This report provides insights and analysis on the Crypto markets, specifically designed for selective users with a focus on positional strategies.
Ticker: ETH
Category: Layer 1
Market Cap: $235,361,746,285
Circulating Supply: 120,428,890
Total Supply: 120,428,890
Price Update: ETH price at the time of writing (20th April, 14:40) is $1952 with 24-hour trading volume of $12,353,766,675. ETH price is down by 4% in the last 24 hours. It has a circulating supply of 120 million tokens with a deflationary rate of 0.88% per annum.
Technical Analysis: Ethereum (ETH)
Source: Tradingview
With Reference to above Chart:
- ETH and overall crypto market experienced a significant drop yesterday, with ETH falling by 9% after UK inflation news.
- ETH’s liquidity in the $1950 area was taken twice, and the breach of this level led to further drops towards $1920.
- In H1 time frame, a bullish divergence is forming in ETH’s RSI, and H4 is already in a heavy oversold zone.
- A mild uptick can be expected in today’s US hours.
- ETH’s current resistance is inclined and the 55 EMA in the 15 min time frame, and if taken, the 200 EMA at $2007 may be reached.
- For Futures traders, a long position can be assessed between $1945-1920 with a potential target of 2.5-3% movement towards $1990 (200 EMA), while keeping a strong invalidation point below $1910.
- This analysis is specific to Futures traders who can benefit from responsible leverage. For Spot traders, we will continue to monitor the markets and provide updates accordingly.
Note: ETH is now available in the futures market in both Go and Pro apps with up to 20x leverage.
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Technical Analysis: Dogecoin (Doge)
Ticker: DOGE
Category: Payment/meme token
Market Cap: $12,769,836,364
Circulating Supply: 139,013,866,384
Max Supply: Not Capped
Note: Market participants don not consider meme tokens viable for long term perspective, reader discretion is advised and should treat this as short term news based event.
Fundamental News Update: SpaceX recently attempted to launch its Starship from its Texas base, but the mission was unsuccessful due to technical difficulties. CEO Elon Musk has teased a second launch attempt on April 20, which coincides with the popular 4/20 meme associated with Dogecoin. This news could potentially trigger price action in the cryptocurrency market, particularly for Dogecoin, as investors and enthusiasts may view it as a bullish signal. However, investors should also consider the risk of another failed attempt, which could lead to a negative impact on the market.
Price Update: Doge price at the time of writing (20th April, 15:10) is $0.1980 with 24-hour trading volume of $1,483,975,888. DOGE price is up by 5.3% in the last 24 hours. It has a circulating supply of 139 Billion tokens.
Source: Tradingview
- DOGE experienced a significant increase of 35% following Elon Musk’s Twitter logo change to the Doge logo in early April 2023.
- The rally subsequently retreated, and there was renewed speculation surrounding the Spaceship launch scheduled for April 20th.
- As this is a news-driven event, technical analysis is less relevant, but it is still possible to examine price levels.
- Future Traders, a long position can be assessed between $0.916-$0.8785 with a potential target of 5-7-10% movement as the volatility arises, while keeping a strong invalidation point below $0.845.
- We expect huge volatility during the US Hours today (7 PM IST), during the event hours it is advisable to keep liquidations levels in check.
Note: Doge is now available in the futures market in both Go and Pro apps with up to 10x leverage.
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Disclaimer:
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
