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Token prices dip amidst liquidity concerns in the market

By March 16, 20232 minute read

Bitcoin and Ethereum prices went down since Tuesday’s surge. With the stocks of major banks going down, the effect seems to have touched Crypto on the surface.

Amidst a loss for both short sellers and long term holders, it is being perceived that the banking crisis may affect Crypto prices in the near term before a renewed investor confidence arises in digital assets, independent of the stock market sentiment.

The Exponential Moving Average for 10-day EMA suggests a “Buy” at 23205.82 and the 200-day EMA indicates a “Buy” as well at 21860.00. The Simple Moving Average for 10-day SMA and 200-day SMA indicate a “Buy” at 22497.70 and 19787.62 respectively.

The Ichimoku Base Line, valued at 23051.00, continues to be neutral. The Hull Moving Average indicates “Sell” at 25435.04 and The Volume Weighted Moving Average indicates “Buy” at 22831.30.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 60.40, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) indicate a Neutral outlook as well at 70.69 and 25.25, respectively.

The MACD Level (12, 26), at 199.58, indicates a “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) indicates “Sell” at 94.25. The Williams Percent Range (14) continues to be “Neutral”at −31.23.

As of 10:00 AM, 16th March 2023, on WazirX, the price of Bitcoin is ₹21,29,000. It had a 0.82% price increase in the last hour. Over the past 24 hours, BTC’s value increased by 1.15%. The 7 day Bitcoin was up 10.61%.

Ethereum (ETH) is currently trading at ₹1,43,666. In the past hour, ETH went up by 1.26%. It had a 0.13% price increase in the last 24 hours. The 7 day ETH was up 5.32%.

Some tokens performed well on WazirX including UniLend (UFT), Orchid (OXT) and EOS (EOS) with price increases of 5.95%, 5.24%, and 5.05% respectively. 

However, some tokens such as Synthetix Network Token (SNX), Blur(BLUR), and Filecoin (FIL) underperformed with price decreases of 12.27%, 11.4%, and 9.51% respectively.

Shiba Inu (SHIB) saw a price decrease of 4.66% and is now priced at ₹0.000920. Dogecoin (DOGE) saw a decrease of 4.76% and is now priced at ₹6.18.

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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