. Daily Crypto Analysis - Stay ahead with comprehensive crypto coverage.

Daily Crypto Analysis – Stay ahead with comprehensive crypto coverage.

Daily Crypto Analysis – Stay ahead with comprehensive crypto coverage.

09 Apr 2024

Introduction

Bitcoin’s price hovers around $71k as traders await the upcoming halving event and crucial U.S. inflation data. Despite a 2.5% rise in the past 24 hours, Bitcoin remains below its recent record high, with attention on broader market sentiment impacted by inflation data anticipation. Ethereum’s potential recovery gains momentum amid whale activity and optimism over ETF approval, while XRP surpasses $0.60 amidst declining transaction volume. DOGE’s surge above $0.20 sparks predictions of significant value increase.

Markets In Focus Today – BITCOIN

Bitcoin price hovers around $71k with focus on halving, CPI data.

Bitcoin price rose on Tuesday, hovering below recent record highs as traders awaited more cues on the upcoming halving event and key U.S. inflation data. The world’s biggest cryptocurrency rose 2.5% in the past 24 hours to $71,133.3 , extending a recovery seen over the weekend. Still, the token remained below a record high of over $73,000 as broader risk appetite was dented by anticipation of key U.S. inflation data, which is widely expected to factor into the outlook for interest rates. The consumer price index reading is due on Wednesday.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69361.0758 | Positive Crossover | Bullish
  • MA 20 : 68583.4347 | Positive Crossover | Bullish
  • MA 50 : 64362.2844 | Positive Crossover | Bullish

Simple :

  • MA 10 : 68971.7160 | Positive Crossover | Bullish
  • MA 20 : 68517.5655 | Positive Crossover | Bullish
  • MA 50 : 65235.7700 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.2531 | Buy Zone | Bullish

Stochastic   Oscillator : 76.0585 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.2651 R2 : 77652.6083
  • S1 : 61316.4083 S2 : 57461.0651

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 69450.22 | Take Profit : 72526.17 | Stop Loss : 67850.72

ETHEREUM

Ethereum’s price recovery looks imminent as ETF approval sees a glimmer hope.

Ethereum could see a boost as whales resume purchase, spending $35 million in 14 hours to get the largest altcoin. JP Morgan says Ethereum ETF could be approved after a litigation process. Phishing ads that could potentially drain users’ wallets appear on the Ethereum browser Etherscan. Ethereum (ETH) began showing signs of recovery on Monday, briefly trading at $3,460, after consolidating for the past week. This recovery may likely be due to recent whale activity surrounding the largest altcoin and JP Morgan’s positive outlook for an ETH ETF approval.Ethereum whales are looking to resume a bullish momentum after showing weak hands last week. According to Spot On Chain data, two whales bought 10,322 ETH with $35.11 million in stablecoins within 14 hours.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3496.7149 | Positive Crossover | Bullish
  • MA 20 : 3490.2964 | Positive Crossover | Bullish
  • MA 50 : 3367.1713 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3454.0720 | Positive Crossover | Bullish
  • MA 20 : 3470.8040 | Positive Crossover | Bullish
  • MA 50 : 3489.6986 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.7251 | Buy Zone | Bullish

Stochastic   Oscillator : 76.8308 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.8064 R2 : 4237.0303
  • S1 : 3206.4203 S2 : 2963.1964

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3465.93 | Take Profit : 3667.91 | Stop Loss : 3350.51

RIPPLE

XRP price makes comeback above $0.60 while transaction volume shrinks 70% in April.

XRP price surged past the $0.60 resistance, trading at $0.61 on Tuesday. The altcoin has noted a 70% decline in its transaction volume between April 1 and 8, signaling loss of interest among traders. XRP active addresses declined by 36% in the same timeframe, signaling decline in on-chain activity. Ripple (XRP) price is $0.61 on Tuesday. The altcoin climbed above the psychologically important $0.60 level for the first time in a week, on Monday. XRPLedger’s native token has sustained its gains from Monday. XRP on-chain activity signals waning interest from market participants, there is a notable decline in both active addresses and transaction volume in Ripple.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.6056 | Positive Crossover | Bullish
  • MA 20 : 0.6095 | Positive Crossover | Bullish
  • MA 50 : 0.6046 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.6004 | Positive Crossover | Bullish
  • MA 20 : 0.6134 | Positive Crossover | Bullish
  • MA 50 : 0.6102 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 52.1256 | Buy Zone | Bullish

Stochastic   Oscillator : 52.3797 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7188 R2 : 0.7667
  • S1 : 0.5638 S2 : 0.5159

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.58 | Take Profit : 0.64 | Stop Loss : 0.55

DOGECOIN

DOGE regains the $0.20 mark with predictions of a dramatic increase in value.

DOGE’s price has been consolidating within a narrow trading range, around $0.20. This is a crucial psychological level that the asset surpassed two weeks ago. The last time DOGE was priced above this level was in November 2021. Dogecoin (DOGE) has been on a bullish rally in the last 24 hours after finding support at the intra-day low of $0.193. Bulls, as a result, soared the DOGE price to a high of $0.2048 before facing resistance. At press time, DOGE was still bullish, with the bulls in control of the market and price trading at $0.2061, a 5.55% surge from the support level.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1922 | Positive Crossover | Bullish
  • MA 20 : 0.1854 | Positive Crossover | Bullish
  • MA 50 : 0.1610 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1925 | Positive Crossover | Bullish
  • MA 20 : 0.1876 | Positive Crossover | Bullish
  • MA 50 : 0.1574 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.8253 | Buy Zone | Bullish

Stochastic   Oscillator : 51.7350 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.2318 R2 : 0.2583
  • S1 : 0.1460 S2 : 0.1195

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.18 | Take Profit : 0.20 | Stop Loss : 0.17

Elsewhere In The Crypto Market

Bitcoin down (1.4%) at 70618, Ethereum down (1.09%) at 3,653.5 Litecoin down (2.58%) at 100.55, Solana down (2.61%) at 184.75, Doge coin down (2.79%) at 0.196.

Key Economic Events & Data Release Today:

(NZD) NZIER Business Confidence (Q1) Previous -2.0% at 03:30. (GBP) BRS Retail Sales Monitor (YoY) (Mar) Forecast 1.8%, Previous 1.0% at 04:31. (USD) EIA Short –Term Energy Outlook at 21:30.