The market is divided in its opinion on Bitcoin’s upcoming move as breaking resistance at $35k as well as a price correction, both seem like a possibility. Ethereum breaking out of $1800 level will also usher in a possible rally. Over the weekend, the market has shown signs of recovery.
Despite overbought conditions, Bitcoin’s appeal remains unfazed. VanEck throwing its ring in the ETF hat has also fuelled its price movement.
The Exponential Moving Average for 10-day EMA indicates “Buy” at 33088 and 200-day EMA indicates “Buy” at 27689. The Simple Moving Average for 10-day SMA indicates “Buy” at 33238 and 200-day SMA indicates “Buy” at 28248.
The Ichimoku Base Line, valued at 30866, continues to be neutral. The Hull Moving Average indicates “Buy” at 34569. The Volume Weighted Moving Average indicates “Sell” at 31058.
The Relative Strength Index (14) sits at 79, indicating “Sell”. The Stochastic %K (14, 3, 3) at 89 and the Average Directional Index (14) at 54 indicate a Neutral outlook.
The MACD Level (12, 26), at 1913, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 76 and William’s Percentage indicates “Sell” at -13.
As of 10:00 AM, 30th October 2023, on WazirX, Bitcoin’s current price is ₹29,66,191, with an almost 0% change in the last hour. There was a 0.14% decrease in its price in the last 24 hours.
Ethereum (ETH) is trading at ₹1,54,122. There was an increase of 0.40% in the last 24 hours.
The top gainers on WazirX include Smooth Love Potion (SLP), Bluzelle (BLZ), and Axie Infinity (AXS), with price increases of 38.88%, 24.75%, and 20.6%, respectively.
However, the tokens that underperformed comprised dYdX (DYDX), DeXe (DEXE), and Render Token (RNDR), with a price decrease of 7.42%, 6.53%, and 5.78%, respectively.
Shiba Inu (SHIB) saw a price decrease of 0.43% and is now priced at ₹0.000685. Dogecoin (DOGE) saw an increase of 0.31% and is now priced at ₹5.95.
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.
