. Daily Crypto Analysis - Cryptos face legal battles, economic turmoil.

Daily Crypto Analysis – Cryptos face legal battles, economic turmoil.

Daily Crypto Analysis – Cryptos face legal battles, economic turmoil.

04 Apr 2024

Introduction

Bitcoin’s price remains stagnant around $65k amidst uncertainty over US interest rates and sluggish ETF activity. Traders tread cautiously amid mixed signals on rate cuts and await key US employment data. Meanwhile, XRP price hits a four-week low amid Ripple-SEC legal tensions. Ethereum consolidates above $3,300 as discussions persist on its commodity status. Litecoin rallies over 10%, eyeing the $120 resistance zone after a strong performance.

Markets In Focus Today – BITCOIN

Bitcoin price pinned at $65k amid rate uncertainty, slowing ETF activity.

Bitcoin price fell slightly on Thursday, seeing little relief as risk appetite remained largely frail amid uncertainty over U.S. interest rates, while signs of easing capital flows also weighed. Bitcoin remained largely range-bound in recent sessions as mixed cues on U.S. interest rate cuts kept traders largely wary of making big bets. Anticipation of key U.S. non-farm payroll data due later in the week also deterred big trades. The token took little support from the weakness in the dollar, which tumbled from recent five-month highs after Federal Reserve Chair Jerome Powell offered middling cues on interest rates. While Powell said the bank still supported cutting interest rates eventually in 2024, he gave scant cues on the timing and scale of the cuts.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67900.1313 | Negative Crossover | Bearish
  • MA 20 : 67570.2407 | Negative Crossover | Bearish
  • MA 50 : 63088.8675 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68937.5700 | Negative Crossover | Bearish
  • MA 20 : 67572.2760 | Negative Crossover | Bearish
  • MA 50 : 63422.4158 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.2898 | Buy Zone | Bullish

Stochastic   Oscillator : 42.0242 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 67481.61 | Take Profit: 63913.50 | Stop Loss: 70434.52

RIPPLE

XRP price touches a four-week low at $0.56 while Ripple CLO condemns the SEC Director’s statements.

XRP price fell to a monthly low of $0.5623 on Thursday, extending losses for a fourth consecutive session. Ripple’s Chief Legal Officer Stuart Alderoty condemned the SEC Director’s statements on the lawsuit. SEC Director Gurbir Grewal lashed out at crypto firms for non-compliance in an event by the Practicing Law Institute. Ripple (XRP) price is in a downward trend this week, hitting monthly lows at $0.5623 on Thursday, amid a broader correction in major cryptocurrency assets and as the legal battle between Ripple and the US Securities and Exchange Commission (SEC) keeps both sides confronted about what should be the status of crypto assets in financial markets.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6030 | Negative Crossover | Bearish
  • MA 20 : 0.6118 | Negative Crossover | Bearish
  • MA 50 : 0.6044 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.6098 | Negative Crossover | Bearish
  • MA 20 : 0.6151 | Negative Crossover | Bearish
  • MA 50 : 0.6056 | Negative Crossover | Bearish

RSI (Relative Strength Index): 41.9800 | Neutral Zone | Neutral

Stochastic   Oscillator : 13.1097 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.56 | Take Profit: 0.51 | Stop Loss: 0.60

ETHEREUM

Ethereum continues consolidating as debate ensues around ETH’s commodity status.

Ethereum’s network Q1 financial report shows that it tripled its earnings quarter-on-quarter to around $370 million. Bitcoiner argues about ETH’s security status as Bloomberg analyst James Seyffart labels it as a commodity.VanEck expects Ethereum Layer 2 chains to accrue more revenue than the main Ethereum chain by 2030. Ethereum (ETH) sustained its consolidating movement for the second day on Thursday, trading above $3,300 after crashing earlier in the week. While this may signify indecisiveness among bulls and bears, its Q1 results show steady growth across various sectors even as community members debate on its commodity status.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3436.7715 | Negative Crossover | Bearish
  • MA 20 : 3476.5921 | Negative Crossover | Bearish
  • MA 50 : 3337.9745 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3475.6020 | Negative Crossover | Bearish
  • MA 20 : 3466.1945 | Negative Crossover | Bearish
  • MA 50 : 3425.4438 | Negative Crossover | Bearish

RSI (Relative Strength Index): 45.3262 | Neutral Zone | Neutral

Stochastic   Oscillator : 29.2122 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 3441.69 | Take Profit: 3199.96 | Stop Loss: 3609.56

LITECOIN

LTC Rally Could Extend To $120.

Litecoin’s price is up over 10% and trading above $100 against the US Dollar. LTC could continue to rise toward the $120 resistance zone in the near term. Litecoin is showing positive signs from the $95 support zone against the US Dollar. The price could continue to rise toward the $120 level unless it breaks the $100 support. Litecoin gained pace in the past few days and outperformed Bitcoin and Ethereum. LTC price formed a base above the $80 level and started a decent increase.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 99.3807 | Positive Crossover | Bullish
  • MA 20 : 95.6890 | Positive Crossover | Bullish
  • MA 50 : 88.0555 | Positive Crossover | Bullish

Simple :

  • MA 10 : 100.5482 | Positive Crossover | Bullish
  • MA 20 : 93.0044 | Positive Crossover | Bullish
  • MA 50 : 85.8778 | Positive Crossover | Bullish

RSI (Relative Strength Index): 55.9936 | Buy Zone | Bullish

Stochastic   Oscillator : 66.8102 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 110.4049 R2 : 118.9316
  • S1 : 82.8015 S2 : 74.2748

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 98.49 | Take Profit: 110.52 | Stop Loss: 92.93

Elsewhere In The Crypto Market

Bitcoin is up (0.34%) at 66210, Ethereum is up (0.8%) at 3,3339.9, Litecoin is up (2.05%) at 100.40, Solana is down (2.61%) at 184.75, Dogecoin is up (3.28%) at 0.181.

Key Economic Events & Data Release Today:

(GBP) Composite PMI (Mar) Forecast 52.9, Previous 53.0 at 14:00. (GBP) Service PMI (Mar) Forecast –53.4, Previous –53.8 at 14:00. (EUR) ECB Publishes Account of Monetary Policy Meeting at 17:00. (USD) Initial Jobless Claims Forecast 213K, Previous 210K at 18:00.