XRP Price Directionless, Will Sellers Send The Coin To $0.50?

Posted on April 2, 2024 by Dalmas Ngetich

XRP prices peeled off from the chop for the better part of March following losses on April 2. Now, sellers are back in contention, confirming losses on April 1. Even though buyers are in control and prices are still in the bull bar of March 11, the odds of further losses remain high.

When writing, sellers are in control, and price action is weighted more in the base of the March 11 bar. This signals that sellers might break below the support, extending losses and invalidating bulls’ attempts of early March.

XRP is down 3% in the past 24 hours and 8% in the previous trading week. Though there is optimism, the failure of bulls to press on is a worry. With prices dropping, the average trading volume in the past 24 hours is up to 55%, rising to $1.9 billion.

The following Ripple and XRP news might influence prices in the short term:

Two United States Judges have disagreed with the July 2023 ruling that XRP is not a security. Nonetheless, the focus now is on the incoherent application of the Howey Test, especially on emerging asset classes, mostly cryptocurrencies.
Beyond the ongoing court case between the United States SEC and Ripple, others are looking at the ongoing Coinbase ruling. Analysts say the outcome of this case might set a legal precedence that will impact the court’s view on the status of XRP.

XRP Price Analysis

[[XRP/USD]] is consolidating when looking at the candlestick arrangement in the daily chart.

Even though buyers expect more gains, retesting the crucial support zone at $0.57 and $0.59 might anchor sellers targeting $0.50.

In the short term, traders can wait for a clear break above the current consolidation.

A close above $0.66, with rising volume, might see XRP float to $0.74 as buyers take charge.

Conversely, losses below $0.57 might see XRP slip to $0.50 in the days ahead.

Ethereum Upside Momentum Fades, ETH Sellers Targeting $3,200

Posted on April 2, 2024 by Dalmas Ngetich

Ethereum is under pressure, following the likes of Bitcoin and the broader altcoin market. The coin is down from crucial support levels, looking at the formation in the daily chart. Following recent losses, ETH is trading in a bearish formation below the dynamic support level.

So far, Ethereum is down 5% in the past 24 hours and 8% in the previous week. Technically, the drop has swung price action in favor of sellers. With recent losses, the coin’s trading volume is up 56% in the previous trading day. However, because of losses, its market cap is down 5% to over $404 billion. Volume is up likely because of traders possible exiting their longs, or short sellers doubling down.

The following Ethereum news events might influence price action:

Eyes are still on the United States SEC and whether they will approve a spot Ethereum ETF in May. Chiming in, the CIO of Bitwise thinks a delay will be overly optimistic for the platform’s ecosystem. If the regulator postpones their ruling on the product, traders have to wait until December.
After Dencun, Vitalik Buterin, the co-founder of Ethereum, laid out the protocol’s next step. The developer detailed plans for the Purge, which would introduce history expiration through another proposal, EIP-4444.

Ethereum Price Analysis

[[ETH/USD]] bulls might be confident, but at press time, the path of least resistance is southwards.

For optimistic traders, they can find entries on any attempts higher but below $3,450.

Resistance lies at around last week’s highs at around $3,700.

Even though Ethereum buyers are upbeat, bulls didn’t find enough momentum to thrust the coin above this key liquidation level.

Any breakout above $3,700 reversing current losses might see ETH float to $4,000 in a buy trend continuation formation.

However, if sellers extend their rout, ETH might slip to as low as $3,200 in the sessions ahead.

Bitcoin Crashes After Strong US Factory Data: Back To $60k?

Posted on April 2, 2024 by Dalmas Ngetich

Bitcoin is trending lower at press time, looking at the formation in the daily chart. Even though bulls are confident, the drop is a shake of confidence. Following the crash in the Asian session, the uptrend will only be valid if there is a complete reversal, pushing the coin above the $71,700 level.

So far, Bitcoin is down 5% in the previous trading day, pushing weekly losses to around 6%. The sell-off, as expected, pushed trading volume higher to 77%, indicating that traders are exiting. Of all, the collapse of prices forced the coin’s market cap down by 4% to around $1.3 trillion.

The following Bitcoin news events might influence price action in the coming sessions:

Tether Holdings, the issuer of USDT—the world’s largest stablecoin by market cap—bought 8,888 BTC worth over $618 million, according to a recent announcement. Their holdings now stand at over 75,000 BTC, at an average price of around $30,000.
The drop in BTC prices follows the release of better-than-expected PMI data. Statistics show that factory activity in the United States unexpectedly expanded in March. This rapid expansion was noteworthy and comes for the first time since September 2022. Some expect the FED to possibly reduce the number of rate cuts in 2024.

