Crypto Outlook

-BTC: $67320.20

-ETH: $3,465.13

-XRP: $0.6324

-LTC: $90.36

The worldwide crypto market is currently valued at $2.55 trillion, showing a slight increase of  4.71%  in the past 24 hours. During this period, the total crypto market activity reached $76.82 billion, marking a 7.89% increase. In the decentralized finance (DeFi) sector, the volume stands at $7.52 billion, contributing 9.79% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $67.71 billion and representing 88.14% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 51.75%, showing a slight increase of 0.16% during the day.

BTC: BTC price increased by 5.38% and decreased by 1.48% over 24 hours and the past seven days.The asset reached a low and high of $63,825.85 and $67,622.76, respectively.

BlackRock’s Bitcoin ETF, currently holding 238,500 BTC valued at $15.5 billion, is predicted to surpass Grayscale’s GBTC in the next three weeks, given the current flow rates. The ETF sees a daily inflow of about $274 million or 4,120 BTC. On the other hand, GBTC, with 350,252 BTC worth $23 billion, has been experiencing a daily outflow of approximately $277 million or 4,140 BTC

BTC Technical Analysis:

In the analysis of Bitcoin’s (BTC) daily price chart, we observe a consistent rally that commenced after a significant rebound from the $40,000 support level. This positive momentum encountered resistance at the $75,000 mark, leading to a retracement in the market.

Recently, Bitcoin’s price has tested the critical support zone at $63,500 and bounced to $67,000 pivot level, signaling a bullish continuation while setting the stage for further advances.

However, should the price face rejection at this juncture, it might trigger a downward movement toward the $60,000 threshold (50-D simple moving average level), or even lower, highlighting a crucial phase for traders to monitor.

ETH: ETH price increased by 4.61% and decreased by 4.29% over 24 hours and the past seven days. The asset reached a low and high of $3,301.28 and $3,470.34, respectively.

A recent Ethereum wallet scam has defrauded millions by targeting crypto and NFT transactions. The phishing attack, which impersonated bankrupt firms like BlockFi and FTX, exploited a breach in the Mailer Lite email service. The scammer’s wallet has amassed about $4.5 million in Ethereum since March 17th, including high-value NFTs. Despite the damage to the blockchain ecosystem’s reputation, advancements in security are beginning to counter such threats.

ETH Technical Analysis:

On the daily chart, ETHUSD shows a dominant bullish trend where the price momentarily surpassed the significant $4,000 resistance level. However, this milestone brought about increased selling pressure, causing a retracement to a key support area defined by the Fibonacci retracement levels at $3,138 (0.5) and $2,913 (0.618).

In this critical zone, the price successfully found strong support, leading to a noteworthy recovery. Currently, Ethereum is navigating a crucial range, capped by the $4,000 resistance and anchored by the $3,000 support level. The direction of a breakout from this established range is expected to significantly influence Ethereum’s market trajectory.

XRP: XRP price increased by 2.55% and 1.70% over 24 hours and the past seven days. The asset reached a low and high of $0.6168 and $0.6356, respectively.

RippleX has identified a technical issue impacting certain AMM pools on the XRP Ledger, causing transaction disruptions. Users are advised not to deposit funds into the affected pools and to withdraw LP tokens until the issue is resolved. The XRPL community has had mixed reactions, with some questioning network reliability, while others appreciate RippleX’s transparency.

XRP Technical Analysis:

XRPUSD’s daily chart shows a breakout above a key triangle pattern resistance, briefly hitting the $0.72- $0.74 resistance mark. This move signals strong buyer interest; however, the price was rejected from this zone. Now XRP is correcting towards the triangle’s edge. If this pullback is just a hiccup, we might see Ripple rally again, potentially setting new highs above $0.74.

Presently, XRP is stuck in a crucial range between the $0.74 resistance and the $0.56 support. The next big move, breaking out of this range, will be key to Ripple’s next direction.

LTC: LTC price increased by 4.75% and 5.59% over 24 hours and the past seven days. The asset reached a low and high of $86.25 and $90.42, respectively.

Litecoin is poised for a potential price surge due to recent advancements. The incorporation of the MimbleWimble protocol has improved Litecoin’s privacy and scalability, attracting more privacy-centric investors. Additionally, Grayscale Investments’ involvement in Litecoin funds lends further credibility to its market standing, indicating a rise in institutional interest that could propel the price upward.

LTC Technical Analysis:

Litecoin maintains its long-term uptrend, presenting a buying opportunity on dips near the $80 support level, with an eye towards the $95 resistance target. Although LTC previously surpassed the $95 mark, it was unable to sustain above this level.

The momentum indicators show mixed signals: the Relative Strength Index (RSI) hovers around 50, indicating a neutral stance.

Now, key levels to watch include immediate support at $77-$80, which previously acted as resistance, followed by a secondary support level at $70. On the upside, resistance is found at $95, with further targets at $105.

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