The end of 2023 closed with a bullish crypto asset lineup, represented by Solana (SOL), Elrond (EGLD), and Crypto.com Chain (CRO).
Curious about which crypto assets are experiencing bullish or bearish trends this week? Check out the complete INDODAX Market Signal update below!
5 Bullish Crypto Assets
1. Solana (SOL)
The increase in Solana (SOL) on the 1 Day timeframe is indicated to have strengthened quite massively. Since being in the bullish zone, Solana (SOL) has strengthened by more than 200% and touched its highest level in 2023. If a candle can form above the 1,800,000-2,000,000 zone, the bullish indication is stronger.
2. Elrond (EGLD)
Successfully breaking through the dominant resistance of 700,000-800,000 confirms that Elrond (EGLD) is in a new bullish trend. The MACD indicator shows a negative phase after the line crosses downwards, but this will fail to continue if Elrond (EGLD) can cross 1,200,000-1,400,000.
3. Crypto.com Chain (CRO)
The ability of the Crypto.com Chain (CRO) price to remain above WMA/85 will increase the opportunity for Crypto.com Chain (CRO) to continue strengthening. However, on the contrary, if the price of Crypto.com Chain (CRO) weakens, it will test the 1,300 level. If this level is crossed, the trend may test the EMA/200.
4. Hedera Hashgraph (HBAR)
The resistance area level of 1,350-1,600 is an area that is quite testing the strength of Hedera Hashgraph (HBAR). If it can be broken through, the opportunity for Hedera Hashgraph (HBAR) to strengthen towards the 2,000 level is quite large and is expected to reach its highest level in 2023.
5. Injective (INJ)
The bullish trend significantly impacted the price of Injective (INJ), which touched its highest price range since listing on INDODAX, namely 700,000. The Injective (INJ) trend is currently in the overbought area on the RSI indicator, so the potential for weakening Injective (INJ) prices will test the support level of 400,000-500,000.
5 Bearish Crypto Assets
1. Degree Crypto Token (DCT)
On the 4-hour chart used, Degree Crypto Token (DCT) can still not correct the price weakness. The Degree Crypto Token (DCT) trend can be assumed to have the opportunity to strengthen again if the candle can penetrate the 700,000-900,000 price area so that WMA/75 can be passed.
2. TitanSwap (TITAN)
A candle formed above the EMA/200 but did not last long because the wick formed in the 240-260 area, which was not followed by a candle, so the price of TitanSwap (TITAN) weakened again, continuing the bearish trend. TitanSwap (TITAN) touched its lowest level since trading on INDODAX. Negative momentum can continue if the 90-100 area is broken.
3. Loom Network (LOOM)
Loom Network (LOOM) needs further time to confirm the next price movement. If it can penetrate the 1,800-1,900 level, it is estimated that the Bollinger Bands indicator will move away from each other between its two lines, and the potential for changes in the price of Loom Network (LOOM) will be even higher.
4. Kok (KOK)
Bollinger Bands indicate that Kok (KOK) is in a sideways phase if the two lines are close. Levels 100-405 will be the decisive levels for Kok (KOK) to confirm the direction of the trend movement.
5. Pando (PANDO)
Pando (PANDO) moves in the price range of 42-36, where it is assumed that a new trend will be created if one of these levels is passed. The bearish phase has weakened Pando’s price (PANDO) quite deeply.
NOTES:
If EMA 5 crosses the WMA 75, 85, and EMA 200 lines, and these lines intersect from bottom to top, then the market trend tends to be upward (bullish).
Each table above shows that when the value of EMA 5 is higher than WMA 75,85 and EMA 200, the market tends to rise (bullish).
If the RSI and MACD values show the same condition, the market is showing the same trend; an overbought (overbought) or oversold (oversold) condition indicates that the market is at the point of changing trend direction.
