The latest US inflation figures are on a downward trend, creating an opportunity for the Federal Reserve to consider reducing interest rates in the near future. Market analysts are optimistic about the potential for a positive trajectory in the cryptocurrency market following the anticipated rate cut, likely to occur in March. This move is expected to significantly alleviate liquidity concerns within the market.
The Exponential Moving Average for a 10-day EMA indicates “Sell” at 43291, and a 200-day EMA indicates “Buy” at 35154. The Simple Moving Average for a 10-day SMA indicates “Sell” at 43754, and a 200-day SMA indicates “Buy” at 33278.
The Ichimoku Base Line, valued at 45177, continues to be neutral. The Hull Moving Average indicates “Buy” at 42373. The Volume Weighted Average indicates “Sell” at 44425.
The Relative Strength Index (14) sits at 47, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 18 and the Average Directional Index (14) at 15 indicate a Neutral outlook.
The MACD Level (12, 26), at 22, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 20 indicates ‘Neutral’, and William’s Percentage at -85 indicates ‘Neutral’ as well.
As of 10:00 AM, 18th January 2024, on WazirX, Bitcoin’s price is ₹36,07,020, with a 0.94% increase in the last 24 hours. There was a 6.8% decrease in its price over the last 7 days.
Ethereum (ETH) is trading at ₹2,17,986. There was a decrease of 0.91% in the last 24 hours. There was a 3.94% increase in its price over the last 7 days.
The top gainers on WazirX include Blur(BLUR), Auction(AUCTION) and Orchid(OXT) with a price increase of 9.97%, 7.6%, and 6.65%, respectively.
However, the tokens that underperformed comprised Threshold Network Token(T), Ethereum Naming Service(ENS), Vulcan Forged PYR(PYR) with price decreases of 16.98%, 13.79%, and 8.52%, respectively.
Shiba Inu (SHIB) saw a price decrease of 0.58% and is now priced at ₹0.000855. Dogecoin (DOGE) saw a increase of 0.98% and is now priced at ₹7.19.
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.
