. Daily Crypto Analysis - Stay updated on crypto's latest trends.

Daily Crypto Analysis – Stay updated on crypto’s latest trends.

Daily Crypto Analysis – Stay updated on crypto’s latest trends.

22 Apr 2024

Introduction

Bitcoin maintains stability around $65,000 despite the recent halving event, as attention shifts to the launch of a new token protocol. While geopolitical tensions ease, Bitcoin remains within a defined trading range. Transaction fees surge with the Runes launch. Meanwhile, Ripple’s XRP makes a comeback above $0.50 ahead of its response to the SEC’s $2 billion fine request. Ethereum consolidates post-dip, influenced by a whale’s buy-the-dip strategy. Dogecoin aims for recovery but faces resistance around $0.170.

Markets In Focus Today – BITCOIN

Bitcoin price Steady at $65k as ‘Runes’ launch causes spike in fees.

Bitcoin price rose slightly on Monday, steadying from recent losses as the halving event, which took place over the weekend, was largely overshadowed by the launch of a new token minting protocol on the world’s biggest blockchain. Bitcoin rose 1.4% over the past 24 hours to $65,917.5. While easing fears over a conflict in the Middle East helped improve risk appetite, the token still remained squarely within a trading range established over the past month. Bitcoin price steadies, but transaction fees surge with Runes launch .Bitcoin’s halving event- which saw the halving of mining rewards on the blockchain, took place over the weekend with little price action.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 65237.9982 | Positive Crossover | Bullish
  • MA 20 : 65996.8236 | Positive Crossover | Bullish
  • MA 50 : 64703.9391 | Positive Crossover | Bullish

Simple :

  • MA 10 : 64355.9210 | Positive Crossover | Bullish
  • MA 20 : 66637.2795 | Negative Crossover | Bearish
  • MA 50 : 67595.4282 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 50.3440 | Buy Zone | Bullish

Stochastic   Oscillator : 46.7192 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 73797.1717 R2 : 77652.5149
  • S1 : 61316.3149 S2 : 57460.9717

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 65287.43 | Take Profit : 67830.21 | Stop Loss : 64057.04

RIPPLE

XRP makes comeback above $0.50 as Ripple is set to file response to SEC remedy-related brief.

Ripple prepares to file the opposition brief against the SEC on Monday. Ripple will respond to the SEC’s demand for $2 billion in fines requested in its remedies-related opening brief. XRP climbed back above $0.50 after nearly a week of struggling to break past the level. XRP price climbed to a high of $0.54 on Monday, hours before Ripple files its response to the Securities and Exchange Commission (SEC) remedies-related opening brief. The response is long awaited by XRP holders, as the payment firm is expected to address the regulator’s request for $2 billion in penalties against it. Ripple is set to file its remedy-related opposition brief on Monday as a response to the SEC’s opening brief, which asked for $2 billion in fines. The content of Ripple’s brief won’t be officially available until Wednesday, although some parts of it could be made public before as it happened when the SEC submitted its brief.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5257 | Positive Crossover | Bullish
  • MA 20 : 0.5450 | Negative Crossover | Bearish
  • MA 50 : 0.5717 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5067 | Positive Crossover | Bullish
  • MA 20 : 0.5506 | Negative Crossover | Bearish
  • MA 50 : 0.5980 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.0523 | Neutral Zone | Neutral

Stochastic   Oscillator : 46.7877 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.7187 R2 : 0.7666
  • S1 : 0.5637 S2 : 0.5158

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.549 | Take Profit : 0.499 | Stop Loss : 0.580

ETHEREUM

Ethereum resumes consolidation after brief dip.

Ethereum whale jumps on ‘buy the dip’ opportunity after Israel’s attack on Iran.The buyback yield of Ethereum exceeds that of major S&P 500 firms.Ethereum may continue trading inside key range as investors await the market’s response to Bitcoin halving.Ethereum resumed its sideways movement after briefly crashing due to Israel’s attack on Iran. The move presented a buying opportunity for a whale, who quickly profited from it. This also comes when Ethereum’s buyback yield exceeds that of several S&P 500 firms. As ETH dipped briefly on Friday, a whale jumped on the opportunity, spending 9.5 million USDT to buy 3,253 ETH at $ $2,925. However, ETH’s price has quickly recovered, especially as Iranian officials have downplayed responding to the attack.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3164.4121 | Positive Crossover | Bullish
  • MA 20 : 3238.9656 | Negative Crossover | Bearish
  • MA 50 : 3281.1567 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3098.4120 | Positive Crossover | Bullish
  • MA 20 : 3262.3600 | Negative Crossover | Bearish
  • MA 50 : 3482.9252 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 47.1372 | Buy Zone | Bullish

Stochastic   Oscillator : 35.6277 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3993.1797 R2 : 4236.4036
  • S1 : 3205.7936 S2 : 2962.5697

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 3270.14 | Take Profit : 3435.38 | Stop Loss : 3162.95

DOGECOIN

Dogecoin Recovery Could Stall At $0.170.

Dogecoin is attempting a recovery wave above the $0.150 resistance zone against the US Dollar. DOGE could struggle to clear the $0.170 resistance zone.After a major decline, Dogecoin price found support at $0.1280. A low was formed at $0.1283 and DOGE started a decent recovery wave, like Bitcoin and Ethereum. There was a move above the $0.1350 and $0.140 resistance levels.The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.2093 swing high to the $0.1283 low. However, the bears are still active and protecting more gains.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1619 | Negative Crossover | Bearish
  • MA 20 : 0.1677 | Negative Crossover | Bearish
  • MA 50 : 0.1616 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1570 | Positive Crossover | Bullish
  • MA 20 : 0.1723 | Negative Crossover | Bearish
  • MA 50 : 0.1726 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.1353 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.3829 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.162 | Take Profit : 0.138 | Stop Loss : 0.181

Elsewhere In The Crypto Market

Bitcoin up (2.06%) at 66288, Ethereum up (2.55%) at 3228.5, Litecoin up (2.06%) at 85.85, Solana up (4.52%) at 155.48, Dogecoin up (2.75%) at 0.162.

Key Economic Events & Data Release Today:

(CNY) PBoC Loan Prime Rate Forecast –3.45%, Previous –3.45% at 06:45. (EUR) ECB President Lagarde Speaks at 21:00.