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BTC, ETH prices dip, market continuous to be optimistic

By March 19, 20242 minute read

Bitcoin price continued to decline amidst larger optimism in the market. Analysts project this as a healthy consolidation where the retail market is largely following the movement of tokens. Ethereum’s latest upgrade has managed to lower its gas fee, however, it did not have the intended positive effect on its price. 

The price of the top token by market cap can be expected to go further down in price, in alignment with its pre-halving retracement as it enters what is popularly called ‘the danger zone’. However, the halving is set to alter the course.

The Exponential Moving Average for a 10-day EMA indicates ‘Sell’ at 67825, and a 200-day EMA indicates ‘Buy’ at 44388. The Simple Moving Average for a 10-day SMA indicates ‘Sell’ at 69357, and a 200-day SMA indicates ‘Buy’ at 40814.

The Ichimoku Base Line, valued at 62157, continues to be neutral. The Hull Moving Average indicates ‘Sell’ at 65758. The Volume Weighted Average indicates ‘Sell’ at 67645. 

The Relative Strength Index (14) sits at 54, indicating ‘Neutral’. The Stochastic %K (14, 3, 3) at 49 indicates ‘Neutral’ and the Average Directional Index (14) at 45 indicates a ‘Neutral’ outlook. 

The MACD Level (12, 26), at 3373, indicates ‘Sell’. The Stochastic RSI Fast (3, 3, 14, 14) at 11 indicates ‘Neutral’ and the Williams Percentage at -73 indicates ‘Neutral’.

As of 10:00 AM, 19th March 2024, on WazirX, Bitcoin’s price was ₹58,90,911 with a 2.69% decrease in the last 24 hours. There was a 3.43% decrease in its price over the last 7 days.

Ethereum (ETH) is trading at ₹3,07,000. There was a decrease of 3.55% in the last 24 hours. There was a 6.18% decrease in its price over the last 7 days.

The top gainers on Contentos(COS), Fantom(FTM) and Toko token(TKO) with a price increase of 9.55%, 9.05%, and 8.79%, respectively.

However, the tokens that underperformed comprised Frontier(FRONT), Clover Finance(CLV), Pepe(PEPE) with price decreases of 38.55%, 21.95%, and 18.39%, respectively.

Shiba Inu (SHIB) saw a price decrease of 3.87% and is now priced at ₹0.002331. Dogecoin (DOGE) saw a decrease of 5.86% and is now priced at ₹12.32.

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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