. Daily Crypto Analysis - Crypto surges, Ethereum updates, bullish trends.

Daily Crypto Analysis – Crypto surges, Ethereum updates, bullish trends.

Daily Crypto Analysis – Crypto surges, Ethereum updates, bullish trends.

12 Mar 2024

Introduction

Bitcoin hovers just below record highs in Asian trade, drawing support from steady inflows into approved spot exchange-traded funds. Recent reports and institutional capital influx continue to propel Bitcoin to new peaks. Meanwhile, Cardano’s bullish climb boosts its market cap, reaching $27.87B. XRP price rallies to $0.74, backed by the XRP Ledger’s AMM amendment and anticipation of the SEC vs. Ripple lawsuit developments. Ethereum, up almost 85% year-to-date, faces optimism and political hurdles regarding the approval of a Spot ETH ETF.

Markets In Focus Today – BITCOIN

Bitcoin keeps record highs in sight as ETF inflows persist.

Bitcoin traded just below record highs in Asian trade on Tuesday, seeing continued support from steady inflows into the spot exchange-traded funds that were approved earlier this year. Bitcoin’s latest record highs come as an extension of a rally triggered by the approval of the spot ETFs in January, which invited a heavy amount of institutional capital into the token. Bitcoin price has recorded a new ATH on Binance at $72,661 with technical indicators hinting at incoming gains. Recent reports by the London Stock Exchange propelled BTC to new peaks on Monday. Micro Strategy has grown its BTC bucket with proceeds from convertible notes and excess cash.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67444.9476 | Positive Crossover | Bullish
  • MA 20 : 63247.7446 | Positive Crossover | Bullish
  • MA 50 : 55579.0750 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67687.6550 | Positive Crossover | Bullish
  • MA 20 : 62066.0940 | Positive Crossover | Bullish
  • MA 50 : 52440.9398 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.1900 | Buy Zone | Bullish

Stochastic   Oscillator : 93.2511 | Buy Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 70006.27 | Take Profit: 72635.95 | Stop Loss: 68533.64

CARDANO

Cardano Climbs 11% In Bullish Trade.

The move upwards pushed Cardano’s market cap up to $27.8703B, or 1.02% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B. Cardano had traded in a range of $0.6880 to $0.7876 in the previous twenty-four hours. Over the past seven days, Cardano has seen a rise in value, as it gained 2.15%. The volume of Cardano traded in the twenty-four hours to the time of writing was $1.3225B or 0.77% of the total volume of all cryptocurrencies. It has traded in a range of $0.5861 to $0.7876 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.7276 | Positive Crossover | Bullish
  • MA 20 : 0.6945 | Positive Crossover | Bullish
  • MA 50 : 0.6285 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.7364 | Negative Crossover | Bearish
  • MA 20 : 0.6855 | Positive Crossover | Bullish
  • MA 50 : 0.5957 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.0090 | Buy Zone | Bullish

Stochastic   Oscillator : 73.5940 | Buy Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion : Limit Buy: 0.69 | Take Profit : 0.76 | Stop Loss : 0.64

RIPPLE

XRP price rallies to $0.74, Coinbase exposes contradictory SEC stance in Ripple lawsuit.

XRP price climbed to $0.7440 on Monday, a new year-to-date high. Coinbase filing shows SEC’s contradicting statements on digital assets in the Ripple lawsuit and Hinman speech. XRP Ledger’s AMM amendment and the upcoming deadline in SEC vs. Ripple are likely behind the latest rally. XRP price tagged the $0.7440 level on Monday, after trading below the $0.66 resistance for weeks. The altcoin’s rally to a new year-to-date high, which lost some steam on Tuesday, is likely catalyzed by XRP holders’ anticipation surrounding the upcoming opening brief deadline in the Securities and Exchange Commission (SEC) lawsuit against Ripple and the recently passed Automated Market Maker (AMM) amendment for XRP Ledger. Meanwhile, Coinbase’s recent filing in its lawsuit against the US SEC highlighted the financial regulator’s contradictory stance on digital assets. The XRP community and pro-Ripple attorneys commented on the exchange’s filing and its possible implications for the SEC vs. Ripple lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6413 | Positive Crossover | Bullish
  • MA 20 : 0.6148 | Positive Crossover | Bullish
  • MA 50 : 0.5848 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6367 | Positive Crossover | Bullish
  • MA 20 : 0.6038 | Positive Crossover | Bullish
  • MA 50 : 0.5584 | Positive Crossover | Bullish

RSI (Relative Strength Index): 64.2796 | Neutral Zone | Neutral

Stochastic   Oscillator : 72.2427 | Neutral Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.69 | Take Profit: 0.76 | Stop Loss : 0.64

ETHEREUM

Ethereum price could recover its $4,868 ATH, 20% north as markets ready for Dencun Upgrade.

Ethereum price is up almost 85% since the start of the year and does not show any signs of stopping. ETH bulls maintain a strong presence in the market, represented by the deep green shade of this histogram bars of the Awesome Oscillator (AO).Ethereum holders’ optimism on the approval of a Spot ETH ETF is waning, according to Fox Business reporter Eleanor Terrett. Terrett notes that rallies by politicians against crypto could hinder the passage of Spot Ethereum ETF by the final deadline of May 23. Ethereum price is trading sideways near the $4,000 level on Tuesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3803.3408 | Positive Crossover | Bullish
  • MA 20 : 3555.9953 | Positive Crossover | Bullish
  • MA 50 : 3099.1779 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3809.5500 | Positive Crossover | Bullish
  • MA 20 : 3504.9040 | Positive Crossover | Bullish
  • MA 50 : 2900.8822 | Positive Crossover | Bullish

RSI (Relative Strength Index): 78.4029 | Buy Zone | Bullish

Stochastic   Oscillator : 90.7000 | Buy Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 39757.56 | Take Profit: 4089.38 | Stop Loss: 3893.18

Elsewhere In The Crypto Market

Bitcoin is up (0.12%) at 72,204, Ethereum is down (0.87%) at 4,030.7, Litecoin is down (4.85%) at 98.82, Solana is up (2.14%) at 152.05, Dogecoin is down (5.34%) at 0.172.

Key Economic Events & Data Release Today:

(GBP) Average Earnings Index + Bonus (Jan) Forecast 5.7%, Previous 5.8% at 03:00. (EUR) German CPI (MoM) (Feb) Forecast 0.4%, Previous 0.2% at 03:00. (USD) Core CPI (MoM) (Feb) Forecast 0.3%, Previous 0.4% at 08:30. (USD) CPI (MoM) (Feb) Forecast 0.4%, Previous 0.3% at 08:30. (USD) CPI (YoY) (Feb) Forecast 3.1%, Previous 3.1% at 08:30.