Bitcoin Price Analysis

[[BTC/USD]] remains bullish, looking at the formation in the daily chart.

Despite the crash on April 2, buyers stand a chance. Any rejection of lower lows today above $71,700 might reinforce this forecast.

Even so, the crash below the local support of around $68,300 is bearish. Accordingly, traders might look to short in the short term, aiming for $61,500.

Further losses below this line might trigger further losses towards $60,000 or worse in the medium term.

Forex Signals Brief April 2: Will JOLTS Jobs Be A Hint for the NFP?

Posted on April 2, 2024April 2, 2024 by Skerdian Meta

The USD surged at the start of the US session, as bond yields spiked to their highest levels since March 20th after a strong ISM manufacturing report. The 10-year Treasury yields saw a notable increase of 12 basis points, the largest jump in two weeks, while the 2-year yields rose by 9 basis points, marking its biggest one-day gain since February in two weeks. This surge in yields led to a revision in FED rate reduction expectations for this year, with the estimate now at 65 basis points, down from 80 basis points last week.

US jobs sector remains steady but JOLTS is showing some weakness

Continue reading “Forex Signals Brief April 2: Will JOLTS Jobs Be A Hint for the NFP?” →

Bitcoin’s sudden crash turns Crypto market into Red Sea

Posted on April 2, 2024 by Olumide Adesina

The crypto market turned all red in the early hours of Tuesday as Bitcoin lost more than 6% of its value to drop around 66K before stabilizing close to 67K on increased demand for the haven currency. The US dollar index, relative to major fiat currencies—broke above 105 index points for the first time, increasing the four-week gain to 2.58%. currency-denominated assets, such as gold and bitcoin, become more expensive when the currency strengthens, which may reduce demand.

Furthermore, it is well recognized that persistent dollar strength results in global financial tightening, which reduces investors’ willingness to take on risk. The global crypto market valuation was trading at around $2.5 trillion, a 4.66% decrease over the last day. Bitcoin’s dominance settled at around 52.1%, an increase of 0.13% over the day. Data from Coinglass shows that 120,953 traders were liquidated because of the market collapse, totaling $394 million for the day.

Consequently, recent fundamentals highlighted Bitcoin exchange-traded funds (ETFs) reported a net outflow of $86 million at the same time as the dip, ending a four-day positive inflow streak.

With a net inflow of $165.9 million, BlackRock’s ETF was the best-performing fund; Fidelity came in second with $44 million.

Nevertheless, Grayscale’s GBTC reported $302 million in withdrawals, which offset the inflows and increased the total daily outflows for all the funds to $85.7 million.

Memecoin is still quite high because of recent token launches like Book of Meme (BOME) and ‘Dogwifhat’ (WIF) based in Solana, as well as older meme coins like Pepe. One example is the recently introduced Base-native token DEGEN, which increased by an astounding 2,800% gain last month.

With multiple job statistics scheduled later this week, such as the unemployment rate and Friday’s nonfarm payrolls figure, Historical data highlighted that Bitcoin could likely stay volatile for a while. Furthermore, this month’s quadrennial mining reward halving for the Bitcoin blockchain is approaching.

Forex Signals Brief April 1: China Starting the Week on the Right Foot

Posted on April 1, 2024March 31, 2024 by Skerdian Meta

Last week the economic calendar was light, with the US Q4 final GDP report taking up some attention on Thursday, as the revisions were positive, giving some support to the US Dollar. On Friday we had the major event which was the core PCE inflation report and FED’s Powell held a speech afterward.

Chinese manufacturing finally gets out of contraction

Continue reading “Forex Signals Brief April 1: China Starting the Week on the Right Foot” →

Why Bitcoin’s outlook is bright despite 64% gain in Q1

Posted on April 1, 2024 by Olumide Adesina

Bitcoin fell below $70K as investors reassessed the state of the crypto market, at the start of the second quarter Recent price actions showed Bitcoin and major altcoins kept moving within the short-term range and still exhibited a bullish bias on the longer-term price charts as whales quickly accumulated both assets. Compared to previous weeks in March, the cryptocurrency market moved stably. The weekly realized volatility dropped to less than 50%, and the market valuation reached $2.64 trillion.

Bitcoin experienced a remarkable surge of 64% for the quarter and 13% for March alone. Although retail investors’ interest in Bitcoin has grown, price action suggested retail investors were more interested in the new Solana-based tokens and “meme coins.” like the Solana-based Dogwifhat (WIF)

Bitcoin (BTC) and the larger digital asset market, according to Coinbase Head of Institutional Research David Duong. In our opinion, the environment for 2Q24 seems more favorable for cryptocurrency performance going forward. However, we believe that those favorable aspects might only become more apparent beginning in the second part of April.

