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Market indicators point to a neutral sentiment, BTC, ETH presumed to be overbought by experts

By February 27, 20232 minute read

Bitcoin and Ethereum prices have slightly increased in the past 24 hours. According to analysts, the market’s bullish sentiment towards these tokens is actually defying the fundamentals on which its price should be based. 

Crypto leaders in the US are pushing for a firmer lobbying mechanism against the SEC’s recent crackdown on major Crypto companies. This is expected to influence leaders to create a better ecosystem for Crypto’s growth and tackle its latest setbacks.

The Exponential Moving Average for 10-day EMA suggests a “Sell” at 23656.12 and the 200-day EMA indicates a “Buy” at 21715.34. The Simple Moving Average for 10-day SMA is 23984.50 suggesting a “Sell”, whereas the 200-day SMA indicates a “Buy” at 19748.91.  

The Ichimoku Base Line, valued at 23323.00, continues to be neutral. The Hull Moving Average indicates a “Buy” at 23118.36. The Volume Weighted Moving Average at 23412 also signals “Buy”. 

Major market indicators point to a neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 53.62, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) are at 52.12 and 31.16 respectively, further indicating a neutral market.

The MACD Level (12, 26), at 398.54, indicates a “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is at 20.50 with a Neutral indicator, while the Williams Percent Range (14) at −46.39 also signals “Neutral”. 

As of 10:00 AM, 27th February 2023, on WazirX, the current price of Bitcoin is ₹20,43,001. There was a 2.22% increase in its price in the last 24 hours.

Ethereum (ETH) is currently trading at ₹1,42,800, with a 0.83% decrease in the last 24 hours. 

Some tokens performed well on WazirX including Stacks (STX), BICO(Biconomy) and DODO(DODO) with price increases of 17.75%, 12.82%, and 11.47% respectively. 

However, some tokens such as Quant (QNT), Komodo (KMD), and Mirror Protocol (MIR) underperformed with price decreases of 6.23%, 5.25%, and 5.18% respectively.

Shiba Inu (SHIB) saw a price increase of 0.99% and is now priced at ₹0.001117. Dogecoin saw a decrease of 0.13% and is now priced at ₹7.20

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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