Bitcoin’s latest price decrease is being attributed to its similarity with tech stocks, however a consolidation phase for the asset cannot be ruled out.
However, Bitcoin’s dominance remains positive at 47.85 even though the market goes through a bearish sentiment. Institutional investors continue to put their weight behind Crypto.
The Exponential Moving Average for 10-day EMA indicates “Sell” at 29347 and 200-day EMA indicates “Buy” at 26979. The Simple Moving Average for 10-day SMA indicates “Buy” at 29321 and 200-day SMA indicates “Buy” at 26722.
The Ichimoku Base Line, valued at 30272, continues to be neutral. The Hull Moving Average indicates “Buy” at 29899. The Volume Weighted Moving Average indicates “Sell” at 29171.
Major market oscillators point to a “Neutral” sentiment. The Relative Strength Index (14) sits at 40, with a neutral outlook. The Stochastic %K (14, 3, 3) at 22 and the Average Directional Index (14) at 18 indicate a Neutral outlook.
The MACD Level (12, 26), at -180, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 11 and William’s Percentage too indicates a “Neutral” sentiment at -86.
As of 10:00 AM, 1st August 2023, on WazirX, Bitcoin’s price is ₹25,05,001. There was a 1.02% decrease in its price in the last 24 hours. The 7 day Bitcoin is down by 1.47%
Ethereum (ETH) is trading at ₹1,60,803. There was an 1.55% decrease in the last 24 hours. The 7 day Ethereum is down by 1.68%
The top gainers on WazirX include Alpaca Finance (ALPACA), dYdX (DYDX), and Quant (QNT), with a price increase of 45.65%, 8.76%, and 8.37%, respectively.
However, the tokens that underperformed comprised Curve DAO Token (CRV), Compound (COMP), and Aave (AAVE), with a price decrease of 17.07%, 15.94%, and 12%, respectively.
Shiba Inu (SHIB) saw a decrease of 1.09% and is now priced at ₹0.000724. Dogecoin (DOGE) saw a decrease of 2.20% and is now priced at ₹6.65.
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.
