. Daily Crypto Analysis - Ether, XRP, and Cardano Show Gains

Daily Crypto Analysis – Ether, XRP, and Cardano Show Gains

Daily Crypto Analysis – Ether, XRP, and Cardano Show Gains

21 May 2024

Introduction

Bitcoin surged to $70,000 on Tuesday, driven by speculation about spot Ether ETF approvals. The cryptocurrency’s price rose 5.8% in 24 hours, reflecting renewed investor interest fueled by recent spot Bitcoin ETF launches. Ether also surged 17% to over $3,600 amid regulatory optimism. XRP saw gains, while Cardano experienced significant transaction volumes, hinting at a potential price boost.

Markets In Focus Today – BITCOIN

Bitcoin price today rebounds to $70k on spot Ether ETF speculation.

Bitcoin price rose sharply on Tuesday, tracking a rally in Ether after a media report flagged some progress towards the approval of spot-Ether exchange-traded funds for U.S. markets. The world’s largest cryptocurrency rose 5.8% in the past 24 hours to $70,987.1 The approval and launch of spot bitcoin exchange-traded funds in the U.S. this year has opened the asset class to new investors and reignited the excitement that evaporated when prices collapsed in the “crypto winter” of 2022. Bitcoin funds and Spot ETFs have injected fresh capital, pushing up the mean dollar invested age metric, which estimates the average age of every dollar invested in BTC’s market capitalization. Historically, periods of steep decline are considered a confirmation of a bull market, and reversals signal trend reversals in BTC.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 66700.6362 | Positive Crossover | Bullish
  • MA 20 : 65249.4004 | Positive Crossover | Bullish
  • MA 50 : 64402.1139 | Positive Crossover | Bullish

Simple :

  • MA 10 : 65870.5570 | Positive Crossover | Bullish
  • MA 20 : 64009.5805 | Positive Crossover | Bullish
  • MA 50 : 64961.8022 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 65.6984 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 69274.0151 R2 : 72498.3816
  • S1 : 58835.8116 S2 : 55611.4451

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 68925.63 | Take Profit : 71296.31 | Stop Loss : 67570.96

ETHEREUM

Ether surges 17%, Polymarket approval chances rocket as ETF makes regulatory progress.

Ether (ETH) surged 17% to over $3,600 as favorable regulatory developments increased the likelihood of ETF approval. Ether (ETH) opened the Asia business day trading above $3,600, up 17%, as favorable regulatory developments increase the chance that an ether exchange traded fund (ETF) will soon be approved, while the yes sides of various Polymarket contracts also jumped on the news. The move upwards pushed Ethereum’s market cap up to $378.09B, or 15.29% of the total cryptocurrency market cap. At its highest, Ethereum’s market cap was $569.58B. Ethereum is expected to experience increased volatility this week as the market anticipates the SEC’s response to spot Ethereum ETF applications. SEC must decide whether to approve or deny Van Eck’s spot Ethereum ETF application on May 23 and the Ark 21Shares Ethereum ETF application on May 24.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3249.5118 | Positive Crossover | Bullish
  • MA 20 : 3161.2019 | Positive Crossover | Bullish
  • MA 50 : 3168.3343 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3142.2170 | Positive Crossover | Bullish
  • MA 20 : 3084.0695 | Positive Crossover | Bullish
  • MA 50 : 3171.3716 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 71.2485 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 3533.0374 R2 : 3737.0193
  • S1 : 2872.6893 S2 : 2668.7074

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3468.55 | Take Profit : 3797.57 | Stop Loss : 3280.53

RIPPLE

XRP Price Rises Within Range.

XRP price avoided a major downside break as ETH’s surges. The price is back above $0.5220 and eyeing a key upside break in the near term. XRP started a decent increase above the $0.5150 resistance zone. The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. After a drop toward the $0.5065 support, XRP price started a recovery wave. Recently, Ethereum rallied over 20% and Bitcoin climbed above $70,000. It sparked decent bullish moves in XRP.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5231 | Positive Crossover | Bullish
  • MA 20 : 0.5218 | Positive Crossover | Bullish
  • MA 50 : 0.5363 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5174 | Positive Crossover | Bullish
  • MA 20 : 0.5199 | Positive Crossover | Bullish
  • MA 50 : 0.5341 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.6848 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6055 R2 : 0.6558
  • S1 : 0.4428 S2 : 0.3925

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.516 | Take Profit : 0.558 | Stop Loss : 0.494

CARDANO

Cardano 21 Billion ADA Shifted in Anticipation of Major Price Boost.

Cardano , the 10th largest cryptocurrency by market cap, has recently experienced a significant surge in large transaction volumes, with a staggering 21 billion ADA transacted. This uptick in activity is triggering an anticipation of a major price boost for ADA, as investors and analysts closely monitor the developments within the Cardano ecosystem and the broader crypto market. After four consecutive days of gains, Cardano’s native cryptocurrency, ADA, has encountered a wave of profit-taking. The digital asset, which has been riding a bullish wave, saw its upward trajectory momentarily stall as holders began to cash in on their recent profits.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4748 | Positive Crossover | Bullish
  • MA 20 : 0.4696 | Positive Crossover | Bullish
  • MA 50 : 0.4969 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.4653 | Positive Crossover | Bullish
  • MA 20 : 0.4600 | Positive Crossover | Bullish
  • MA 50 : 0.4894 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 59.1685 | Buy Zone | Bullish

Stochastic   Oscillator : 80.69 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.5939 R2 : 0.6531
  • S1 : 0.4021 S2 : 0.3429

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.46 | Take Profit : 0.53 | Stop Loss : 0.43

Elsewhere In The Crypto Market

Bitcoin down (0.62%) at 70,990, Ethereum up (0.35%) at 3675.1, Litecoin up (0.24%) at 88.96, Solana down (1.87%) at 183.21, Dogecoin down (0.61%) at 0.162.

Key Economic Events & Data Release Today:

(AUD) RBA Meeting Minutes at 07:00. (EUR) German PPI (MoM) (Apr) Forecast 0.3%, Previous 0.2% at 11:30. (EUR) ECB President Lagarde Speaks at 13:30. (CAD) CPI (MoM) (Apr) Forecast 0.5%, Previous 0.6% at 18:00. (CAD) Core CPI (MoM) (Apr) Previous 0.5% at 18:00. (GBP) Gov Bailey Speaks at 22:30.