. Daily Crypto Analysis - Cryptos face turmoil amid legal battles.

Daily Crypto Analysis – Cryptos face turmoil amid legal battles.

Daily Crypto Analysis – Cryptos face turmoil amid legal battles.

26 Feb 2024

Introduction

Bitcoin faces potential volatility with debates over a market crash or a bullish breakout. Trading within a range of $45,156 support and $52,062 resistance, Bitcoin’s recent 37% rally raises expectations of a retracement. XRP teeters near $0.50 amid uncertainty in the SEC lawsuit. Ethereum’s rally to $3,000 hinges on whale accumulation and upcoming halving. UNI price drops 10% post-Uniswap’s fee distribution incentive activation, adhering to a ‘sell the news’ reaction. Cryptocurrency markets navigate diverse narratives, prompting varied investor strategies.

Markets In Focus Today – BITCOIN

Bitcoin threatens a drop.

With Bitcoin price action losing volatility, markets have turned chaotic again, some believe a crash is due for BTC, a short-term reset, if you will. Others believe that the ongoing consolidation will lead to a swift move to the upside, preferably to the next key level at $60,000. This speculative dichotomy has some shorting altcoins and others buying the dips. Bitcoin price trades between the $52,062 weekly resistance level and the $45,156 support level after rallying 37% in the last 28 days. Due to the explosive nature of this move, a retracement seems due. Moreover, the previous week’s forecast also notes a bearish price fractal that postulates a potential liquidity event likely to happen in the next two weeks.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10: 51198.2562 | Negative Crossover |
  • MA 20 : 49881.6285 | Negative Crossover | Bearish
  • MA 50 : 46818.4497 | Positive Crossover | Bullish

Simple :

  • MA 10 : 51644.8590 | Negative Crossover | Bearish
  • MA 20 : 50229.7855 | Negative Crossover | Bearish
  • MA 50 : 45715.9794 | Positive Crossover | Bullish

RSI (Relative Strength Index): 64.4458 | Buy Zone | Bullish

Stochastic   Oscillator : 70.2855 | Buy Zone | Negative

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: 50969.90 | Take Profit: 48990.19 | Stop Loss: 52497.11

RIPPLE

XRP price could sweep support at $0.50 as the expert argues SEC is less likely to settle the lawsuit against Ripple.

XRP price dropped to $0.53, inching closer to psychologically important support at $0.50. Legal expert argues that the SEC is unlikely to settle its lawsuit against Ripple as Kraken uses Judge Torres’ ruling in its motion. Attorney Bill Morgan says that the SEC will likely be strongly motivated to appeal Judge Torres’ ruling on XRP secondary sales. XRP price decline to the psychologically important level of $0.50 becomes likely as the altcoin drops to $0.53 on Monday. XRP holders are anticipating the Securities and Exchange Commission’s (SEC) next move. Attorney Bill Morgan states that the regulator will likely be strongly motivated to appeal Judge Analisa Torres’ July ruling in the SEC v. Ripple lawsuit.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5428 | Negative Crossover | Bearish
  • MA 20 : 0.5409 | Negative Crossover | Bearish
  • MA 50 : 0.5481 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5476 | Negative Crossover | Bearish
  • MA 20 : 0.5402 | Negative Crossover | Bearish
  • MA 50 : 0.5410 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.8006 | Buy Zone | Bullish

Stochastic   Oscillator : 40.0508 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 0.52 | Take Profit: 0.48 | Stop Loss: 0.54

ETHEREUM

Ethereum price rally beyond $3,000 depends on two catalysts.

Ethereum whales are accumulating large volumes of ETH after supply on exchanges hit a six-month peak.ETH price sustained its uptrend even as Ether holders consistently realized gains since February 15.$20.48 million in short positions were liquidated in the past 24 hours as ETH price climbed to a new 2024 high. Ethereum’s large wallet investors, including a wallet address that allegedly belongs to Justin Sun of TRON, have been spotted accumulating the altcoin, according to on-chain data. The accumulation by whales could offset the altcoin’s Supply on Exchanges, thereby reducing the selling pressure on ETH. Typically, Ethereum price rallies post a Bitcoin halving event, the upcoming halving in April 2024 could catalyze gains in ETH if the trend repeats itself.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2953.1221 | Positive Crossover | Bullish
  • MA 20 : 2817.5008 | Positive Crossover | Bullish
  • MA 50 : 2597.0914 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2965.4070 | Positive Crossover | Bullish
  • MA 20 : 2785.2530 | Positive Crossover | Bullish
  • MA 50 : 2545.7684 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.3487 | Buy Zone | Bullish

Stochastic   Oscillator : 92.4262 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2955.70 | Take Profit: 3123.15 | Stop Loss: 2856.03

UNISWAP

UNI price drops over 10% as Uniswap DEX switches on their fee distribution incentive.

Uniswap Foundation proposed to switch on the fee distribution incentive in the summer of 2022 and has since followed through.UNI token holders who have delegated and staked their tokens will be rewarded/incentivized. UNI price has plummeted over 10% as an aftermath of the sell the news narrative. Uniswap (UNI) price has plummeted 11.30% as of 06:24 GMT, a consequence of the ‘sell the news’ event after the decentralized protocol switched on their fee distribution incentive. The proposal to switch on the fee distribution incentive was proposed in the summer of 2022, with a Saturday, February 24 governance proposal update.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 9.30 | Positive Crossover | Bullish
  • MA 20 : 8.13 | Positive Crossover | Bullish
  • MA 50 : 7.21 | Positive Crossover | Bullish

Simple :

  • MA 10 : 8.75 | Positive Crossover | Bullish
  • MA 20 : 8.13 | Positive Crossover | Bullish
  • MA 50 : 7.21 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.13 | Buy Zone | Bullish

Stochastic   Oscillator : 85.15 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 11.47 R2 : 12.60
  • S1 : 9.80 S2 : 8.25

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 9.80 | Take Profit: 11.53 | Stop Loss: 8.88

Elsewhere In The Crypto Market

Bitcoin is down (102%) at 51,1196, Ethereum is down (1.56%) at 3,063.6, Litecoin is down (1.11%) at 67.99, Solana is down (1.29%) at 102.12, Dogecoin is down (1.46%) at 0.084.

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.