Indodax Market Signal Analysis – Update August 14, 2023

Hello Indodax traders, There is good news approaching because, towards Independence Day, August 17, 2023, the crypto assets Livepeer (LPT) coin and Bitcoin Cash (BCH) are at the peak of bullish crypto assets.

So if you want to know more clearly about which crypto assets are indicated to be bullish or bearish, don’t worry! Let’s take a closer look at the full “updated INDODAX Market Signal” below!

5 Bullish Crypto Assets

1. Livepeer (LPT) Coin

The strengthening that occurred in the Livepeer (LPT) coin was inseparable from the trend, which confirmed it was in the bullish direction, and was followed by prices that managed to hold on and not pass the support level of 67,000–73,000. The positive momentum is quite dominant on the 4H chart, with positive candles forming in a strong position.

The RSI indicator indicates if the price is in the overbought area; a weakening if it occurs will test the price level of 104,000–119,000 for the next level to be available in the range of 86,000–100,000.

2. Bitcoin Cash (BCH)

On the 4-hour time frame, it can be illustrated that Bitcoin cash (BCH) has been in the bullish zone since July 1, 2023, confirmed after the resistance in the 2,100,000–2,300,000 area was passed. The uptrend will become more dominant if the price in the 4,400,000–4,900,000 area can be passed, with the price expected to go to the 5,000,000 level.

3. OKB (OKB)

The resistance level in the price range of 310,000–340,000 can be passed, which ensures OKB (OKB) switches from a bearish to a bullish trend. The 400,000–490,000 level area is capable of being penetrated, making OKB price strengthening unavoidable. The price is currently testing the strength of the EMA/200; if it is not penetrated, then the potential to strengthen and break the 795,000–860,000 area is quite large.

4. Celo (CELO)

CELO is still in the uptrend zone, but this will fail to continue if the trend is unable to stay above the support level of 6,440–7,000, where before this happens the EMA/200 must be passed first to create negative pressure on the direction of the CELO price movement.

5. Suzuverse (SGT)

The movement of the Suzuverse (SGT) trend looks quite volatile, causing the end of the candle to form a long line. It is assumed that the price of the Suzuverse is still limited to the resistance area of 26,000–29,000. If a complete candle can be formed, a new trend direction will be formed in the uptrend phase.

5 Bearish Crypto Assets

1. Dao Maker (DAO)

It was above the EMA/200 and managed to move in the bullish phase, but because the candle was unable to form above the price range of 25,000–33,000, the price weakened until it was back in a bearish trend.
DAO Maker weakened until it was back in the bearish trend. The current trend is halted in the sideways bearish range of 10,000–15,300, where this range has a wide enough price range that if one of the levels is passed, then the potential for an increase or decrease will be quite crucial.

2. Duckie Land (MMETA)

The movement of the Duckie Land (MMETA) trend continues to show weakness; this is inseparable from the trend, which always fails to stay above the support level. If the trend is unable to move above levels 167–182, then the bearish trend will get stronger.

3. NXT (NXT) Coin

If you use the chart on the 1-day time frame, it can be indicated that NXT coin (NXT) has been in the bearish zone since April 11, 2023, and the price has weakened to around 40%. A candle that, if it succeeds in passing WMA/85, will increase the chance for NXT to go to resistance at levels 38–42.

4. BinaryX (BNX)

The movement of the BinaryX Candle (BNX) in the last 4 hours has been quite dynamic but in a weakening direction because this is inseparable from the ongoing bearish trend. The MACD indicator has shown a negative direction after the line crossed downwards; if the 410,000–420,000 area is passed, then the negative momentum will become more dominant.

5. NEAR Protocol (NEAR)

The NEAR Protocol has more volatile price changes, with a more limited, recent bearish phase requiring further time to confirm the direction of the next move. The bearish trend will be stronger if the candle is able to form below the price of 19,500–20,000.

So, that was the discussion about the latest market signal movements. Hopefully, with this updated information, it can make it easier for you when you want to trade and invest in crypto.

NOTE: If the EMA 5 crosses the WMA 75, 85, and EMA 200 lines and these lines intersect from the bottom up, then the market trend tends to be up (bullish). In each table above, if the EMA 5 value is higher than the WMA 75, 85, and EMA 200, the market tends to rise (bullish).

If the RSI and MACD values show the same condition, it means that the market is showing the same trend. If the condition is overbought (overbought) or oversold (oversold), it is an indicator that the market is at the point of changing the direction of the trend.

ATTENTION: All content, which includes text, analysis, predictions, images in the form of graphics or charts, as well as news published on this website, is only used as trading information and is not a suggestion to take action in a transaction, either buying or selling certain crypto assets.

All crypto asset trading decisions are independent decisions by users. Therefore, all risks arising from it, both profit and loss, are not the responsibility of INDODAX.