The Crypto market is set to brace itself for a liquidity crunch with rising interest rates across major economies despite a price surge of Bitcoin. BTC’s correlation with S&P is at an all time low since 2021 as it is increasingly being seen as an alternative to TradFi
The Exponential Moving Average for 10-day EMA and 200-day EMA indicates “Buy” at 27636.44 and 22686.34 respectively. The Simple Moving Average for 10-day and 200-day SMA indicates a “Buy” at 27765.90 and 20349.04.
The Ichimoku Base Line, valued at 24474.50, continues to be neutral. The Hull Moving Average indicates “Buy” at 28128.43. The Volume Weighted Moving Average indicates “Buy” at 26351.56
Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 62.71, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) indicate a Neutral outlook as well at 69.33 and 38.60 respectively.
The MACD Level (12, 26), at 1198.04, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) and the Williams Percent Range (14) continue to be “Neutral”at 30.11 and −41.78, respectively.
As of 10:00 AM, 31st March 2023, on WazirX, Bitcoin’s price is ₹24,69,997 with almost 1.17% increase in the last hour. There was a 0.19% decrease in its price in the last 24 hours. The 7 day BTC was up 1.98%.
Ethereum (ETH) is trading at ₹1,56,369. There was an increase of 0.54% in the last 24 hours. The 7 day ETH was up 0.52%.
The top gainers on WazirX include Icon (ICX), Stellar (XLM), and Blur (BLUR), with a price increase of 14.62%, 14.01%, and 7.72%, respectively.
However, the tokens that underperformed were Cortex (CTXC), Standard Tokenization Protocol (STPT) and Arweave (AR) with a price decrease of 7.79%, 6.69%, and 6.42%, respectively.
Shiba Inu (SHIB) saw a price decrease of 0.75% and is now priced at ₹0.000923. Dogecoin (DOGE) saw a decrease of 1.35% and is now priced at ₹6.45.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
