. Weekly Crypto Analysis - Ethereum Drop, Dogecoin Poised for Surge.

Weekly Crypto Analysis – Ethereum Drop, Dogecoin Poised for Surge.

Weekly Crypto Analysis – Ethereum Drop, Dogecoin Poised for Surge.

08 Jun 2024

Introduction

Bitcoin and the crypto market tumble after strong US jobs data. The NFP report strengthens the dollar and dampens hopes of a Fed rate cut, sending Bitcoin tumbling. Meanwhile, Ripple’s token XRP dips after a large token movement, and Ethereum edges lower on news of Hong Kong’s plans for ETH ETFs with staking. Dogecoin waits for a breakout as on-chain data hints at a potential surge.

Markets In Focus Today – BITCOIN

Bitcoin and entire crypto market bow into the weekend following strong NFP report.

Bitcoin’s correction has seen the crypto market suffer a decline after the US reported an increase in employment rate.NFP data has historically impacted the price of Bitcoin due to its growing correlation with the stock and commodities market.Growth of Bitcoin ETFs likely causing a decline in miners and exchange BTC reserves.Bitcoin (BTC) and the entire crypto market took a hit on Friday after the non-farm payroll (NFP) report for May beat analysts’ expectations, with 272,000 new jobs added. The report seems to have quenched expectations of the Federal Reserve reducing interest rates, in turn, improving the dollar’s value and dashing hopes of Bitcoin reaching an all-time high before the weekend.Bitcoin initially teased a new all-time high in the early hours of Friday after attempting a move above the $72,000 mark. However, with the strong NFP report coming in at the early hours of the US session, Bitcoin shed nearly 4% of its value.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 69361.3925 | Positive Crossover | Bullish
  • MA 20 : 68505.5947 | Positive Crossover | Bullish
  • MA 50 : 66737.5108 | Positive Crossover | Bullish

Simple :

  • MA 10 : 69145.9000 | Positive Crossover | Bullish
  • MA 20 : 68996.8675 | Positive Crossover | Bullish
  • MA 50 : 65700.2470 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 56.5893 | Buy Zone | Bullish

Stochastic   Oscillator : 63.2575 | Buy Zone | Negative

Resistance   And Support Levels :

  • R1 : 70751.8229 R2 : 74228.2304
  • S1 : 59497.6904 S2 : 56021.2829

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 69640.02 | Take Profit : 72613.07 | Stop Loss : 67924.80

RIPPLE

XRP sinks as Ripple moves 200 million tokens, inviting community suspicion.

Ripple allegedly moved 200 million XRP tokens to an unknown wallet.Ripple’s move has allowed speculation that the company plans to abandon its native token.XRP was down 4% following the move on Friday.XRP’s price decreased by about 4% on Friday following a report that Ripple moved 200 million XRP tokens to an unknown wallet. Despite the FUD, the company seems to be striking new partnerships as it prepares for its stablecoin launch.XRP suffers pullback after Ripple’s large sell-off.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.5148 | Negative Crossover | Bearish
  • MA 20 : 0.5188 | Negative Crossover | Bearish
  • MA 50 : 0.5282 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.5159 | Negative Crossover | Bearish
  • MA 20 : 0.5239 | Negative Crossover | Bearish
  • MA 50 : 0.5218 | Negative Crossover | Bearish

RSI (Relative Strength Index) : 38.2551 | Sell Zone | Bearish

Stochastic   Oscillator : 42.0685 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.5573 R2 : 0.5791
  • S1 : 0.4868 S2 : 0.4650

Overall Sentiment : Bearish Market Direction : Sell

Trade Suggestion : Stop Sell : 0.502 | Take Profit : 0.461 | Stop Loss : 0.532

ETHEREUM

Ethereum’s price suffers slight decline amid Hong Kong’s plan to allow staking in ETH ETFs.

Hong Kong issuers are allegedly working toward incorporating staking into their ETH ETFs.ProShares submits 19b-4 application for spot ETH ETF.Ethereum will likely continue its range-bound movement over the weekend.Ethereum (ETH) was down more than 3% on Friday following news that Hong Kong will allow issuers to integrate staking features into their spot ETH ETFs. ProShares also submitted a 19b-4 application for a spot ETH ETF with the Securities & Exchange Commission (SEC) on Thursday. However, with the added rewards of staking, Hong Kong ETH ETFs could be attractive to investors worldwide, especially as the SEC has signaled that it won’t permit issuers to offer staking if/when spot ETH ETFs launch in the US.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 3751.7061 | Negative Crossover | Bearish
  • MA 20 : 3674.8312 | Positive Crossover | Bullish
  • MA 50 : 3483.1791 | Positive Crossover | Bullish

Simple :

  • MA 10 : 3773.4700 | Negative Crossover | Bearish
  • MA 20 : 3775.5680 | Negative Crossover | Bearish
  • MA 50 : 3353.5784 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 54.6891 | Buy Zone | Bullish

Stochastic   Oscillator : 33.2506 | Sell Zone | Neutral

Resistance   And Support Levels :

  • R1 : 3958.0910 R2 : 4230.8857
  • S1 : 3074.9757 S2 : 2802.1810

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 3723.61 | Take Profit : 3963.25 | Stop Loss : 3581.12

DOGECOIN

Dogecoin whales could end DOGE’s muted volatility.

Dogecoin price eyes a quick recovery if it overcomes $0.181.On-chain data shows massive accumulation from DOGE whales. Investors can expect an 80% move in the most-optimistic case. A failure to overcome $0.181 could see the dog-themed crypto fall 27% to $0.116 weekly support level.Dogecoin (DOGE) price has shown no intention to move higher. But during this month-long consolidation the momentum indicator has improved vastly and is in a better to kick-start an upside move. The on-chain metrics support this ascent and suggest something massive could be on the way.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.1566 | Positive Crossover | Bullish
  • MA 20 : 0.1580 | Negative Crossover | Bearish
  • MA 50 : 0.1573 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.1574 | Positive Crossover | Bullish
  • MA 20 : 0.1619 | Negative Crossover | Bearish
  • MA 50 : 0.1543 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 50.28 | Buy Zone | Bullish

Stochastic   Oscillator : 55.51 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.1723 R2 : 0.1853
  • S1 : 0.1303 S2 : 0.1173

Overall Sentiment : Neutral Market Direction : Buy

Trade Suggestion : Stop Buy : 0.159 | Take Profit : 0.181 | Stop Loss : 0.148

Elsewhere In The Crypto Market

Bitcoin up (0.14%) at 69,426, Ethereum up (0.56%) at 3,697.4, Litecoin down (0.36%) at 79.80, Solana down (0.04%) at 162.40, Doge coin down (0.45%) at 0.147.

Key Economic Events & Data Release Today:

(JPY) GDP (QoQ) (Q1) (Monday) (GBP) Average Earnings Index + Bonus (Apr) (Tuesday) (GBP) Claimant Count Change (May) (Tuesday) (GBP) Manufacturing Production (MoM) (Apr) (Wednesday) (EUR) German CPI (MoM) (May) (Wednesday) (GBP) GDP (MoM) (Apr) (Wednesday) (GBP) GDP (YoY) (Apr) (Wednesday) (USD) CPI (MoM) (May) (Wednesday) (USD) CPI (YoY) (May) (Wednesday) (USD) Core CPI (MoM) (May) (USD) Fed Interest Rate Decision (Wednesday) (USD) FOMC Statement (Wednesday) (USD) FOMC Press Conference (Thursday) (AUD) Employment Change (May) Thursday)