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Crypto trading volumes see a substantial uptick, Ethereum indicates signs of a rally

By December 6, 2023December 7th, 20232 minute read

Amidst a major price hike for key tokens such as BTC, ETH ahead of the much anticipated ETF next month, trading volumes for Crypto have gone up substantially indicating a surge in user activity after months of lull.

With a little over a month to go for the SEC to respond to the ETF applications, market sentiment has peaked with Bitcoin crossing $42k levels. Ethereum is indicating signs of a rally as impactful as Bitcoin as per its moving averages and interest from institutional investors.

The Exponential Moving Average for 10-day EMA indicates “Buy” at 40661 and 200-day EMA indicates “Buy” at 30729. The Simple Moving Average for 10-day SMA indicates “Buy” at 39874 and 200-day SMA indicates “Buy” at 29919.

The Ichimoku Base Line, valued at 39746, continues to be neutral. The Hull Moving Average indicates “Buy” at 44080. The Volume Weighted Moving Average indicates “Buy” at 38426. 

The Relative Strength Index (14) sits at 80, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 94 and the Average Directional Index (14) at 51 indicate a Neutral outlook. 

The MACD Level (12, 26), at 1867, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) at 97 indicates ‘Neutral’ and William’s Percentage at -8 indicates ‘Sell’.

As of 10:00 AM, 6th December 2023, on WazirX, Bitcoin’s price is ₹38,00,000, with a 0.47% decrease in the last 24 hours. There was a 10.98% increase in its price in the last week.

Ethereum (ETH) is trading at ₹1,96,500. There was a decrease of 1.16% in the last 24 hours. There was a 3.68% increase in its price in the last week.

The top gainers on WazirX include Bakery Token(BAKE), Helium(HNT), DeXe(DEXE) with price increases of 65.64%, 42.85%, and 22.37%, respectively.

However, the tokens that underperformed comprised Memecoin(MEME), Stacks(STX), and TokenFi (TOKEN), with a price decrease of 10.04%, 9.62%, and 8.71%, respectively.

Shiba Inu (SHIB) saw a price increase of 5.69% and is now priced at ₹0.000835. Dogecoin (DOGE) saw a increase of 10.88% and is now priced at ₹8.55.

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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