. Weekly Crypto Analysis - Crypto giants' fate sparks intense speculation.

Weekly Crypto Analysis – Crypto giants’ fate sparks intense speculation.

Weekly Crypto Analysis – Crypto giants’ fate sparks intense speculation.

24 Feb 2024

Introduction

Bitcoin teeters at $48,000, signaling potential directional bias after days of sustained downtrend. With low weekend trading volumes and heightened volatility, BTC could reclaim $50,000, but breaking $52,985 is crucial. Meanwhile, Dogecoin eyes $0.09, showcasing bullish support above the trendline. XRP faces a sharp decline amid the SEC v. Ripple lawsuit, inching closer to $0.52. Ethereum, hitting $3,000 thrice, prompts FOMO buying, but on-chain data hints at potential corrections, raising questions about a sustained uptrend.

Markets In Focus Today – BITCOIN

Bitcoin price eyes $48,000.

Bitcoin price has displayed a sustained downtrend over the past four days with lower highs and lower lows. BTC could revert to $50,000 amid low trading volumes and enhanced volatility characteristic of weekends. The bearish thesis will be invalidated if BTC breaks and closes above the $52,985 range high. Bitcoin (BTC) price is testing a critical support level, that could confirm its next directional bias after three consecutive days of teasing with a downtrend. Meanwhile, the market has shelved matters of Exchange-traded funds (ETFs) for a while, as all eyes peruse emails between the BTC creator and one of his earliest collaborators.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 51006.3321 | Positive Crossover | Bullish
  • MA 20 : 49495.2037 | Positive Crossover | Bullish
  • MA 50 : 46415.9715 | Negative Crossover | Bearish

Simple :

  • MA 10 : 51724.1480 | Negative Crossover | Bearish
  • MA 20 : 49350.3005 | Positive Crossover | Bullish
  • MA 50 : 45412.8832 | Negative Crossover | Bearish

RSI (Relative Strength Index): 66.2013 | Buy Zone | Bullish

Stochastic   Oscillator : 69.4140 | Buy Zone | Negative

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 51139.59 | Take Profit: 49442.70 | Stop Loss: 52044.60

DOGECOIN

Dogecoin price eyes $0.09 as bulls await the signal to buy DOGE.

Dogecoin price remains above the descending trendline as bulls show up to define support.DOGE could rise 5% to reclaim the $0.0900 milestone, levels last tested on Tuesday. The bullish thesis will be invalidated if the price breaks and closes below $0.0817Dogecoin (DOGE) price broke above the descending trendline on Valentine’s Day, February 14, but the breakout proved premature as the traders quickly booked profit. However, the breakout encouraged sidelined investors who did not want to be left behind the second time around.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.0847 | Positive Crossover | Bullish
  • MA 20 : 0.0837 | Positive Crossover | Bullish
  • MA 50 : 0.0830 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.0854 | Negative Crossover | Bearish
  • MA 20 : 0.0832 | Positive Crossover | Bullish
  • MA 50 : 0.0815 | Positive Crossover | Bullish

RSI (Relative Strength Index): 54.6919 | Buy Zone | Bullish

Stochastic   Oscillator : 42.0594 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.0901 R2 : 0.0949
  • S1 : 0.0747 S2 : 0.0700

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Stop Buy: 0.080 | Take Profit: 0.085 | Stop Loss: 0.076

RIPPLE

XRP experiences a sharp decline as Kraken refers to the SEC v. Ripple lawsuit in its legal dispute with the regulatory body.

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its legal battle against the regulator. Kraken cited the summary judgment from the Ripple case to argue against the SEC’s allegations. The Securities and Exchange Commission’s (SEC) lawsuit against Ripple has influenced the native token’s price consistently in the past three years. This week the lawsuit entered the remedies phase, while crypto exchange Kraken has cited Judge Analisa Torres’ summary judgment in the SEC’s lawsuit against Ripple in its legal battle against the financial regulator.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5453 | Negative Crossover | Bearish
  • MA 20 : 0.5416 | Negative Crossover | Bearish
  • MA 50 : 0.5489 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.5528 | Negative Crossover | Bearish
  • MA 20 : 0.5369 | Negative Crossover | Bearish
  • MA 50 : 0.5418 | Positive Crossover | Bullish

RSI (Relative Strength Index): 51.9131 | Buy Zone | Bullish

Stochastic   Oscillator : 39.8237 | Sell Zone | Neutral

Resistance   And Support Levels :

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

Overall Sentiment: Neutral Market Direction: Sell

Trade Suggestion: Limit Sell: 0.52 | Take Profit: 0.48 | Stop Loss: 0.55

ETHEREUM

The price of Ethereum briefly approaches $3,000 for the third time this week.

Ethereum’s price revisited its local top of $3,000.Social media mentions of buying Ethereum and $3,000 peaked on Wednesday. ETH price could revisit its support at $2,601 before retesting its 2024 peak. Ethereum price crossed $3,000 for the third time this week, resulting in euphoria among crypto market participants. On-chain intelligence firm Sentiment noted that traders bought Ethereum at the local top, above $3,000, out of the Fear Of Missing Out (FOMO). Ethereum price has crossed the psychologically important $3,000 level several times this week, with no sustained continuation of the uptrend. ETH price has corrected briefly each time the altcoin revisits the $3,000 mark.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2882.4315 | Positive Crossover | Bullish
  • MA 20 : 2754.9615 | Positive Crossover | Bullish
  • MA 50 : 2555.0406 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2907.6280 | Positive Crossover | Bullish
  • MA 20 : 2708.5145 | Positive Crossover | Bullish
  • MA 50 : 2510.9196 | Positive Crossover | Bullish

RSI (Relative Strength Index): 72.2328 | Buy Zone | Bullish

Stochastic   Oscillator : 85.4196 | Buy Zone | Negative

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: 2860.59 | Take Profit: 2998.98 | Stop Loss: 2776.82

Elsewhere In The Crypto Market

Bitcoin is up (0.6%) at 51,049, Ethereum is up (1.17%) at 2,956.0, Litecoin is up (01.29%) at 69.68, Solana is up (0.28%) at 102.51, Dogecoin is up (0.59%) at 0.085.

Key Economic Events & Data Release Today:

(USD) Building Permits (Monday) (USD) Core Consumer Confidence (Tuesday) (NZD) RBNZD Interest Rate Decision (Wednesday) (NZD) RBNZ Rate Statement (Wednesday) (USD) GDP (QoQ) (Q4) (Wednesday) (AUD) Retail Sales (MoM) (Jan) (Thursday)