. Daily Crypto Analysis - Ripple-SEC clash, XRP dip, Bitcoin liquidations, Ethereum losses, Uniswap bearish.

Daily Crypto Analysis – Ripple-SEC clash, XRP dip, Bitcoin liquidations, Ethereum losses, Uniswap bearish.

Daily Crypto Analysis – Ripple-SEC clash, XRP dip, Bitcoin liquidations, Ethereum losses, Uniswap bearish.

24 Jan 2024

Introduction

In the ongoing legal battle between Ripple and the SEC, the regulatory body files a reply supporting its motion to compel against Ripple, attempting to turn the tide in its favor. Meanwhile, XRP struggles at a three-month low. Bitcoin’s recent price drop triggers significant liquidations, with expert analysis linking it to GBTC redemptions. Ethereum faces losses, while Uni swap validates a bearish reversal pattern, causing substantial liquidations and signaling potential further declines. Market sentiment remains volatile, shaping the trajectory of major cryptocurrencies.

Markets In Focus Today – RIPPLE

SEC files reply backing its motion to compel against Ripple; XRP price rebounds from Aug 2023 low.

XRP price at the time of writing is at a three-month low, with the RSI sitting in the oversold zone for the first time since August 2023. Ripple and the SEC are continuing their battle, with the latter filing a reply in support of its motion to compel. The Securities and Exchange Commission (SEC) is attempting to flip one of its biggest losses into some semblance of a victory. This is evident by the most recent filing from the regulatory body against Ripple seeking court intervention over undisclosed document requests. XRP price, on the other hand, is trending in an unfavorable direction.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.54 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.58 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.55 | Negative Crossover | Bearish
  • MA 20 : 0.56 | Negative Crossover | Bearish
  • MA 50 : 0.60 | Negative Crossover | Bearish

RSI (Relative Strength Index): 30.41 | Sell Zone | Bearish

Stochastic   Oscillator : 13.56 | Sell Zone | Positive

Resistance   And Support Levels :

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

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 0.52 | Take Profit: 0.48 | Stop Loss: 0.56

BITCOIN

Bitcoin price decline triggers nearly $83 million in liquidations, BTC price recovers from drop below $39,000.

Bitcoin price nosedived to a low of $38,555 on Tuesday before a comeback above $40,000 earlier today.BTC price drop triggered $82.93 million in liquidations in the futures market, and over $55 million in long positions were liquidated. Expert ties recent Bitcoin price decline to GBTC redemptions by bankruptcy estates such as FTX. Bitcoin price slipped to a low of $38,555 on Binance, early on Tuesday. The crypto market bloodbath saw an increase in selling pressure on BTC, driving prices lower. BTC climbed back above the psychologically important level of $40,000 on Wednesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 41314.51 | Negative Crossover | Bearish
  • MA 20 : 42176.90 | Negative Crossover | Bearish
  • MA 50 : 41885.17 | Negative Crossover | Bearish

Simple :

  • MA 10 : 41454.28 | Negative Crossover | Bearish
  • MA 20 : 43051.62 | Negative Crossover | Bearish
  • MA 50 : 43084.83 | Negative Crossover | Bearish

RSI (Relative Strength Index): 39.15 | Sell Zone | Bearish

Stochastic   Oscillator : 9.99 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 44312.50 R2 : 45985.97
  • S1 : 38894.98 S2 : 37221.51

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 41037.32 | Take Profit: 38767.50 | Stop Loss: 42673.70

ETHEREUM

Ethereum traders realize nearly $33 million in losses as the overheated futures market cools.

Ethereum traders realized $32.73 million in losses during the crypto market correction on Monday.ETH funding rate declined alongside Ethereum’s price drop of nearly 7%. Sentiment among traders improved, increasing the chances of a recovery in the altcoin’s price. Ethereum price dipped nearly 7% in the past day as the crypto market corrected on Monday. Bitcoin led the decline by dropping below $40,000, a psychologically important level, for the first time since December 3. ETH price, which is correcting to the lowest level in two weeks, could be bottoming out as market participants’ sentiment improves alongside a decline in the altcoin’s funding rate.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2381.98 | Negative Crossover | Bearish
  • MA 20 : 2395.76 | Negative Crossover | Bearish
  • MA 50 : 2316.69 | Negative Crossover | Bearish

Simple :

  • MA 10 : 2431.68 | Negative Crossover | Bearish
  • MA 20 : 2425.23 | Negative Crossover | Bearish
  • MA 50 : 2336.73 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.62 | Neutral Zone | Neutral

Stochastic   Oscillator : 14.62 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 2411.05 R2 : 2505.56
  • S1 : 2105.10 S2 : 2010.59

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Sell: 2284.74 | Take Profit: 2155.79 | Stop Loss: 2383.71

UNISWAP

Uniswap price validates a bearish reversal pattern, causing $2.2 million worth of liquidations.

Uniswap price is forming a bearish reversal Head and Shoulders pattern, nearly validating it by falling below $5.81.The target price, according to the pattern, is set at $3.81, marking a 34% correction from the breakout level. Long traders have witnessed liquidations worth $2.2 million, 25 times more than the short liquidations. Uniswap (UNI) price has declined significantly in the past few days. Despite noting a good run towards the beginning of the month, corrections came through, and the altcoin’s value declined. From a technical perspective, the recent price declines are set to extend as price action has formed a bearish reversal pattern.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 5.85 | Positive Crossover | Bullish
  • MA 20 : 6.31 | Negative Crossover | Bearish
  • MA 50 : 6.39 | Negative Crossover | Bearish

Simple :

  • MA 10 : 5.80 | Positive Crossover | Bullish
  • MA 20 : 6.31 | Negative Crossover | Bearish
  • MA 50 : 6.30 | Negative Crossover | Bearish

RSI (Relative Strength Index): 37.03 | Sell Zone | Bearish

Stochastic   Oscillator : 30.08 | Sell Zone | Positive

Resistance   And Support Levels :

  • R1 : 6.37 R2 : 6.94
  • S1 : 5.83 S2 : 5.11

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Stop Sell: 5.71 | Take Profit: 5.11 | Stop Loss: 6.10

Elsewhere In The Crypto Market

Gold is up (0.17%) at 2032.23, Silver is up (1.41%) at 22.74, Palladium is up (1.66%) at 964.26, Platinum is up (0.92%) at 911.62, Brent Crude is up (0.45%) at 78.97, WTI Crude Oil up (0.78%) at 74.98 as of writing time.

Key Economic Events & Data Release Today:

(NZD) CPI (QoQ) (Q4) Actual 0.5%, Forecast 0.5%, Previous 1.8% at 03:15. (EUR) German Manufacturing PMI (Jan) Actual 45.4, Forecast 43.7, Previous 43.3 at 14:00. (CAD) BoC Interest Rate Decision Forecast 5.00%, Previous 5.00% at 20:15. (USD) Manufacturing PMI (Jan) Forecast 47.9, Previous 47.9 at 20:15. (CAD) BoC Monetary Policy Report at 20:30. (CAD) BoC Press Conference at 21:30.