. Daily Crypto Analysis - False SEC cap, Ethereum climbs, Cardano battles.

Daily Crypto Analysis – False SEC cap, Ethereum climbs, Cardano battles.

Daily Crypto Analysis – False SEC cap, Ethereum climbs, Cardano battles.

10 Jan 2024

Introduction 

In the crypto landscape, The false SEC announcement on Bitcoin ETF approval capped BTC’s rally near $48,000, prompting discussions on potential limitations. Meanwhile, Ethereum braces for a 10% climb within an ascending channel, eyeing $2,500. Cardano faces challenges with indicators suggesting a possible bearish turn. XRP stages recovery after a 12.5% decline, anticipating spot Bitcoin ETF approval and following Ripple CTO David Schwartz’s insights on market dynamics and XRP holdings reduction strategy. 

Markets In Focus Today – BITCOIN

Bitcoin ETF announcement hack reveals BTC price upside is likely capped.  

Bitcoin price rally was capped below $48,000 following the false SEC ETF announcement. Securities lawyers told Fox Business that it would be unprecedented for the SEC to kill the ETF applications at the current stage of the process. Bitcoin price is likely to see upside capped since BTC price nearly missed the $48,000 level in response to the false announcement of Spot Bitcoin ETF approval. The US financial regulator, the Securities and Exchange Commission (SEC) revealed that the X account was hacked. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 44796.27 | Positive Crossover | Bullish 
  • MA 20 : 44058.88 | Positive Crossover | Bullish 
  • MA 50 : 41869.13 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 44740.20 | Positive Crossover | Bullish 
  • MA 20 : 43912.23 | Positive Crossover | Bullish 
  • MA 50 : 42132.77 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 57.37 | Buy Zone | Bullish 

Stochastic   Oscillator : 74.55 | Buy Zone | Neutral 

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: 45340.12 | Take Profit: 47142.15 | Stop Loss: 44317.35 

ETHEREUM

Ethereum price coils up for a 10% climb.  

Ethereum (ETH) price remains within the confines of an ascending parallel channel, with the final retest of the lower boundary of the channel possibly precipitating a 10% climb to $2,500. The RSI is moving north, evidence of rising momentum, accentuated by the falling Average Directional Index (ADX), showing that the slump that saw the ETH value drop is losing strength. Increased buying pressure could see Ethereum price shatter the $2,388 resistance, before clearing the $2,445 range high as it heads to the forecasted $2,500 target. A strong jolt past this level could see ETH market value reach $3,000. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2308.90 | Positive Crossover | Bullish 
  • MA 20 : 2290.59 | Positive Crossover | Bullish 
  • MA 50 : 2209.77 | Positive Crossover | Bullish 
  • Simple :
  • MA 10 : 2298.86 | Positive Crossover | Bullish 
  • MA 20 : 2300.01 | Positive Crossover | Bullish 
  • MA 50 : 2232.54 | Positive Crossover | Bullish 

RSI (Relative Strength Index): 59.62 | Buy Zone | Bullish 

Stochastic   Oscillator : 72.07 | Buy Zone | Neutral 

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: 2397.22 | Take Profit: 2572.22 | Stop Loss: 2572.85 

CARDANO

Cardano Price Prediction Despite room for 31% gains, ADA might find it difficult to rally again.  

Cardano’s price corrected over the second half of December but is still sustaining the long-term uptrend. The price indicators are suggesting a likely bearish turn of events, exhibiting the first bearish signal in four months. Cardano’s price noted a significant increase followed by a sharp fall towards the end of December. While it was an expected course of action from the altcoin, the present scenario dictates that the bearishness may not have completely waned off even though there is still room for growth for ADA. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.54 | Negative Crossover | Bearish 
  • MA 20 : 0.56 | Negative Crossover | Bearish 
  • MA 50 : 0.52 | Negative Crossover | Bearish 
  • Simple :
  • MA 10 : 0.55 | Negative Crossover | Bearish 
  • MA 20 : 0.58 | Negative Crossover | Bearish 
  • MA 50 : 0.53 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 41.53 | Neutral Zone | Neutral 

Stochastic   Oscillator : 25.04 | Sell Zone | Negative 

Resistance   And Support Levels :  

  • R1 : 0.67 R2 : 0.74 
  • S1 : 0.43 S2 : 0.36 

Overall Sentiment: Bearish Market Direction: Sell  

Trade Suggestion: Stop Sell: 0.466 | Take Profit: 0.381 | Stop Loss: 0.530 

RIPPLE

XRP price bearish momentum to fade away provided it can reclaim this crucial support.  

XRP price bounces back after a 12.5% decline over the past week ahead of expected spot Bitcoin ETF approval. Ripple CTO David Schwartz states that the crypto market is still in its early stages and that a “winner” is yet to be found. Schwartz reiterates Ripple’s strategy of reducing XRP holdings as quickly as possible. XRP price is noting the initiation of recovery ahead of the potential spot Bitcoin ETF approval from the Securities & Exchange Commission (SEC). Ripple had its moment during the lawsuit proceedings last year and is now set to experience bullishness from broader market cues. 

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.58 | Negative Crossover | Bearish 
  • MA 20 : 0.59 | Negative Crossover | Bearish 
  • MA 50 : 0.61 | Negative Crossover | Bearish 
  • Simple :
  • MA 10 : 0.58 | Negative Crossover | Bearish 
  • MA 20 : 0.60 | Negative Crossover | Bearish 
  • MA 50 : 0.62 | Negative Crossover | Bearish 

RSI (Relative Strength Index): 37.02 | Sell Zone | Bearish 

Stochastic   Oscillator : 40.99 | Neutral Zone | Negative 

Resistance   And Support Levels :  

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

Overall Sentiment: Bearish Market Direction: Sell  

Trade Suggestion: Stop Sell: 0.54 | Take Profit: 0.49 | Stop Loss: 0.57 

Elsewhere In The Crypto Market

Bitcoin is down (2.2%) at 45,107, Ethereum is up (1.77%) at 2,386.6, Litecoin is up (2.00%) at 66.41, Solana is down (6.10%) at 93.40, Dogecoin is down (2.26%) at 0.77 as of writing time.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 20:45. (USD) Crude Oil Inventories Forecast –0.675M, Previous –5.503M at 21:00.