. Daily Crypto Analysis - Bitcoin, Ethereum, XRP, Cardano Decline.

Daily Crypto Analysis – Bitcoin, Ethereum, XRP, Cardano Decline.

Daily Crypto Analysis – Bitcoin, Ethereum, XRP, Cardano Decline.

12 Jun 2024

Introduction

Bitcoin price fell to $67K on Wednesday, extending its decline as markets await the Federal Reserve’s rate decision and key inflation data. High rates dampen risk-driven assets like crypto, leading traders to pivot towards more stable investments. Ethereum and XRP also saw declines, with Ethereum failing to recover above $3,650 and XRP struggling below $0.50. Cardano breached critical support, indicating a bearish trend continuation.

Markets In Focus Today – BITCOIN

Bitcoin price today down to $67k with Fed rate decision, CPI in focus.

Bitcoin price fell on Wednesday, extending a decline from the prior session as risk appetite was largely constrained by anticipation of a Federal Reserve meeting and key inflation data. Bitcoin volatile as rate jitters bash sentiment Bitcoin clocked wild swings in recent sessions, having also risen as far as $72,000 as sentiment towards cryptocurrencies remained on edge before more definite cues on U.S. interest rates. High rates diminish the appeal of risk-driven assets like crypto. They also present a tougher outlook for the sector by keeping liquidity levels low. This saw traders pivot out of Bitcoin and other cryptos this week, and into assets more insulated against rate jitters, such as the dollar.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 68855.8163 | Negative Crossover | Bearish
  • MA 20 : 68513.1358 | Negative Crossover | Bearish
  • MA 50 : 67009.6884 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69448.7670 | Negative Crossover | Bearish
  • MA 20 : 68876.6770 | Negative Crossover | Bearish
  • MA 50 : 65916.9518 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 49.1370 | Buy Zone | Bullish

Stochastic   Oscillator : 27.33 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 70744.7096 R2 : 74221.1171
  • S1 : 59490.5771 S2 : 56014.1696

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 68966.17 | Take Profit : 65735.44 | Stop Loss : 71305.66

ETHEREUM

Ethereum Price Slips Slow Descent as Market Pressure Mounts.

Ethereum price failed to recover above the $3,650 resistance. ETH declined again below the $3,550 level and now shows bearish signs below $3,600.Ethereum price attempted a recovery wave but there was no bullish momentum. ETH failed to settle above the $3,650 level and started another decline. There was a steady decline below the $3,600 level.The price declined below the $3,550 support level. A low was formed near $3,430 and the price is now consolidating losses, like Bitcoin. Ethereum price crashed 11% in the last six days as it failed to close above its $4,000 mark.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3659.9220 | Negative Crossover | Bearish
  • MA 20 : 3647.6512 | Negative Crossover | Bearish
  • MA 50 : 3499.9604 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3702.9830 | Negative Crossover | Bearish
  • MA 20 : 3746.8305 | Negative Crossover | Bearish
  • MA 50 : 3386.9518 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 46.1094 | Neutral Zone | Neutral

Stochastic   Oscillator : 18.9280 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3957.6476 R2 : 4230.4424
  • S1 : 3074.5324 S2 : 2801.7376

Overall Sentiment : Neutral Market Direction : Sell

Trade Suggestion : Limit Sell : 3634.28 | Take Profit : 3337.24 | Stop Loss : 3866.75

RIPPLE

XRP Price Temporary Bounce: Recovery Might Not Last.

XRP price extended losses and traded below the $0.50 zone. The price tested the $0.4600 zone and is currently attempting a short-term recovery wave. Ripple price crashed 13% on June 7 after it failed to close above the 50-day Exponential Moving Average (EMA) at around $0.526.XRP price failed to recover above the $0.4880 resistance like Ethereum and Bitcoin. The price extended losses below the $0.480 level. It even tested the $0.457 zone. However, if the Ripple daily candlestick closes below $0.450, then XRP could crash an additional 7% to its previous support at $0.419.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5000 | Negative Crossover | Bearish
  • MA 20 : 0.5088 | Negative Crossover | Bearish
  • MA 50 : 0.5224 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5045 | Negative Crossover | Bearish
  • MA 20 : 0.5152 | Negative Crossover | Bearish
  • MA 50 : 0.5178 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 35.7868 | Sell Zone | Bearish

Stochastic   Oscillator : 40.6672 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5790
  • S1 : 0.4867 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.481 | Take Profit : 0.443 | Stop Loss : 0.511

CARDANO

Cardano Breaches Critical Technical Support.

After struggling to reach the key resistance at $0.522, ADA has broken an important support level. This shift suggests a potential continuation of the bearish trend, with significant implications for future price action. Recently, ADA has fallen below the critical support level at $0.458 and tested the significant support at $0.400. This breach indicates strong selling pressure, which has overwhelmed buying interest at these levels. If this trend persists, ADA’s price could face further downward pressure, potentially testing even lower support levels in the near future.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.4410 | Negative Crossover | Bearish
  • MA 20 : 0.4485 | Negative Crossover | Bearish
  • MA 50 : 0.4692 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.4459 | Negative Crossover | Bearish
  • MA 20 : 0.4503 | Negative Crossover | Bearish
  • MA 50 : 0.4566 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.1180 | Sell Zone | Bearish

Stochastic   Oscillator : 16.9460 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.4931 R2 : 0.5149
  • S1 : 0.4229 S2 : 0.4011

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.424 | Take Profit : 0.378 | Stop Loss : 0.462

Elsewhere In The Crypto Market

Bitcoin up (0.9%) at 67,863, Ethereum up (1.2%) at 3539.5, Litecoin up (0.12%) at 77.41, Solana up (2.18%) at 152.51, Dogecoin up (1.79%) at 0.140.

Key Economic Events & Data Release Today:

(GBP) GDP (YoY) (Apr) Forecast 0.6%, Previous 0.7%% at 11:30. (GBP) Monthly GDP 3M/3M Change (Apr) Forecast 0.7%, Previous 0.6% at 11:30. (GBP) GDP (MoM) (Apr) Forecast 0.0% Previous 0.4% at 11:30. (GBP) Manufacturing Production (MoM) (Apr) Forecast –0.2%, Previous 0.3% at 11:30. (USD) Core CPI (MoM) (May) Forecast 0.3%, Previous 0.3% at 18:00. (USD) CPI (YoY) (May) Forecast 3.4%, Previous 3.4% at 18:00. (USD) CPI (MoM) (May) Forecast 0.1%, Previous 0.3% at 18:00. (USD) Fed Interest Rate Decision Forecast 5.50%, Previous 5.50% at 23:30. (USD) FOMC Statement at 23: