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Price Analysis Mar 30: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

Price Analysis Mar 30: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

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Most cryptocurrencies have bounced off their immediate support levels, a positive as this shows demand at lower levels.

BitMEX Research recently pointed out that the correlation between the S&P 500 and Bitcoin (BTC) has reached a new high, eclipsing the previous high recorded in March 2018. This shows that with all the money being printed to support the economy, a tiny bit might be finding its way into the crypto space, which is a huge positive.

Over the long-term, only a fraction of the total stimulus packages announced around the world are enough to boost the crypto market capitalization.

While many are bullish in the long-term, several investors want to catch the bottom. Earlier in the year veteran trader Tone Vays forecast that Bitcoin could bottom out closer to $2,800, but now he believes that the bottom might have been formed around $3,700. Vays does not expect Bitcoin to dip below the recent lows.

Daily cryptocurrency market performance. Source: Coin360

Daily cryptocurrency market performance. Source: Coin360

As traders, our focus is the price action. However, during these difficult times, it is heartening to see that various agencies and nations are taking the help of blockchain technology to fight the coronavirus pandemic. Along with helping with the technology part, we are very happy to note that the global crypto community has come together and is also doing its bit to help during this time of crisis.

The current crypto recovery is being led by Bitcoin as its dominance rate closes in on 66%. This raises the question of whether cryptocurrencies sustain the current relief rally and start a sustained uptrend? Let’s analyze the charts.

BTC/USD

The failure of the bulls to propel Bitcoin (BTC) above the overhead resistance of $7,000 attracted selling. That dragged the price below the immediate support of $6,435 but the bears could not break the next support of $5,660.47. This is a positive sign as it shows demand at lower levels.

BTC USD daily chart. Source: Tradingview

BTC USD daily chart. Source: Tradingview

Currently, the bulls are again attempting to carry the price above $6,435 and the 20-day EMA at $6,520. If successful, a retest of $7,000 is possible. Above this level, a move to the 50-day SMA at $7,985 and above it to $9,000 is likely.

Contrary to our assumption, if the BTC/USD pair turns down from the 20-day EMA and slides below the support at $5,660.47, a drop to the long-term support line at $5,000 is possible. For now, the traders can protect their long positions with stops at $5,600.

ETH/USD

Ether (ETH) continues to trade between the $117.090-$155.612 range. The 20-day EMA is sloping down and the RSI is in the negative zone, which suggests that the bears have the upper hand.

ETH USD daily chart. Source: Tradingview

ETH USD daily chart. Source: Tradingview

A break below the range can sink the ETH/USD pair to $100 and below it to $84.250. However, if the pair bounces off the support of the range, a few more days of consolidation is likely.

The pair will pick up momentum on a break above $155.612. Above this level, a move to the 50-day SMA at $198 is possible. Therefore, we retain the buy recommendation given in an earlier analysis.

XRP/USD

The failure of the bulls to sustain XRP above $0.17468 attracted selling. The bears attempted to resume the down move on March 29 but the bulls provided support close to $0.16 levels.

XRP USD daily chart. Source: Tradingview​​​​​​​

XRP USD daily chart. Source: Tradingview

If the bulls can propel the price above $0.17468 once again and sustain the level, the XRP/USD pair is likely to pick up momentum. The first target to watch on the upside is $0.22 and above it $0.25.

Contrary to our assumption, if the price turns down from $0.17468 once again, the bears will try to sink it to $0.1275. Hence, the stop loss on the long positions can be retained at $0.143 for now. We shall suggest trailing the stop to $0.16 after the pair rises above $0.19.

BCH/USD

Bitcoin Cash (BCH) turned down from the 20-day EMA on March 27 but the buyers stepped in just above the immediate support at $197.43. This is a positive sign as it shows demand on dips.

BCH USD daily chart. Source: Tradingview​​​​​​​

BCH USD daily chart. Source: Tradingview

The bulls will now try to drive the price above the 20-day EMA at $227 and the horizontal resistance at $247.95. If successful, the BCH/USD pair is likely to pick up momentum and rally to the 50-day SMA at $304 and above it to $350.

Hence, the traders can buy above $250 and keep a stop loss below $197. Our view will be invalidated if the pair plummets below $197.43. In such a case, a drop to $166 is likely.

BSV/USD

Bitcoin SV (BSV) turned down from the 20-day EMA on March 27. However, the bulls held the strong support at $146.96, which shows buying on dips. The 20-day EMA is flat and the RSI is just below the midpoint, which suggests a range formation for the next few days.

