. Daily Crypto Analysis - Cryptocurrency market surges, Bitcoin hits $57K.

Daily Crypto Analysis – Cryptocurrency market surges, Bitcoin hits $57K.

Daily Crypto Analysis – Cryptocurrency market surges, Bitcoin hits $57K.

27 Feb 2024

Introduction

Bitcoin surges to $57,000, marking its highest since December 2021, following a 5.31% rise on Monday and a subsequent 5% increase on Tuesday. Investors are warned about potential volatility. Meanwhile, XRP rebounds above $0.56, driven by Ripple’s blockchain roadmap announcement. Cardano (ADA) witnesses a 20% weekly gain, breaching $0.600, with a notable surge in new wallets, indicating growing interest. In contrast, a Uniswap whale sells $1M worth of UNI during Friday’s surge, holding $10.6 million worth of tokens.

Markets In Focus Today – BITCOIN

Bitcoin price hits $57,000 for the first time since December 2021.

Bitcoin price tagged $57,000 for the first time since December 2021. This move comes after BTC rose by 5.31% on Monday and nearly 5% in the early trading session on Tuesday. Investors must be cautious of this volatility as it could see a significant sell-off. Bitcoin price had low volatility between February 15 and 25, but in the last two days, the buyers seemed to have come back as BTC hit $57,073 on Binance. Bitcoin price has hit a new yearly high of $57,000 for the first time in more than two years. The bull run that began in 2023 is still going strong and shows no signs of stopping. The nearly 5% upswing noted on Tuesday and Monday’s 5% has made this move possible.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 52620.5158 | Positive Crossover | Bullish
  • MA 20 : 50778.9052 | Positive Crossover | Bullish
  • MA 50 : 47315.2058 | Positive Crossover | Bullish

Simple :

  • MA 10 : 52436.5600 | Positive Crossover | Bullish
  • MA 20 : 50994.5295 | Positive Crossover | Bullish
  • MA 50 : 45967.8742 | Positive Crossover | Bullish

RSI (Relative Strength Index): 80.4019 | Buy Zone | Bullish

Stochastic   Oscillator : 86.9212 | Buy Zone | Positive

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: 53049.29 | Take Profit: 56086.72 | Stop Loss: 51059.24

RIPPLE

XRP price recoups losses as Ripple gears up to reveal blockchain roadmap for 2024.

XRP price returned above $0.56 ahead of XRPLegder’s fireside chat at the ETH Denver event. Ripple plans to unveil its blockchain vision roadmap for 2024 at the event. Ripple announced a partnership with Zoniqx to build multi-asset tokenization on the XRPLedger. XRP price is influenced by the developments in Ripple and the updates in the SEC v. Ripple lawsuit. The altcoin climbed past the $0.56 level as the XRPLedger prepares to unveil its road map for 2024. On February 27, XRPLedger’s David Schwartz, the CTO of Ripple, is set to comment on the advancement of interoperability, embracing EVM, and sharing Ripple’s 2024 blockchain vision roadmap with the community, in a fireside chat.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5473 | Positive Crossover | Bullish
  • MA 20 : 0.5436 | Positive Crossover | Bullish
  • MA 50 : 0.5489 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5497 | Positive Crossover | Bullish
  • MA 20 : 0.5430 | Positive Crossover | Bullish
  • MA 50 : 0.5408 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.5920 | Buy Zone | Bullish

Stochastic   Oscillator : 51.9217 | Buy Zone | Positive

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: 0.52 | Take Profit: 0.56 | Stop Loss: 0.50

CARDANO

Cardano bulls target $1.

Cardano was up 20% last week, briefly breaking $0.600. Cardano (ADA) has witnessed a substantial increase in the creation of new wallets over the past few days. Specifically, the number of new ADA wallets per day has surged from 1,706 on Feb. 22 to 3,219 by Feb. 24, marking a significant uptick in adoption and interest in the Cardano network. The recent surge in new ADA wallets is promising, but it’s important to contextualize this growth within the broader trends of the Cardano network.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6017 | Positive Crossover | Bullish
  • MA 20 : 0.5851 | Positive Crossover | Bullish
  • MA 50 : 0.5554 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6068 | Positive Crossover | Bullish
  • MA 20 : 0.5866 | Positive Crossover | Bullish
  • MA 50 : 0.5409 | Positive Crossover | Bullish

RSI (Relative Strength Index): 63.2085 | Buy Zone | Bullish

Stochastic   Oscillator : 71.8608 | Buy Zone | Positive

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: 0.62 | Stop Loss: 0.54

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. Uniswap is now trading at $10.40, down 19% from Friday’s high. 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.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 9.96 | Positive Crossover | Bullish
  • MA 20 : 8.62 | Positive Crossover | Bullish
  • MA 50 : 7.49 | Positive Crossover | Bullish

Simple :

  • MA 10 : 9.78 | Positive Crossover | Bullish
  • MA 20 : 8.62 | Positive Crossover | Bullish
  • MA 50 : 7.49 | Positive Crossover | Bullish

RSI (Relative Strength Index): 77.32 | Buy Zone | Bullish

Stochastic   Oscillator : 71.97 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 11.24 R2 : 12.57
  • S1 : 10.32 S2 : 8.31

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 9.20 | Take Profit: 11.27 | Stop Loss: 8.02

Elsewhere In The Crypto Market

Bitcoin is up (3.38%) at 56,382, Ethereum is up (1.75%) at 3,233.5, Litecoin is up (5.49%) at 75.94, Solana is up (1.57%) at 111.74, Dogecoin is down (2.31%) at 0.091.

Key Economic Events & Data Release Today:

(USD) Building Permits Forecast 1.470M, Previous 1.493M at 18:30. (USD) New Home Sales (Jan) Forecast 680K, Previous 664K at 20:30. (EUR) ECB President Lagarde Speaks at 21:30.