. Daily Crypto Analysis - Cryptos falter amid rate hikes, regs, Cardano resilient.

Daily Crypto Analysis – Cryptos falter amid rate hikes, regs, Cardano resilient.

Daily Crypto Analysis – Cryptos falter amid rate hikes, regs, Cardano resilient.

26 Apr 2024

Introduction

Bitcoin remains stagnant around $64k amid growing concerns over potential U.S. interest rate hikes, with investors eyeing upcoming inflation data. Despite minor gains in the last 24 hours, Bitcoin’s weekly performance stays subdued within a $60,000 to $70,000 range. Meanwhile, XRP struggles near $0.50 as Ripple’s CTO clarifies stablecoin-related concerns, and Ethereum dampens rally hopes amidst Consensys’ SEC lawsuit. Cardano, however, displays bullish on-chain indicators despite investor profit-taking.

Markets In Focus Today – BITCOIN

Bitcoin pinned at $64k, rate jitters grow before PCE data.

Bitcoin price moved little on Friday as sentiment towards crypto markets was largely quashed by growing expectations of higher-for-longer U.S. interest rates, with focus turning to upcoming U.S. inflation data. Bitcoin rose 0.2% over the past 24 hours to $64,339.7 by 01:38 ET (05:38 GMT). The world’s largest cryptocurrency was set for a muted weekly performance, as it sat squarely within a $60,000 to $70,000 trading range established over the past six weeks. The token, along with the broader crypto market, took little advantage of an overnight decline in the dollar, following weaker-than-expected U.S. gross domestic product data.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 65030.3522 | Negative Crossover | Bearish
  • MA 20 : 65656.2940 | Negative Crossover | Bearish
  • MA 50 : 64752.6547 | Negative Crossover | Bearish

Simple :

  • MA 10 : 64562.0370 | Negative Crossover | Bearish
  • MA 20 : 66077.4010 | Negative Crossover | Bearish
  • MA 50 : 67498.3266 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 45.4126 | Neutral Zone | Neutral

Stochastic   Oscillator : 45.2456 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 65276.84 | Take Profit : 60479.11 | Stop Loss : 69181.97

RIPPLE

XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch.

XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday. Ripple’s clients will have the option to choose between using the stablecoin and XRP depending on what works best, Schwartz said. Ripple price (XRP) edges higher near the $0.53 level on Friday. The altcoin is range bound below $0.55 since Tuesday, struggling to break from sticky resistance at this level. The XRP holder community and crypto experts recently posed questions regarding the altcoin’s utility in Ripple’s On Demand Liquidity (ODL) amid increasing concerns that XRP Ledger’s native token may fall out of use with the stablecoin’s launch set for later this year.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5290 | Negative Crossover | Bearish
  • MA 20 : 0.5412 | Negative Crossover | Bearish
  • MA 50 : 0.5662 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5231 | Negative Crossover | Bearish
  • MA 20 : 0.5404 | Negative Crossover | Bearish
  • MA 50 : 0.5912 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.5142 | Sell Zone | Bearish

Stochastic   Oscillator : 55.7809 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.502 | Take Profit : 0.437 | Stop Loss : 0.551

ETHEREUM

Ethereum cancels rally expectations as Consensys sues SEC over ETH security status.

Ethereum infrastructure provider Consensys sued the SEC on Thursday after the regulator served it with a Wells notice.Ethereum longs could suffer a hit as inside sources have told Reuters that the SEC will likely deny a spot ETH ETF.Whales remain positive on Ethereum despite recent price setbacks.Ethereum (ETH) appears to have returned to its consolidating move , canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3159.4717 | Negative Crossover | Bearish
  • MA 20 : 3212.3020 | Negative Crossover | Bearish
  • MA 50 : 3263.1979 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3127.0070 | Positive Crossover | Bullish
  • MA 20 : 3228.8280 | Negative Crossover | Bearish
  • MA 50 : 3438.1536 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.1582 | Neutral Zone | Neutral

Stochastic   Oscillator : 46.6493 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3084.74 | Take Profit : 2711.75 | Stop Loss : 3388.67

CARDANO

Cardano on-chain indicators flash buy signals.

Cardano holders have consistently realized losses and shed ADA holdings nearly every day in April.On-chain metrics show 40% of the wallets holding ADA are currently profitable, nearly 60% remain underwater. ADA has seen an increase in large wallet transactions alongside a price decline, whales are likely buying the dip. Cardano (ADA) investors have shed their holdings at a loss throughout April 2024, with the exception of a few days where profits were realized. On-chain metrics paint a bullish picture for Cardano price and generate buy signals.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4857 | Negative Crossover | Bearish
  • MA 20 : 0.5086 | Negative Crossover | Bearish
  • MA 50 : 0.5580 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4809 | Negative Crossover | Bearish
  • MA 20 : 0.5055 | Negative Crossover | Bearish
  • MA 50 : 0.5979 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.6943 | Sell Zone | Bearish

Stochastic   Oscillator : 43.1736 | Neutral Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.7683 R2 : 0.8250
  • S1 : 0.5850 S2 : 0.5283

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.439 | Take Profit : 0.378 | Stop Loss : 0.491

Elsewhere In The Crypto Market

Bitcoin down (0.61%) at 64,104, Ethereum down (0.89%) at 3127.2, Litecoin up (2.21%) at 85.62, Solana up (4.52%) at 155.48, Dogecoin down (0.82%) at 0.150.

Key Economic Events & Data Release Today:

(JPY) BoJ Outlook Report (YoY) at 08:00. (JPY) BoJ Monetary Policy Statement at 08:00. (JPY) BoJ Interest Rate Decision Forecast 0.10%, Previous 0.0% at 08:00. (CAD) Manufacturing Sales (MoM) Previous 0.7% at 18:00. (USD) Core PCE Price Index (MoM) (Mar) Forecast 0.3%, Previous 0.3% at 18:00.