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Key token prices decline, market leans towards “Sell”

By March 3, 20232 minute read

Bitcoin and Ethereum prices drop further in the last 24 hours. Bitcoin’s decline can be linked to a drop in Silvergate stocks as the bank delays filing its annual report and loses the majority of its clients.

However, with China’s sharp post covid recovery, increased state spending, and some favorable monetary policies, BTC prices are expected to recover.

The Exponential Moving Average for 10-day EMA suggests a “Sell” at 23327.37 and the 200-day EMA indicates a “Buy” at 21770.45. The Simple Moving Average for 10-day SMA is 23411.00 suggesting a “Sell”, whereas the 200-day SMA indicates a “Buy” at 19724.91.

The Ichimoku Base Line, valued at 23323.00, continues to be neutral. The Hull Moving Average indicates a “Sell” at 23131.52.The Volume Weighted Moving Average at 23602.93 signals a “Sell” as well.

Major market indicators point to a neutral sentiment. The Relative Strength Index (14) sits at 42.82, with a neutral outlook. The Stochastic %K (14, 3, 3) indicates a Neutral outlook at 24.38 and the Average Directional Index (14) at 27.69 indicates “Sell”.

The MACD Level (12, 26), at 159.87, indicates a “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is at 14.28 with a Neutral indicator, while the Williams Percent Range (14) at −89.48 also signals “Neutral”. 

As of 10:00 AM, 3rd March 2023, on WazirX, the price of Bitcoin is ₹20,08,478, with a 0.42% decrease in the last hour. There was a 1.30% decrease in its price in the last 24 hours. The 7 day BTC was down 1.69%

Ethereum (ETH) is currently trading at ₹1,40,601, with a 1.15% increase in the last hour. There was a 1.44% decrease in its price in 24 hours. The 7 day ETH was down 1.91%

Some tokens performed well on WazirX including Cortex (CTXC), Yearn Finance (YFI) and EOS (EOS) with price increases of 6.9%, 4.74%, and 3.91% respectively. 

However, some tokens such as Cocos -BCX (COCOS), Stacks (STX), and Ox Protocol (ZRX) underperformed with price decreases of 17.12%, 15.5%, and 14.55% respectively.

Shiba Inu (SHIB) saw a price decrease of 5.12% and is now priced at ₹0.001000. Dogecoin saw an decrease of 5.74% and is now priced at ₹6.7

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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