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Crypto market bullish as global Crypto app downloads increase by 15%

By March 17, 20232 minute read

The market cap of Crypto assets have risen over the last week amidst general concerns of the public around SVB and Silvergate capital collapse. With stock prices falling, and prices of key tokens surging, it would seem like there’s the beginning of correlation detachment between Crypto and S&P. 

User confidence in Crypto seems to have reached a new high since the onset of the bear market as skepticism around fund safety takes precedence for users. 

Shiba Inu might be one of the popular tokens experiencing a temporary dip due to concerns in the community about the origin of a chain ID being used for the launch of its Layer2 blockchain. The community is divided on this recent development in the testnet of its Layer 2 solution.

The Exponential Moving Average for 10-day EMA suggests a “Buy” at 23759.90 and the 200-day EMA indicates a “Buy” as well at 21904.91. The Simple Moving Average for 10-day SMA and 200-day SMA indicate a “Buy” at 22915.70 and 19818.01 respectively.

The Ichimoku Base Line, valued at 23051.00, continues to be neutral. The Hull Moving Average indicates “Sell” at 26015.30 and The Volume Weighted Moving Average indicates “Buy” at 22952.90.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 66.50, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) indicate a Neutral outlook as well at 78.49 and 26.46, respectively.

The MACD Level (12, 26), at 433.51, indicates a “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) and the Williams Percent Range (14) continue to be “Neutral”at 97.16 and −12.21, respectively.

As of 10:00 AM, 17th March 2023, on WazirX, the price of Bitcoin is ₹22,16,860. It had a 0.74% price increase in the last hour. Over the past 24 hours, BTC’s value increased by 4.03%. The 7 day Bitcoin was up 15.18%.

Ethereum (ETH) is currently trading at ₹1,47,611. In the past hour, ETH went up by 0.73%. It had a 3.03% price increase in the last 24 hours. The 7 day ETH was up 8.21%.

Some tokens performed well on WazirX including Biconomy (BICO), Venus (XVS) and NKN (NKN) with price increases of 13.9%, 12.43%, and 11.24% respectively. 

However, some tokens such as Swipe (SXP), Basic Attention Token (BAT), and Iotx (IOTX) underperformed with price decreases of 4.76%, 4.1%, and 4.04% respectively.

Shiba Inu (SHIB) saw a price increase of 1.20% and is now priced at ₹0.000931. Dogecoin (DOGE) saw a decrease of 0.19% and is now priced at ₹6.29.

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.
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