Ethereum network has witnessed a good run in the past week following a rise in DeFi activities. The market cap remained above $1.5 trillion amidst a rise in popularity of Memecoins.
Bitcoin ordinals have led to network congestion which concerned many market experts. However, a few pointed out existing solutions such as L2 blockchains to tackle the situation.
XRP token was subject to some volatility as some industry experts questioned its decentralization properties.
The Exponential Moving Average for 10-day EMA indicates “Sell” at 28733 and 200-day EMA indicates “Buy” at 24630. The Simple Moving Average for 10-day SMA indicates “Sell” at 28828 and 200-day SMA indicates “Buy” at 22139.
The Ichimoku Base Line, valued at 29008, continues to be neutral. The Hull Moving Average indicates “Sell” at 28681. The Volume Weighted Moving Average indicates “Sell” at 28601.
Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 47, with a neutral outlook. The Stochastic %K (14, 3, 3) at 50 and the Average Directional Index (14) at 16 indicate a Neutral outlook as well.
The MACD Level (12, 26), at 83, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 31 and William’s Percentage is “Neutral” at −63 as well.
As of 10:00 AM, 8th May 2023 on WazirX, Bitcoin’s price is ₹25,10,100, with a 1.21% increase in the last hour. There was a 0.39% decrease in its price in the last 24 hours.
Ethereum (ETH) is trading at ₹1,62,600, with a decrease of 0.30% in the last 1 hour. There was a 3.26% decrease in the last 24 hours.
The top gainers on WazirX include UMA (UMA), Ontology (ONT), and Dusk Network (FTT), with a price increase of 10.09%, 9.22%, and 7.12%, respectively.
However, the tokens that underperformed comprised VITE (VITE), QuickSwap (QUICK), and Alchemy Pay (ACH), with a price decrease of 10.8%, 9.97%, and 9.83%, respectively.
Shiba Inu (SHIB) saw a price decrease of 1.85% and is now priced at ₹0.000950. Dogecoin (DOGE) saw a decrease of 2.07% and is now priced at ₹6.7.
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.
