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Fed’s interest rate decision keeps the market on edge, altcoin prices decline

By January 31, 20242 minute read

Ethereum’s proximity to a potential spot ETF approval has driven a 24-hour price increase, with an ambitious $4000 projection for its token price in May. Caution is being exercised to avoid a ‘sell the news’ scenario which occurred for Bitcoin before its ETF approval. ETH’s trading volumes rose 9%, largely influenced by whale activity. 

Bitcoin on the other hand seems to be facing resistance at its 30 day SMA levels. Major market oscillators have indicated a ‘neutral’ sentiment for the token.

The Exponential Moving Average for a 10-day EMA indicates “Buy” at 42141, and a 200-day EMA indicates “Buy” at 35916. The Simple Moving Average for a 10-day SMA indicates “Buy” at 41437, and a 200-day SMA indicates “Buy” at 33983.

The Ichimoku Base Line, valued at 43777, continues to be neutral. The Hull Moving Average indicates “Sell” at 43512. The Volume Weighted Average indicates “Buy” at 41696. 

The Relative Strength Index (14) sits at 53, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 86 and the Average Directional Index (14) at 17 indicate a Neutral outlook. 

The MACD Level (12, 26), at -164, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 92  indicates ‘Neutral’, and William’s Percentage at -20 indicates ‘Neutral’ as well.

As of 10:00 AM, 31st January 2024, on WazirX, Bitcoin’s price is ₹37,79,013, with a 0.60% increase in the last 24 hours. There was a 2.14% increase in its price over the last 7 days.

Ethereum (ETH) is trading at ₹2,07,006. There was a decrease of 1.17% in the last 24 hours. There was a 3.50% increase in its price over the last 7 days.

The top gainers on Nevos Network(CKB), Toko Token(TKO) and SuperFarm(SUPER) with a price increase of 26.06%, 15.09%, and 14.79%, respectively.

However, the tokens that underperformed comprised Contentos(COS), Pepe(PEPE), 1inch(1INCH) with price decreases of 9.42%, 6.65%, and 6.41%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.75% and is now priced at ₹0.000803. Dogecoin (DOGE) saw a decrease of 0.69% and is now priced at ₹7.01.

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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