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Market consolidation continues as the industry awaits updates from the FOMC meeting

By March 20, 20242 minute read

In the near term, Bitcoin is expected to continue trading within the range of $62,700 to $68,900, displaying characteristic sideways movement until significant developments unfold, possibly in April. The low inflow of money into Bitcoin ETFs ahead of the Fed’s Open Market Committee meeting suggests that interest rates may remain high, potentially impacting crypto prices. However, the outcome will depend on inflation data and the Federal Reserve’s policy decisions.

Ethereum’s recent price movement has seen a decline from its previous highs, with a focus now on a pivotal support level near the $3,000 mark. This price point holds significance as it has historically acted as a key juncture for both buyers and sellers. The ability of Ethereum to maintain its position above this crucial support level will be pivotal in determining its future price trajectory.

The Exponential Moving Average for a 10-day EMA indicates ‘Sell’ at 66269, and a 200-day EMA indicates ‘Buy’ at 44530. The Simple Moving Average for a 10-day SMA indicates ‘Sell’ at 68314, and a 200-day SMA indicates ‘Buy’ at 40977.

The Ichimoku Base Line, valued at 62188, continues to be neutral. The Hull Moving Average indicates ‘Sell’ at 62859. The Volume Weighted Average indicates ‘Sell’ at 67584. 

The Relative Strength Index (14) sits at 47, indicating ‘Neutral’. The Stochastic %K (14, 3, 3) at 23 indicates ‘Neutral’ and the Average Directional Index (14) at 42 indicates a ‘Neutral’ outlook. 

The MACD Level (12, 26), at 2472, indicates ‘Sell’. The Stochastic RSI Fast (3, 3, 14, 14) at 5 indicates ‘Neutral’ and the Williams Percentage at -93 indicates ‘Buy’.

As of 10:00 AM, 20th March 2024, on WazirX, Bitcoin’s price was ₹58,82,900 with a 0.74% decrease in the last 24 hours. There was a 0.97% decrease in its price over the last 7 days.

Ethereum (ETH) is trading at ₹3,07,288. There was a decrease of 1.28% in the last 24 hours. There was a 4.53% decrease in its price over the last 7 days.

The top gainers on SKALE Network(SKL), Floki(FLOKI) and Phala Network(PHA) with a price increase of 18.33%, 16.71%, and 14.79%, respectively.

However, the tokens that underperformed comprised Render Token(RNDR), Quant(QNT), Viction(VIC) with price decreases of 7.73, 6.87%, and 6.17%, respectively.

Shiba Inu (SHIB) saw a price decrease of 1.05% and is now priced at ₹0.002300. Dogecoin (DOGE) saw a decrease of 1.27% and is now priced at ₹12.02.

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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