Indodax Market Signal January 23, 2023
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Indodax Market Signal January 23, 2023

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Indodax Market Signal January 23, 2023

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Hello Indodax members! After last week Bitcoin occupied the top position of bullish crypto assets, this time it’s Ethereum’s turn. Let’s read more about the bullish and bearish indications of crypto assets this week.

5 Bullish Crypto Assets

Ethereum (ETH)

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Experiencing a significant decline resulted in the trend entering the Bearish zone since November 13, 2023. The price was stuck at 17,120,000 – 17,400,000. The trend experienced a pullback to the positive channel confirmed by the Resistance area 20,400,000 – 21,000,000 broken, and the Bearish trend stopped.

ETH has shown quite a positive strengthening in the candle movement from the beginning of the Bullish until now. This is in line with the MACD indicator, which shows that the candle movement is in a positive area with a positive histogram.

The movement will create a more dominant strengthening trend if it can break the resistance level in the 25,300,000 – 27,00,000 area.

Ocean Protocol (OCEAN)

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Passing the resistance level of 2,745 – 3,000, the price is moving up, and several resistance levels can be at 3,280 and 3,700. If you look at the RSI indicator, the trend was in the overbought area, and the price experienced a fairly reasonable correction, with support levels available at 4,350 and 3,700 – 4,100.

Coti (COTI)

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Being in the bullish zone since January 15, 2023, has made the COTI price continue to show strengthening. Using the MACD indicator at 4 hours shows if the trend is in a positive zone, assuming a resistance level is available in the 1,500 – 1,630 area, but the nearest support level is also at the price of 1,125 – 1,200.

OKB (OKB)

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OKB has a good level of change. The price is moving positively above WMA/75, so it can strengthen higher with resistance levels around the 545,000 – 640,000 area. The MACD indicator indicates that the trend is positive with a positive histogram.

Decentraland (MANA)

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The current price will try to pass the 12,000 – 13,000 price level, assuming that if it can break this level, it will go to the 28,500 – 36,000 area. The weakening of the price at MANA will test the resistance of WMA/85. If this line is broken, the potential to go to 3,400 will be wide open.

5 Bearish Crypto Assets

Dao Maker (DAO)

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The one-day time frame shows if the DAO is in the bearish zone. If you look at the Bollinger Bands indicator, price movements will be more limited with a range of movement in the 9,900 – 17,000 area. A break of one of the levels will confirm the direction of the next trend movement.

Origin Protocol (OGN)

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Origin Protocol’s trend continued to decline after being unable to form a complete candle above the 2,800 – 3,300 area, so the price weakened to touch the Support area around 1,300, which is Origin Protocol’s lowest price since listing on Indodax.

The closest resistance area is at the 2,000 level. If this level can be passed, a fairly strong resistance area is indicated around 2,300 – 2,650.

Multi-collateral DAI (DAI)

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After being unable to strengthen and penetrate the 15,670 – 15,800, DAI experienced weakness and became a turning point for Multi-collateral DAI to be in the Bearish zone. The weakening deepened after DAI moved past EMA/200.

The DAI price in the Bearish zone will be able to experience strengthening again if it can break the 15,220 – 15,400 area. Assuming this, the chance to stay above WMA/75 will be wide open.

Basic Attention Tokens (BAT)

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Being able to stay above WMA/85 indicates BAT strengthening even higher. If it can pass 4,300, then the opportunity to go to the level of 5,750 – 6,000 will be even greater, but a correction, if it occurs, will test the 3,190 – 3,290 area.

Kok (KOK)

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Weakening to 1.430 – 1.480 became a turning point for KOK to pull back and correct the bearish trend direction. The bearish trend will be confirmed to fail to continue if it can move in line with the direction of WMA/85, followed by a break of the 1,700 – 1,715 level.

 

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.

 

ATTENTION: All contents which includes text, analysis, predictions, images in the form of graphics and charts, as well as news published on this website, is only used as trading information, and is not a recommendation or suggestion to take action in transacting either buying or selling. certain crypto assets. All crypto asset trading decisions are independent decisions by the users. Therefore, all risks arising from it, both profit and loss, are not the responsibility of Indodax.

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