After the recent interest rate hike by the Federal Reserve, there was a notable decline in the prices of major cryptocurrencies like BTC (Bitcoin) and ETH (Ethereum).
Although the correlation between the crypto market and traditional stocks has decreased significantly, potential future rate hikes aimed at controlling inflation might cause Bitcoin to align once again with the S&P 500.
The Exponential Moving Average for 10-day EMA indicates “Sell” at 29474 and 200-day EMA indicates “Buy” at 26961. The Simple Moving Average for 10-day SMA indicates “Buy” at 29427 and 200-day SMA indicates “Buy” at 26678.
The Ichimoku Base Line, valued at 30330, continues to be neutral. The Hull Moving Average indicates “Buy” at 29335. The Volume Weighted Moving Average indicates “Sell” at 29960.
Major market oscillators point to a “Neutral” sentiment. The Relative Strength Index (14) sits at 47, with a neutral outlook. The Stochastic %K (14, 3, 3) at 33 and the Average Directional Index (14) at 18 indicate a Neutral outlook.
The MACD Level (12, 26), at -131, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 32 and William’s Percentage too indicates a “Buy” sentiment at -61.
As of 10:00 AM, 31st July 2023, on WazirX, Bitcoin’s price is ₹25,40,002. There was a 0.49% decrease in its price in the last 24 hours. The 7 day Bitcoin is down by 0.68%
Ethereum (ETH) is trading at ₹1,60,803. There was an 0.06% increase in the last 24 hours. The 7 day Ethereum is up by 0.06%
The top gainers on WazirX include Verge (XVG), HiFi Finance (HIFI), and Aave (AAVE), with a price increase of 26.24%, 6.44%, and 4.83%, respectively.
However, the tokens that underperformed comprised Curve DAO Token (CRV), Worldcoin (WLD), and Loom Network (LOOM), with a price decrease of 15.55%, 10.68%, and 9.28%, respectively.
Shiba Inu (SHIB) saw an increase of 1.54% and is now priced at ₹0.000727. Dogecoin (DOGE) saw an increase of 1.88% and is now priced at ₹6.75
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