. Daily Crypto Analysis - Ethereum, Litecoin, XRP, Bitcoin surge.

Daily Crypto Analysis – Ethereum, Litecoin, XRP, Bitcoin surge.

Daily Crypto Analysis – Ethereum, Litecoin, XRP, Bitcoin surge.

12 Jan 2024

Introduction

In the crypto landscape, Ethereum experiences an 18% rally, nearing $2,700, with Ethereum Name Service surging by 40%. The approval of a spot Bitcoin ETF sparks growth in altcoins, contrary to market expectations. Litecoin gains 12%, pushing its market cap to $5.409 billion, and XRP climbs 11%, reaching a market cap of $33.13 billion. In the Bitcoin Spot ETF race, Grayscale dominates trading, with Bitcoin’s price hitting a two-year peak at $48,900 before a correction to $46,000 during the Asian session on Friday.

Markets In Focus Today – ETHEREUM

Ethereum Name Service shoots up by 40% after Ethereum nearly hits $2,700.

Ethereum noted an 18% rally in the past five days, rising from $2,200 to $2,600. Ethereum namesake tokens rallied, with Ethereum Name Service emerging as the biggest gainer, rising by 40% in a day. Ethereum price has seen considerable growth over the past week thanks to the spot Bitcoin ETF approval. While the market was expecting a decline in the altcoin prices, the opposite happened as other altcoins, including Ethereum namesakes, rallied significantly. Ethereum Name Service (ENS), which is the namesake of the Ethereum chain, is also a major component of the blockchain. It is a distributed, open, and extensible naming system that converts human-readable Ethereum addresses into machine-readable alphanumeric codes.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2435.19 | Positive Crossover | Bullish
  • MA 20 : 2365.38 | Positive Crossover | Bullish
  • MA 50 : 2248.30 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2371.23 | Positive Crossover | Bullish
  • MA 20 : 2339.74 | Positive Crossover | Bullish
  • MA 50 : 2258.68 | Positive Crossover | Bullish

RSI (Relative Strength Index): 70.48 | Buy Zone | Bullish

Stochastic   Oscillator : 86.33 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 2410.75 R2 : 2505.13
  • S1 : 2105.19 S2 : 2010.81

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2491.09 | Take Profit: 2739.21 | Stop Loss: 2337.64

LITECOIN

Litecoin Climbs 12% In Rally.

The move upward pushed Litecoin’s market cap up to $5.409B, or 0.30% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B. Litecoin was trading at $73.645 by 07:55 (12:55 GMT) on the Investing.com Index on Thursday, up 12.10% on the day. It was the largest one-day percentage gain since June 30, 2023. The move upward pushed Litecoin’s market cap up to $5.409B, or 0.30% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $25.609B.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 70.17 | Positive Crossover | Bullish
  • MA 20 : 70.39 | Positive Crossover | Bullish
  • MA 50 : 70.86 | Positive Crossover | Bullish

Simple :

  • MA 10 : 67.98 | Positive Crossover | Bullish
  • MA 20 : 70.80 | Positive Crossover | Bullish
  • MA 50 : 71.66 | Positive Crossover | Bullish

RSI (Relative Strength Index): 59.25 | Buy Zone | Bullish

Stochastic   Oscillator : 75.28 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 77.87 R2 : 80.60
  • S1 : 69.02 S2 : 66.29

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 73.33 | Take Profit: 77.65 | Stop Loss: 70.63

RIPPLE

XRP Climbs 11% In Rally.

The move upwards pushed XRP’s market cap up to $33.13469B, or 1.84% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.44071B. XRP had traded in a range of $0.58605 to $0.61452 in the previous twenty-four hours. Over the past seven days, XRP has seen a rise in value, as it gained 5.42%. The volume of XRP traded in the twenty-four hours to the time of writing was $2.62985B or 2.15% of the total volume of all cryptocurrencies. It has traded in a range of $0.5451 to $0.6145 in the past 7 days. At its current price, XRP is still down 81.35% from its all-time high of $3.29 set on January 4, 2018.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.59 | Positive Crossover | Bullish
  • MA 20 : 0.60 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.58 | Positive Crossover | Bullish
  • MA 20 : 0.60 | Negative Crossover | Bearish
  • MA 50 : 0.62 | Negative Crossover | Bearish

RSI (Relative Strength Index): 48.04 | Buy Zone | Bullish

Stochastic   Oscillator : 66.95 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.568 | Take Profit: 0.626 | Stop Loss: 0.535

BITCOIN

Bitcoin Spot ETF race sees Grayscale capture the major share of trades on day 1, and BTC price hits the two-year peak.

Bitcoin Spot ETF trading volume, dominated by Grayscale’s GBTC, totaled more than $4.6 billion on Thursday. Bitcoin ETFs registered 700,000 individual trades, doubling those in the Nasdaq 100’s tracking fund QQQ. BTC price hit a peak of $48,900 for the first time since December 2021 but corrected to $46,000 on Friday. Bitcoin’s (BTC) price falls to around $46,000 during Friday’s Asian session, correcting from the two-year high of $48,900 seen on Thursday. Bitcoin’s rally was likely caused by rising market interest following the US Securities and Exchange Commission’s (SEC) approval of spot exchange-traded funds (ETF) that track Bitcoin’s price.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 45438.65 | Positive Crossover | Bullish
  • MA 20 : 44563.95 | Positive Crossover | Bullish
  • MA 50 : 42256.85 | Positive Crossover | Bullish

Simple :

  • MA 10 : 45205.91 | Positive Crossover | Bullish
  • MA 20 : 44205.58 | Positive Crossover | Bullish
  • MA 50 : 42516.91 | Positive Crossover | Bullish

RSI (Relative Strength Index): 60.00 | Buy Zone | Bullish

Stochastic   Oscillator : 68.46 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 45659.83 | Take Profit: 48205.60 | Stop Loss: 44220.92

Elsewhere In The Crypto Market

Bitcoin is down (1.52%) at 45,653, Ethereum is is down (1.2%) at 2,587.5, Litecoin up (2.48%) at 73.66, Solana is down (2.32%) at 98.18, Dogecoin is down (1.28%) at 0.84 as of writing time.

Key Economic Events & Data Release Today:

(GBP) Manufacturing Production (MoM) (Nov) Actual 0.4%, Forecast 0.3%, Previous –1.1% at 02:00. (GDP) GDP (MoM) (Nov) Actual 0.2%, Forecast 0.2%, Previous 0.3% at 02:00. (GBP) GDP (YoY (Nov) Actual 0.2%, Forecast 0.2%, Previous 0.3% at 02:00. (GBP) Industrial Production (MoM) (Nov) Actual 0.3%, Forecast 0.3%, Previous –0.8% at 02:00.