. Daily Crypto Analysis - Stocks falter, markets quake.

Daily Crypto Analysis – Stocks falter, markets quake.

Daily Crypto Analysis – Stocks falter, markets quake.

25 Apr 2024

Introduction

Bitcoin price retreats to $64k amidst a tech-driven sell-off, mirroring weakness in major U.S. tech stocks, notably after Meta Platforms Inc’s revenue forecast. The correlation between Bitcoin and tech stocks resurfaces, highlighting their shared speculative appeal. Ethereum sees a minor dip post-Renzo depeg, while Ripple (XRP) extends losses amid discussions on its stablecoin’s impact. Dogecoin, despite recent spikes, faces a 6% decline amid broader market contraction.

Markets In Focus Today – BITCOIN

Bitcoin price drops to $64k as tech correlation comes back into play.

Bitcoin price fell on Thursday, hit by weak risk appetite as a rout in major U.S. technology stocks spilled over into crypto markets, while anticipation of more cues on interest rates also weighed. Bitcoin-tech stock correlation back in play. Losses in Bitcoin came largely in tandem with a drop in major U.S. technology stocks, following a weaker-than-expected revenue forecast from Facebook owner Meta Platforms Inc (NASDAQ:META). Bitcoin generally trends to track movement in U.S. technology stocks, given that both sectors are viewed as opportunities for high-return, speculative investment. Bitcoin is down about 8% over the past month.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 65095.9699 | Negative Crossover | Bearish
  • MA 20 : 65748.2046 | Negative Crossover | Bearish
  • MA 50 : 64750.1407 | Negative Crossover | Bearish

Simple :

  • MA 10 : 64466.9240 | Negative Crossover | Bearish
  • MA 20 : 66284.5430 | Negative Crossover | Bearish
  • MA 50 : 67541.1568 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.7034 | Neutral Zone | Neutral

Stochastic   Oscillator : 45.9359 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 64951.76 | Take Profit : 60720.88 | Stop Loss : 68039.15

ETHEREUM

Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment.

Renzo, an Ethereum restaking protocol, experienced a significant setback when the ETH it had restaked failed to maintain parity with the original ETH at a 1:1 ratio. While the SEC delayed decisions on Franklin and Grayscale’s applications, BlackRock made amendments to its spot ETH ETF filing. Spot ETH ETFs in Hong Kong are set to commence trading on April 30. Despite increased accumulation by large investors, Ethereum briefly declined, coinciding with Renzo’s struggle and heightened activity in spot Ethereum ETFs.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3161.2061 | Negative Crossover | Bearish
  • MA 20 : 3218.4544 | Negative Crossover | Bearish
  • MA 50 : 3267.6032 | Negative Crossover | Bearish

Simple :

  • MA 10 : 3119.9730 | Positive Crossover | Bullish
  • MA 20 : 3238.6640 | Negative Crossover | Bearish
  • MA 50 : 3452.4954 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 44.0705 | Neutral Zone | Neutral

Stochastic   Oscillator : 40.8427 | Neutral Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3231.38 | Take Profit : 2965.83 | Stop Loss : 3438.63

RIPPLE

XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger.

Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP. Attorney Bill Morgan warns market participants of the consequences of a lawsuit decision that stops XRP usage in ODL.Ripple (XRP) declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple Senior Vice President (SVP) Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts. XRP price has been declining since Tuesday, following Ripple’s response filing to the SEC’s request for $2 billion in penalties.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5298 | Negative Crossover | Bearish
  • MA 20 : 0.5428 | Negative Crossover | Bearish
  • MA 50 : 0.5679 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5202 | Positive Crossover | Bullish
  • MA 20 : 0.5437 | Negative Crossover | Bearish
  • MA 50 : 0.5933 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.4720 | Neutral Zone | Neutral

Stochastic   Oscillator : 53.3144 | Buy Zone | Negative

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 : 0.517 | Take Profit : 0.471 | Stop Loss : 0.549

DOGECOIN

Dogecoin price is around $0.1515 after a 3.18% spike in the week.

However, the price has dropped more than 6% from yesterday. The market capitalization of DOGE has faced a similar fall, where the value is around $21,819,439,369. This fall seems to be a part of a market collapse, where the global market cap has declined more than 3%. Interestingly, the meme coin is still in demand as the trading volume has surged by more than 24%, leading to $1,427,505,924. Like any other cryptocurrency, March was the month of gains for Dogecoin, as the meme coin rose to a high of $0.2201. Despite that surge, the Dogecoin price was nowhere around the $1 mark. Even the highest value Dogecoin has achieved in a decade was $0.73, which was still 36% far from the target.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1577 | Negative Crossover | Bearish
  • MA 20 : 0.1639 | Negative Crossover | Bearish
  • MA 50 : 0.1607 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.1554 | Negative Crossover | Bearish
  • MA 20 : 0.1687 | Negative Crossover | Bearish
  • MA 50 : 0.1719 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 41.2137 | Neutral Zone | Neutral

Stochastic   Oscillator : 33.0596 | 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 : 0.150 | Take Profit : 0.124 | Stop Loss : 0.168

Elsewhere In The Crypto Market

Bitcoin down (0.67%) at 63,835, Ethereum down (1.16%) at 3103.2, Litecoin up (0.37%) at 83.55, Solana up (4.52%) at 155.48, Dogecoin down (1.09%) at 0.149.

Key Economic Events & Data Release Today:

(USD) Initial Jobless Claims Forecast 214K, Previous 212K at 18:00. (USD) GDP (QoQ) (Q1) Forecast 2.5%, Previous 3.4% at 18:00. (USD) Pending Home Sales (MoM) (Mar) Forecast 0.3%, Previous 1.6% at 19:30.