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Major market indicators continue to provide a neutral outlook

By February 15, 2023February 16th, 20232 minute read

The technical analysis for today’s market hasn’t been very different from yesterday. Activity on the Bitcoin network intensified in the last 24 hours. 

The Exponential Moving Average for 10-day is 22221.64, indicating a “Sell” while the 200-day EMA at 21403.96 indicates a “Buy”.  The Simple Moving Average for 10-day is 22218.30 indicating a “Sell” and the 200-day SMA indicates “Buy” at 19695.25. Both moving averages provide mixed signals. 

Meanwhile, the Ichimoku Base Line valued at 22817.00 is neutral, and the Hull Moving Average 21926.31 indicates a “Buy” signal. On the other hand, the Volume Weighted Moving Average at 22823.56 signals a “Sell”, following similar patterns as the previous day.

Most market indicators continue to point to a neutral sentiment. The Relative Strength Index (14) sits at 51.04, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 22.91 and 33.66 respectively, further signaling a neutral market.

The MACD Level (12, 26) is at 208.91, pointing to a “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is at 16.82, and The Williams Percent Range (14) is at -74.60, again pointing to a neutral market. 

As of 10:00 AM, 15th February 2023, on WazirX, the current price of Bitcoin is ₹18,85,048, with almost 0.75% decrease in the last hour. There was a 1.04% decrease in its price in the last 24 hours. The 7-days Bitcoin was down 0.15%.

Ethereum (ETH) is currently trading at ₹1,31,893, with almost 0.53% decrease in the last hour.  There has been a 0.68% decrease in its price in the last 24 hours. The 7-day ETH was up 0.07%.

Some tokens performed well on WazirX including Hedera Hashgraph (HBAR), The Graph (GRT), and Oasis Network (ROSE) with price increases of 16.1%, 13.21%, and 11.77% respectively. 

However, some tokens such as Near Protocol (NEAR), Balancer (BAL), and Ziliqa (ZIL) underperformed with price decreases of 4.28%, 4.16%, and 3.7% respectively.

Shiba Inu (SHIB) saw a price increase of 0.83% and is now priced at ₹ 0.001094. Dogecoin also saw a decrease of 3.41% and is now priced at ₹7.39

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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