Hello Indodax members! This week, Indodax Market Signal presents Ethereum as a crypto asset that is indicated to be bullish. You know, let’s see more about it!
5 Bullish Crypto Assets
Ethereum (ETH)
Positive price changes from ETH are inseparable from ETH’s entry into the Bullish zone, where this zone was confirmed on January 8, 2023.
Even though it had weakened, the trend strengthened again after touching the 22,400,000 – 23,000,000 area.
The bullish trend will strengthen and continue the positive momentum if it breaks the resistance level of 26,000,000 – 27,000,000.
Matic Network (MATIC)
The 1-day chart shows that Matic has been bullish since January 30, 2023. A break in one of the resistance areas at 18,800 – 21,000 makes an indication to strengthen even greater.
The strengthening that occurs will go to the level of the 26,000 – 30,000 area.
The RSI indicator illustrates that if the MATIC trend is currently in the Overbought area, a weakening of the price if it occurs, will try to stay above the 18,000 level.
Litecoin (LTC)
Surviving and not breaking below the 845,000 – 1,100,000 area became a turning point for LTC to confirm the Uptrend that occurred.
The strengthening trend will try to break the Resistance level in the range of 1,750,000 – 1,930,000, with the following Resistance line around 2,000,000 – 2,400,000.
WEMIX (WEMIX)
An overview of the movement of WEMIX through the 4-hour time frame, it can be seen that WEMIX has quite volatile price changes where the candle has a long body shape. Also, the two lines of the Bollinger Bands indicator are moving away.
Strengthening the trend will be tested by having a resistance level of 30,000 – 33,500. WEMIX’s position in the bullish zone will get stronger if this level can be passed.
Digix Gold Token (DGX)
In the movement of the candles in 1 day, you can see if there is a wick at the end of the candle that either strengthens or weakens. This can be a momentum for DGX to improve or correct a trend.
The MACD indicator illustrates that if the two available lines are close together, then price movements are expected to be more limited within the range of 650,000 – 730,000.
5 Bearish Crypto Assets
HedgeTrade (HEDG)
It has been calculated that HEDG has been in the Bearish zone for quite a long time since June 28, 2021, with a weakening that has occurred up to around 85%.
The current trend can be identified as being in a Sideways Bearish phase, with HedgeTrade movements in the 1.170 – 1.650 area, assuming one of these areas will confirm the next trend movement for HEDG.
Pando (PANDO)
Even though it had strengthened to touch the price range of 299, which is the highest price since January 2023, the RSI indicator shows that if the price is already in the Overbought area, then the price cannot continue strengthening.
Instead, PANDO is undergoing a correction. Sustained weakness in Pando will test the trend to be above the support level at 195 – 210.
Celsius (CEL)
The trend that could not stay above the EMA/200 created negative momentum for CEL. The Bearish phase is confirmed by a break of the dominant support line in the range of 8,400 – 8,900.
The MACD indicator shows that the current trend is in a positive direction, but this does not have a positive enough impact on price changes which are still below the resistance area of 8,000 – 8,500.
Bitcoin SV (BSV)
The decline in BSV was quite deep, being in the Downtrend phase since June 25, 2021. Currently, BSV has experienced a correction of up to around 70%.
The trend is expected to improve if it begins to be able to move above WMA/85 so that Pando can take advantage of the positive momentum, with the dominating resistance level in the range of 754,000 – 883,000.
XinFin Network (XDC)
It is above the WMA/85 line and has a reasonably positive movement. Still, the opportunity to break the Bearish phase cannot occur because this is not accompanied by a trend that has yet to surpass the resistance area 492 – 555.
If the trend is still moving above the support level of 315 – 385, then the indication to strengthen and fight the direction of the downtrend will be even greater.
NOTE: If the 5 EMA crosses the WMA 75, 85 and 200 EMA lines and the lines intersect from the bottom up, then the market trend tends to go up (bullish), each table above shows that if the 5 EMA value is higher than the 75.85 WMA and 200 EMA, the market tends to go up (bullish).
If the RSI and MACD values ??show the same condition, it means that the market is showing the same trend. Overbought or oversold conditions are an indicator that the market is already at the point of changing direction of a trend.
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