. Daily Crypto Analysis - Ethereum Faces Liquidations, and Cardano Drops 11%

Daily Crypto Analysis – Ethereum Faces Liquidations, and Cardano Drops 11%

Daily Crypto Analysis – Ethereum Faces Liquidations, and Cardano Drops 11%

18 Jun 2024

Introduction

Crypto markets waver as Bitcoin dips below $66k. Fears of rising interest rates weigh on the market, while some coins show potential for breakouts. Bitcoin liquidations suggest a cooling down of investor enthusiasm, while Ripple and Ethereum face legal battles and market impatience. Cardano suffers a double-digit price drop.

Markets In Focus Today – BITCOIN

Bitcoin price Edges below $66k as crypto market mixed.

Bitcoin price edged slightly lower, giving up the weekend’s slight gains as the overall crypto market steadies. The premier cryptocurrency declined by 0.34% in the past 24 hours.Bitcoin slides following Fed rate decision.On Wednesday last week, Bitcoin jumped back above the $70,000 mark before pulling back on the day and continuing lower for the rest of the week. The weekend saw a slight push higher, but so far on Monday, Bitcoin has pushed slightly lower. With the Federal Reserve now projecting only one rate cut for the remainder of 2024, risk-driven assets like crypto have been pressured. Higher rates generally provide a headwind for the sector by keeping liquidity levels low, while also driving USD strength.On-chain data suggests that crowd FOMO is calming down, signaling a potential BTC price bottom.Over the past 24 hours, $72.60 million worth of BTC has been liquidated, with $49.62 million coming from long positions.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 67063.7837 | Negative Crossover | Bearish
  • MA 20 : 67533.6132 | Negative Crossover | Bearish
  • MA 50 : 66873.8812 | Negative Crossover | Bearish

Simple :

  • MA 10 : 67293.1890 | Negative Crossover | Bearish
  • MA 20 : 68213.1020 | Negative Crossover | Bearish
  • MA 50 : 66218.9938 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.2109 | Neutral Zone | Neutral

Stochastic   Oscillator : 19.4165 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Buy : 67162.01 | Take Profit : 64304.38 | Stop Loss : 69580.01

RIPPLE

Ripple price primed for an upward breakout.

Ripple price breaks above its daily resistance level at $0.499 on previous day.On-chain data suggests XRP development activity is rising.On-chain data indicates that XRP’s development activity is rising, signaling that the bulls are preparing for their next move.XRP struggles to make a comeback above sticky resistance at $0.50 on Tuesda as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC). Ripple’s lawyers have asked the judge to consider a civil penalty of around $10 million by drawing parallels with the recent settlement amount for Terraform Labs, another crypto firm embroiled in a legal battle with the SEC. The SEC responded to Ripple’s counter and quoted a $102.6 million figure instead, far lower than the previously requested $2 billion for allegedly violating securities laws.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4953 | Positive Crossover | Bullish
  • MA 20 : 0.5012 | Positive Crossover | Bullish
  • MA 50 : 0.5157 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4904 | Positive Crossover | Bullish
  • MA 20 : 0.5028 | Positive Crossover | Bullish
  • MA 50 : 0.5142 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 55.24 | Buy Zone | Bullish

Stochastic   Oscillator : 54.6909 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.49 | Take Profit : 0.54 | Stop Loss : 0.46

ETHEREUM

Spot Ethereum ETF anticipation wipes nearly $70 million worth of ETH.

Ethereum positions worth $70 million faced liquidations in the last 24 hours.ETH bulls seem to have paid a heavy price for their impatience.Spot Ethereum ETF approval could push Ether’s performance on par with the rest of the top five cryptocurrencies.The cryptocurrency market has been on a downtrend for nearly two weeks but previous session events showcased how impatient Ethereum (ETH) investors are. In a downtrending market, traders are usually looking for signs of reversal to maximize profits. But sometimes, false signals might end up trapping many eager bulls, and Monday was one of those days.Additionally, in the past 24 hours, total liquidation for Ethereum has hit nearly $69 million. Despite the spot Ethereum ETF approval on May 23, Ethereum price rallied by less than 30% before the ETF-induced momentum was lost. Since setting up a local top at 3,977 on May 27, ETH has crashed 14% and currently trades at $3,435.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3558.0602 | Negative Crossover | Bearish
  • MA 20 : 3588.5865 | Negative Crossover | Bearish
  • MA 50 : 3503.7533 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3552.1390 | Negative Crossover | Bearish
  • MA 20 : 3662.0580 | Negative Crossover | Bearish
  • MA 50 : 3425.8698 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 42.5711 | Neutral Zone | Neutral

Stochastic   Oscillator : 31.2245 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 3512.28 | Take Profit : 3291.50 | Stop Loss : 3663.68

CARDANO

Cardano Falls 11% In Bearish Trade.

Cardano was trading at $0.3706 by 21:43 (01:43 GMT) on Tuesday, down 11.06% on the day. It was the largest one-day percentage loss since April 13.The move downwards pushed Cardano’s market cap down to $13.8641B, or 0.59% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B.At the time of writing, ADA was down 2.38% in the last 24 hours as the crypto market saw selling pressure. In the coming days, broader market trends and investor sentiment toward cryptocurrencies might also play a significant role in shaping Cardano’s price trajectory.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4154 | Negative Crossover | Bearish
  • MA 20 : 0.4297 | Negative Crossover | Bearish
  • MA 50 : 0.4563 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4191 | Negative Crossover | Bearish
  • MA 20 : 0.4352 | Negative Crossover | Bearish
  • MA 50 : 0.4499 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 28.2764 | Sell Zone | Bearish

Stochastic   Oscillator : 15.6406 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.4931 R2 : 0.5149
  • S1 : 0.4229 S2 : 0.4011

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.377 | Take Profit : 0.320 | Stop Loss : 0.422

Elsewhere In The Crypto Market

Bitcoin down (1.18%) at 65,690, Ethereum down (1.82%) at 3446.3, Litecoin down (3.88%) at 73.63, Solana down (3.29%) at 138.56, Dogecoin down (4.47%) at 0.122.

Key Economic Events & Data Release Today:

(AUD) RBA Rate Statement at 00:30. (AUD) RBA Interest Rate Decision (Jun) Forecast 4.35%, Previous 4.35% at 00:30. (EUR) CPI (YoY) (May) Forecast 2.6%, Previous 2.4% at 05:00. (USD) Core Retail Sales (MoM) (May) Forecast 0.2%, Previous 0.2% at 08:30. (USD) Retail Sales (MoM) (May) Forecast 0.3%, Previous 0.0% at 08:30. (USD) Industrial Production (MoM) (May) Forecast 0.3%, Previous 0.0% at 09:15.