According to Duong, the arrival of major institutions is another factor that could drive up the price of Bitcoin in addition to the impending halving event, which will cut the rewards paid to miners in half. Financial behemoths Morgan Stanley (MS), Bank of America (BofA), UBS Group AG, and Goldman Sachs (GS) may begin offering Bitcoin ETFs to customers following the 90-day review period.

With the halving of Bitcoin, updates to the Ether ETF, and possible rate cuts, digital asset investors are also in for a busy quarter. Bitcoin has started the breakout process, with a weekly close above the range high signifying the first step . To complete the second step necessary to fully confirm its breakout, market bias believes that before Bitcoin resumes its upward trajectory, it may need to dip into the range high and effectively test its new support. As a result, the price of Bitcoin can continue rising toward $75,000 as the halving draws near.

It is also imperative to consider both the flow of BTC-spot ETF data and the Federal Reserve’s interest rate trajectory in the run-up to the Bitcoin halving event. Bitcoin may respond more strongly to US economic data this week if the BTC-spot ETF market sees a drop in net inflows or records total net outflows during the session.

Forex Signals Brief March 29: Locked and Loaded for Core PCE Inflation

Posted on March 29, 2024March 29, 2024 by Skerdian Meta

As traders and central bankers prepare for the long Easter weekend, with Good Friday today and the holiday extending through Monday, the major US stock indices and bond markets will be closed. Despite the upcoming holiday closure, the markets concluded the first quarter with advances across various asset classes.

Continue reading “Forex Signals Brief March 29: Locked and Loaded for Core PCE Inflation” →

Bitcoin Is Firm Amid A Mega Accumulation By Spot ETF Issuers

Posted on March 29, 2024 by Dalmas Ngetich

Bitcoin is steady in the last trading day and week. Though traders expect a price spike toward all-time highs, the coin keeps finding resistance. So far, the zone between $71,600 is proving to be a hard nut to crack for optimistic bulls. Still, the uptrend remains, and buyers have successfully soaked up selling pressure.

On the last day, BTC is flat but up 6% in the past trading week. Overall, the rejection of lower lows is a net positive for buyers. Even so, there must be a strong push higher. At press time, trading volume is down 25% to $31 billion. Participation will likely remain muted throughout the weekend till next week.

The following Bitcoin news events continue to make headlines:

Data shows that new spot Bitcoin ETFs hold over 500,000 BTC in less than two months after trading. This milestone indicates that most investors are willing to get exposure but in a structured, regulated manner.
Cybercriminals are now targeting Call of Duty players who cheat. Reportedly, hundreds of these gamers have had their BTC stolen.

Bitcoin Price Analysis

[[BTC/USD]] remains in a broader range, looking at the formation in the daily chart.

Even though buyers are confident, the uptrend momentum remains slow.

Technically, the bulls are in charge. However, for the trend to continue, there must be a conclusive close above $71,600.

A breakout with high volume might see the coin soar to $73,800 in a buy-trend continuation formation.

Conversely, immediate support is at $68,400.

Losses below this point might see the coin drop to $62,000.

Ethereum Struggling Despite Institutional Interest: What’s Going On?

Posted on March 29, 2024 by Dalmas Ngetich

Ethereum is flat when writing and trading within a tight range, which is evident in the daily chart. Even though buyers expect a breach of key resistance levels, the failure to do so is bearish. So far, ETH has found strong liquidation at $3,700. At the same time, support is at $3,400, marking March 25 lows. Any breakout might guide how prices pan out in the short term.

ETH bulls are confident, but prices remain flat in the daily and weekly charts. The past 24 hours have seen a 35% decrease in trading volume, currently at $13 billion. For the Ethereum uptrend to continue, prices need to break above $3,700, accompanied by a significant increase in trading volume.

The following Ethereum news events might shape price action:

Fidelity worries that the growing number of Ethereum validator sets will make future upgrades difficult. In a report, the asset manager said the rising number of validators, up 74%, will negatively impact bandwidth. Even so, the network becomes more robust and reliable with more validators.
Bitwise Asset Management is the latest to file for a spot Ethereum ETF with the United States SEC. More issuers are interested in releasing the product to the public. The United States SEC has yet to release a statement clarifying its classification of ETH.

Ethereum Price Analysis

[[ETH/USD]] remains in a bullish formation.

While buyers have a chance, prices have been in a range from mid-March 2024.

Buyers will only take full charge if they push the coin above $3,700, opening the door to $4,000.

On the other hand, losses below $3,400 might cause Ethereum to crash to $3,200. The coin could drop further, falling to $2,600 in that case.