, retaining $10.6 million.

Markets In Focus Today – BITCOIN

Bitcoin price extends gains as capital inflows near all-time highs.

The price of Bitcoin had risen by 4.6% to $59,202.5, placing the world’s most popular cryptocurrency within touching distance of an all-time high of more than $68,000 reached in 2021. It has surged by more than 16% in the past seven days. Bitcoin’s stellar performance this year has been spurred on in part by the recent U.S. approval of exchange-traded funds that directly track the price of the token. Traders have poured into Bitcoin ahead of April’s halving event – a process designed to slow the release of the cryptocurrency. In addition, the prospect of the Federal Reserve delivering a series of rate cuts this year has fed investor appetite for higher-yielding or more volatile assets.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 53932.1068 | Positive Crossover | Bullish
  • MA 20 : 51646.9171 | Positive Crossover | Bullish
  • MA 50 : 47809.9450 | Positive Crossover | Bullish

Simple :

  • MA 10 : 53214.5720 | Positive Crossover | Bullish
  • MA 20 : 51725.9755 | Positive Crossover | Bullish
  • MA 50 : 46243.1670 | Positive Crossover | Bullish

RSI (Relative Strength Index): 84.4941 | Neutral Zone | Neutral

Stochastic   Oscillator : 94.5819 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 56673.41 | Take Profit: 59455.31 | Stop Loss: 54989.62

CARDANO

Cardano price ranges below $0.63, ADA on-chain metrics show signs of sell-off.

Cardano is seeing more loss transactions than profitable ones this week, compared to the Ethereum and Bitcoin networks. Cardano holders realized 102.38 million in losses in the past week, a likely sign of capitulation. At the same time, nearly 78% of Cardano wallets are currently sitting on unrealized gains. Cardano holders who have closed trades this week have realized more losses than profits when compared to the Ethereum and Bitcoin networks, according to on-chain data from Santiment. That ADA holders are shedding their holdings at a loss, could be a sign the altcoin is selling off. The fact it is coinciding with large wallet holders accumulating, however, could be a sign of hope for bulls, that traders are “buying the dip.”

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6095 | Positive Crossover | Bullish
  • MA 20 : 0.5908 | Positive Crossover | Bullish
  • MA 50 : 0.5589 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6094 | Positive Crossover | Bullish
  • MA 20 : 0.5923 | Positive Crossover | Bullish
  • MA 50 : 0.5436 | Positive Crossover | Bullish

RSI (Relative Strength Index): 67.1267 | Buy Zone | Bullish

Stochastic   Oscillator : 86.6701 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.6013 R2 : 0.6464
  • S1 : 0.4554 S2 : 0.4103

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy : 0.57 | Take Profit: 0.64 | Stop Loss: 0.54

RIPPLE

XRP climbs to $0.58 as SEC pushes for deadline extension in Ripple lawsuit.

XRP price climbed to $0.58, inching closer to $0.60 target on Wednesday. The SEC has requested a change to the remedies briefing deadlines in its lawsuit against Ripple. Ripple’s deadline to file an opposition brief could be extended to April 22, 2024. XRP price rallied on Wednesday in response to the Securities and Exchange Commission’s (SEC) push to delay the remedies briefing deadline in its lawsuit against the payment remittance firm. The next key date for the SEC v. Ripple lawsuit, following the delay requested by the SEC is April 22, 2024.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5598 | Positive Crossover | Bullish
  • MA 20 : 0.5507 | Positive Crossover | Bullish
  • MA 50 : 0.5517 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5562 | Positive Crossover | Bullish
  • MA 20 : 0.5484 | Positive Crossover | Bullish
  • MA 50 : 0.5419 | Positive Crossover | Bullish

RSI (Relative Strength Index): 66.5903 | Buy Zone | Bullish

Stochastic   Oscillator : 77.0649 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.56 | Take Profit: 0.60 | Stop Loss: 0.53

UNISWAP

Early Uniswap Whale Sold $1M Worth of UNI as Price Surged.

The wallet may be related to a Uniswap investor or team member, according to Lookonchain. The wallet still holds $10.6 million worth of tokens after selling almost 9% of its stash. A wallet that received 5.44 million uniswap (UNI) tokens in 2020 sold 90,000 of them for $1.03 million during Friday’s 60% surge to $12.80. Blockchain analytics firm Lookonchain said the wallet may be an early Uniswap investor or a member of the team. Uniswap is a decentralized exchange (DEX) that launched in 2018. It distributed UNI, a governance token, in the form of an airdrop to early adopters in 2020.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 10.37 | Positive Crossover | Bullish
  • MA 20 : 9.10 | Positive Crossover | Bullish
  • MA 50 : 7.77 | Positive Crossover | Bullish

Simple :

  • MA 10 : 10.86 | Positive Crossover | Bullish
  • MA 20 : 9.10 | Positive Crossover | Bullish
  • MA 50 : 7.77 | Positive Crossover | Bullish

RSI (Relative Strength Index): 74.47 | Buy Zone | Bullish

Stochastic   Oscillator : 71.71 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 11.19 R2 : 12.57
  • S1 : 9.17 S2 : 7.93

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy : 9.43 | Take Profit: 11.42 | Stop Loss: 8.31

Elsewhere In The Crypto Market

Bitcoin is up (4.05%) at 59,388, Ethereum is up (3.12%) at 3,345.3, Litecoin is up (2.8%) at 76.08, Solana is up (5.56%) at 114.44, Dogecoin is up (1.8%) at 0.099.

Key Economic Events & Data Release Today:

(NZD) RBNZ Interest Rate Decision Actual 5.50%, Forecast 5.50%, Previous 1.3% at 06:30. (USD) GDP (QoQ) (Q4) Forecast 3.3%, Previous 4.9% at 19:00. (USD) Crude Oil Inventories Forecast 3.100M, Previous 3.514M at 21:00.