. Weekly Crypto Analysis - Bitcoin whales boost, XRP drops, Ethereum soars, Dogecoin plummets.

Weekly Crypto Analysis – Bitcoin whales boost, XRP drops, Ethereum soars, Dogecoin plummets.

Weekly Crypto Analysis – Bitcoin whales boost, XRP drops, Ethereum soars, Dogecoin plummets.

20 Jan 2024

Introduction

Bitcoin whales signal confidence with an uptick in addresses holding over 1,000 BTC, yet uncertainties loom as the cryptocurrency approaches a crucial support zone. XRP faces a 9% drop amid declining demand and losses, despite expectations for a Spot XRP ETF approval. Ethereum defies the trend, surging to $2,400 with institutional FOMO yet to fully kick in. Meanwhile, Dogecoin experiences a free fall, intensifying concerns as it eyes $0.065 amid the broader market downturn. Investors navigate challenges in a volatile crypto landscape impacted by shifting sentiments and market dynamics.

Markets In Focus Today – BITCOIN

Bitcoin whales rise in numbers signaling strong confidence in BTC rally or positioning for profit taking.

Bitcoin whale addresses holding over 1,000 BTC noted an uptick, reaching its highest level since August 2022. The massive spike in large wallet addresses either signals whales’ confidence in BTC price or an upcoming shift in Bitcoin price trend. Bitcoin price inches closer to the support zone where 1.62 million BTC addresses added 706,870 BTC to their holdings. Bitcoin price was expected to witness an extensive bull run following the approval of spot BTC ETFs, but, surprisingly, this did not happen. In fact, the biggest cryptocurrency in the world is trending downwards at the moment, lurking around monthly lows. This might give the altcoins a very crucial opening to take over BTC.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42624.99 | Negative Crossover | Bearish
  • MA 20 : 43104.50 | Negative Crossover | Bearish
  • MA 50 : 42156.59 | Negative Crossover | Bearish

Simple :

  • MA 10 : 42734.39 | Negative Crossover | Bearish
  • MA 20 : 43811.51 | Negative Crossover | Bearish
  • MA 50 : 43169.94 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 42.83 | Neutral Zone | Neutral

Stochastic   Oscillator : 13.04 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 41937.81 | Take Profit : 38860.16 | Stop Loss : 44183.66

RIPPLE

XRP price could bleed another 9% as traders realize over $130 million in losses.

XRP traders have realized $130.24 million in losses since the beginning of January as Ripple price declines. XRP active addresses have decreased by 34% since January 1, signaling a decrease in demand and relevance of the altcoin. XRP price is at risk of a fall to $0.50, a 9% drop from the current level. XRP price is in a downward trend that has shed around a quarter of the altcoin’s value in the last few months. The price decline came even as the community anticipates the approval of a Spot XRP ETF after the recent approval of the Bitcoin ETFs by the SEC. Still, investors with XRP holdings have realized losses in large numbers in January, on-chain data shows, putting Ripple’s token on the path for another 9% decline if the current trajectory persists.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.56 | Negative Crossover | Bearish
  • MA 20 : 0.58 | Negative Crossover | Bearish
  • MA 50 : 0.59 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.57 | Negative Crossover | Bearish
  • MA 20 : 0.58 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 37.60 | Sell Zone | Bearish

Stochastic   Oscillator : 20.11 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.68 R2 : 0.71
  • S1 : 0.59 S2 : 0.56

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.54 | Take Profit : 0.45 | Stop Loss : 0.60

ETHEREUM

Ethereum (ETH) Soars to $2,400, Institutional FOMO Yet to Kick In .

In a surprising turn of events, Ethereum (ETH) has experienced a sudden surge, breaking through the $2,400 mark and achieving a new high for the year. The cryptocurrency market, which has been notably volatile in recent weeks, witnessed ETH leading a robust rally, pushing major implied volatilities (IVs) to yearly highs. Additionally, the daily volume (DVOL) spiked to 70%, reaching a level not seen since April. Analyzing options data, the tweet pointed out that the skew, a measure of the perceived distribution of potential price outcomes, has not followed the rally. This suggests that institutional traders are yet to fully embrace the FOMO associated with ETH’s bullish run.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2486.44 | Negative Crossover | Bearish
  • MA 20 : 2440.36 | Positive Crossover | Bullish
  • MA 50 : 2317.81 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2525.59 | Negative Crossover | Bearish
  • MA 20 : 2421.96 | Positive Crossover | Bullish
  • MA 50 : 2329.54 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.40 | Buy Zone | Bullish

Stochastic   Oscillator : 56.27 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 2410.75 R2 : 2505.13
  • S1 : 2105.19 S2 : 2010.81

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 2436.83 | Take Profit : 2603.87 | Stop Loss : 2339.39

DOGECOIN

DOGE Free Fall Intensifies Eyeing $0.065, Here’s How To Time Dogecoin Price Bounce Back.

The market downturn since last week is driving investors to the edge. Opportunities are drying up across the board and the situation is not different with the leading meme coin DOGE. Several support areas have been lost, elevating the sellers’ presence and influence on Dogecoin price. Support at $0.075 must hold in the short term, otherwise, investors could be staring at a larger breakdown to $0.065. The impact of the ongoing sell-off is having far-reaching effects on the performance of many cryptocurrencies, Dogecoin included. Despite the hyped-up rally from October backed by growing optimism for the approval of the first spot Bitcoin ETFs in the US, a sell-off clouded the actual event.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.08 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.08 | Negative Crossover | Bearish
  • MA 20 : 0.08 | Negative Crossover | Bearish
  • MA 50 : 0.09 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 40.87 | Neutral Zone | Neutral

Stochastic   Oscillator : 30.93 | Sell Zone | Negative

Resistance   And Support Levels :

  • R1 : 0.10 R2 : 0.11
  • S1 : 0.08 S2 : 0.08

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Limit Sell : 0.74 | Take Profit : 0.66 | Stop Loss : 0.80

Elsewhere In The Crypto Market

Bitcoin up (1.24%) at 43,012, Ethereum up (1.25%) at 2,542.3, Litecoin up (3.69%) at 71.33, Solana down (1.73%) at 91.97, Doge coin up (0.70%) at 0.079.

Key Economic Events & Data Release Today:

(JPY) BoJ Monetary Policy Statement (Tuesday) (JPY) BoJ Press Conference (Tuesday) (NZD) CPI (QoQ) (Q4) (Wednesday) (EUR) German Manufacturing PMI (Jan) (Wednesday) (USD) Manufacturing PMI (Jan) (Wednesday) (CAD) BoC Interest Rate Decision (Wednesday) (CAD) BoC Monetary Policy Report (Wednesday) (EUR) CPI (YoY) (Dec) (Wednesday) (EUR) ECB Interest Rate Decision (Jan) (Thursday) (EUR) ECB Monetary Policy Statement (Thursday) (USD) GDP (QoQ) (Q4) (Thursday) (USD) Initial Jobless Claim (Thursday) (JPY) Tokyo Core CPI (YoY) (Jan) (Friday)