. Weekly Crypto Analysis -Bitcoin $47K, Ethereum $2.4K, Cardano bullish.

Weekly Crypto Analysis – Bitcoin $47K, Ethereum $2.4K, Cardano bullish.

Weekly Crypto Analysis – Bitcoin $47K, Ethereum $2.4K, Cardano bullish.

10 Feb 2024

Introduction

Cryptocurrency stocks surge as Bitcoin surpasses $47,000, pushing the crypto market capitalization beyond $1.75 trillion. Bitcoin’s 4.5% rise signals renewed market optimism after a month of corrections. Ethereum hits $2,400 with ETF anticipation and 25% staking reducing selling pressure. XRP faces uncertainty with an AMM amendment, while Cardano’s potential 30% surge is anticipated amid a market revival, breaking a descending triangle at $0.5410. The crypto landscape is evolving, showcasing signs of recovery.

Markets In Focus Today – BITCOIN

Crypto stocks leap as Bitcoin crosses $47,000.

For the first time in almost a month, Bitcoin (BTC) crossed above the $47,000 mark on Friday, pushing crypto-related stocks into the green ahead of the stock market open. The leading cryptocurrency rose 4.5% in the past 24 hours, sitting at around $47,300 at the time of writing. The crypto market capitalisation has hit new highs since 12th January, passing the $1.75 trillion mark. The market has confidently moved into a state of greed, which we also last saw a month ago. Last month’s corrective pullback and early February’s consolidation have helped gather strength for a real breakout.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 44664.8142 | Positive Crossover | Bullish
  • MA 20 : 43733.5166 | Positive Crossover | Bullish
  • MA 50 : 42746.0413 | Positive Crossover | Bullish

Simple :

  • MA 10 : 44170.8670 | Positive Crossover | Bullish
  • MA 20 : 42816.5615 | Positive Crossover | Bullish
  • MA 50 : 43220.9448 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 71.9283 | Buy Zone | Bullish

Stochastic   Oscillator : 88.5202 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 47385.7128 R2 : 49859.0872
  • S1 : 39378.6872 S2 : 36905.3128

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 46150.40 | Take Profit : 48924.02 | Stop Loss : 44385.37

ETHEREUM

Ethereum price tops $2,400 as 25% of ETH supply is staked and ETF applicants amend filings.

Ethereum price hit a local peak of $2,444 on Thursday as ETF applicants’ Ark Invest and 21Shares amend Spot ETH filing. 25% of Ethereum supply is staked, reducing ETH tokens in circulation and the selling pressure on the altcoin.ETH price rally to 2024 peak above $2,700 is likely in its uptrend. Ethereum price rallied on Thursday as two major events catalyzed ETH gains. Ethereum’s Exchange Traded Fund (ETF) applicants, Ark and 21Shares amended their Spot ETH filings, sparking anticipation of an approval.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2399.4229 | Positive Crossover | Bullish
  • MA 20 : 2372.6696 | Positive Crossover | Bullish
  • MA 50 : 2331.2952 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2370.7260 | Positive Crossover | Bullish
  • MA 20 : 2322.5205 | Positive Crossover | Bullish
  • MA 50 : 2360.5646 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 64.3256 | Buy Zone | Bullish

Stochastic   Oscillator : 88.5052 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2598.0773 R2 : 2733.3927
  • S1 : 2160.0227 S2 : 2024.7073

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 2460.90 | Take Profit : 2609.02 | Stop Loss : 2376.26

RIPPLE

XRP Price faces threat of fall below $0.50 as XRPLedger AMM amendment is uncertain.

An XRPLedger Automated Market Maker amendment is facing criticism in the community and currently lacks the support for go ahead. Major XRPL validators Vet and Daniel Keller have rescinded their support for the amendment citing a minor but significant bug. XRP price is $0.5133, yielding nearly 2% weekly gains for holders. The native token of the XRPLedger is holding steady despite the status of the Automated Market Maker (AMM) amendment proposal. The XRPLedger (XRPL) is currently faced with a major hurdle as the proposal for Automated Market Maker amendment has dropped below the required 80% consensus threshold.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5173 | Positive Crossover | Bullish
  • MA 20 : 0.5239 | Positive Crossover | Bullish
  • MA 50 : 0.5505 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5129 | Positive Crossover | Bullish
  • MA 20 : 0.5171 | Positive Crossover | Bullish
  • MA 50 : 0.5615 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 46.9453 | Buy Zone | Bullish

Stochastic   Oscillator : 66.1121 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6025 R2 : 0.6391
  • S1 : 0.4840 S2 : 0.4474

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.52 | Take Profit : 0.58 | Stop Loss : 0.48

CARDANO

Cardano’s value might surge by 30% as the cryptocurrency markets embark on a path of recovery.

Cardano price action has consolidated into a descending triangle, but a reversal seems likely.ADA could make a 30% climb if it manages a break and close above $0.5410.A break and close below $0.4668 would invalidate the bullish thesis. Cardano (ADA) price continues to consolidate below a descending trendline, a bearish technical formation that extended the choppy altcoin market. However, this outlook appears to be changing as cryptocurrency markets take to what appears to be a revival course.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5169 | Positive Crossover | Bullish
  • MA 20 : 0.5135 | Positive Crossover | Bullish
  • MA 50 : 0.5139 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5128 | Positive Crossover | Bullish
  • MA 20 : 0.5013 | Positive Crossover | Bullish
  • MA 50 : 0.5375 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 56.5331 | Buy Zone | Bullish

Stochastic   Oscillator : 87.6909 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.6013 R2 : 0.6464
  • S1 : 0.4554 S2 : 0.4103

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.51 | Take Profit : 0.59 | Stop Loss : 0.47

Elsewhere In The Crypto Market

Bitcoin up (1.24%) at 43,012, Ethereum up (1.25%) at 2,542.3, Litecoin down (0.23%) at 70.53, Solana up (1.94%) at 109.08, Doge coin down (0.16%) at 0.081.

Key Economic Events & Data Release Today:

(GBP) BoE Gov Bailey Speaks at 23:30 (Monday) (GBP) Average Earning Index +Bonus (dec) (Tuesday) (USD) CPI (MoM) (Jan) (Tuesday) (USD) Core CPI (MoM) (Jan) (Tuesday) (GBP) CPI (YoY) (Jan) (Wednesday) (EUR) GDP (YoY) (Q4) (Wednesday) (JPY) GDP (QoQ) (Q4) (Thursday) (AUD) Employment Change (Jan) (Thursday) (GBP) GDP (YoY) (Q4) (Thursday) (GBP) GDP (QoQ) (Q4) (Thursday) (GBP) GDP (MoM) (Dec) (Thursday) (GBP) Manufacturing Production (MoM) (Dec) (Thursday)