BSV USD daily chart. Source: Tradingview​​​​​​​

BSV USD daily chart. Source: Tradingview

We now anticipate the bulls to carry the BSV/USD pair to the overhead resistance at $185.87. If the price turns down from this level, the pair will extend its stay inside the range for a few more days.

A break above $185.87 will indicate strength. Above this level, a move to the 50-day SMA at $223 and above it to $260 is possible.

On the other hand, if the bears sink the price below $146.96, a drop to $120 is likely. Therefore, the stop loss on the long positions can be kept at $146.

LTC/USD

Litecoin (LTC) turned down from the 20-day EMA at $42.14 on March 27. The 20-day EMA is sloping down and the RSI is in the negative zone, which suggests that the advantage is with the bears. A drop below $35.8582 can drag the price to $30.

LTC USD daily chart. Source: Tradingview​​​​​​​

LTC USD daily chart. Source: Tradingview

Currently, the LTC/USD pair is attempting to rebound off the support at $35.8582. If the bulls can carry the price above the 20-day EMA at $41.12 and the horizontal resistance of $43.67, the pair is likely to pick up momentum.

The first target to watch on the upside is the 50-day SMA at $55.63. If this level is crossed, the up move can reach $63.8769. The traders can initiate long positions as suggested by us in an earlier analysis.

EOS/USD

EOS has been trading inside a tight range of $2.0632-$2.4001 since March 21. This shows that both the bulls and the bears are playing it safe and are not taking any large bets. The 20-day EMA continues to slope down and the RSI is in the negative zone, which suggests that bears have the upper hand.

EOS USD daily chart. Source: Tradingview​​​​​​​

EOS USD daily chart. Source: Tradingview

However, the bears have not been able to sink the EOS/USD pair below $2.0632, which shows a lack of sellers at lower levels.

If the bulls can propel the pair above the overhead resistance at $2.4001, a rally to the 50-day SMA at $3.32 and above it to $3.86 is possible. As the risk to reward ratio is attractive, we have retained the buy suggested in our earlier analysis.

BNB/USD

Binance Coin (BNB) turned down from the 20-day EMA at $13.27 on March 27. Though the bears were able to sink the price below the immediate support at $12.1111, they could not break below the next support at $10.8428.

BNB USD daily chart. Source: Tradingview​​​​​​​

BNB USD daily chart. Source: Tradingview

This shows that the buyers are keen to enter at lower levels. Currently, the bulls are again attempting to push the BNB/USD pair above $12.1111. If successful, the bulls will make one more attempt to climb above the 20-day EMA at $12.91. If successful, a move to the downtrend line at $15 is possible.

On the other hand, if the pair reverses direction from the 20-day EMA once again, the possibility of a break below $10.8428 increases. Below this level, a drop to $8.4422 is likely. Currently, we do not find any reliable buy setups, hence, we remain neutral on the pair.

XTZ/USD

Tezos (XTZ) broke below the trendline of the ascending triangle, which invalidates the pattern. A breakdown of a bullish pattern is a bearish sign. Currently, the altcoin is attempting a bounce off the immediate support at $1.4453.

XTZ USD daily chart. Source: Tradingview​​​​​​​

XTZ USD daily chart. Source: Tradingview

If the XTZ/USD pair can re-enter the triangle, it will be a bullish sign as it will indicate buying at lower levels. The pair is likely to pick up momentum on a break above the 20-day EMA at $1.77 and the overhead resistance at $1.955.

Therefore, we retain the buy recommendation given in an earlier analysis. The pair will turn negative if the price turns down from the trendline and plummets below $1.4453.

LEO/USD

After consolidating between the $1-$1.04 range for the past few days, UNUS SED LEO (LEO) has broken out of $1.04. This is a positive sign. With both moving averages sloping up and the RSI in positive territory, the advantage is with the bulls.

LEO USD daily chart. Source: Tradingview​​​​​​​

LEO USD daily chart. Source: Tradingview

If the LEO/USD pair closes (UTC time) above $1.04, it will complete a bullish inverted head and shoulders pattern. This setup has a target objective of $1.27488 and above it $1.36. Therefore, the traders can buy as recommended by us in an earlier analysis.

Our bullish view will be invalidated if the price fails to sustain above $1.04 and turns down sharply. If the support at $1 breaks, the next level to watch out for is $0.95.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Typhoid Conjugate Vaccine Introduction in Madagascar vaccination

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

###

 

About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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