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Bitcoin’s market oscillators indicate a neutral sentiment, market goes through brief corrective action

By July 18, 20232 minute read

The US court’s verdict in favor of XRP has helped it rise to the position of the highest volume asset, surpassing Bitcoin. This will also help other Crypto companies seek relief from the crackdown of the SEC. 

The Crypto market also underwent a brief corrective action. Major market oscillators pointed to a Neutral sentiment.

Surprisingly, the latest optimism in the market has not done much for stablecoins as their dominance continues to shrink.

The Exponential Moving Average for 10-day EMA indicates “Sell” at 30349 and 200-day EMA indicates “Buy” at 26608. The Simple Moving Average for 10-day SMA indicates “Sell” at 30426 and 200-day SMA indicates “Buy” at 25873. 

The Ichimoku Base Line, valued at 30663, continues to be neutral. The Hull Moving Average indicates “Buy” at 30068. The Volume Weighted Moving Average indicates “Sell” at 30501.

Major market oscillators point to a “Neutral” sentiment. The Relative Strength Index (14) sits at 52, with a neutral outlook. The Stochastic %K (14, 3, 3) at 23 and the Average Directional Index (14) at 33 indicate a Neutral outlook. 

The MACD Level (12, 26), at 360, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 0 and William’s Percentage too indicates a “Neural” sentiment at -78.

As of 10:00 AM, 18th July 2023, on WazirX, Bitcoin’s price is ₹25,90,000. There was a 0.78% increase in its price in the last 24 hours. The 7 day Bitcoin is up by 0.16%

Ethereum (ETH) is trading at ₹1,62,000. There was an 0.96% decrease in the last 24 hours. The 7 day Ethereum is down by 1.23%

The top gainers on WazirX include WazirX Token (WRX), Toko Token (TKO), and Gala (GALA), with a price increase of 26.74%, 6.82%, and 4.53%, respectively.

However, the tokens that underperformed comprised 1INCH (1inch), Band Protocol (BAND), and Theta Fuel(TFUEL), with a price decrease of 24.08%, 10.42%, and 7.54%, respectively.

Shiba Inu (SHIB) saw a decrease of 0.44% and is now priced at ₹0.000677. Dogecoin (DOGE) saw an increase of 1.32% and is now priced at ₹6.08

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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