Indodax Market Signal August 1st, 2022 | Aset Kripto Bullish
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Indodax Market Signal August 1st, 2022

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Indodax Market Signal August 1st, 2022

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At the beginning of this month, at Indodax Market Signal, we will recommend several coins, one of which is Bitcoin, that hopefully can help your portfolio in the green. Let’s find out more!

5 Bullish Crypto Assets

After being in the Bearish trend for a quite some time, finally on July 19, 2022, the 4-hour chart showed that Bitcoin reversed direction into Bullish. On July 26, 2022 the candle experienced a sharp decline to penetrate the EMA/200, but the price reversed direction after touching the support line at 313,000,000 and resumed strengthening.

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The chart showed that the price touched the 388,000,000 price range, but the RSI Indicator was in the overbought area so that the price could not strengthen further and weakened instead. The correction which hit the overbought area is quite reasonable considering that BTC has increased by around 23% since touching the support line on July 26, 2022.

  • Chiliz (CHZ)

The price increase occurred on July 13, 2022, the price moved from the 1.440 level then broke the resistance level of 1.530 which made Chiliz enter a new trend phase, Bullish. It touched the 2.070 level but the price was unable to go higher because the RSI indicator was already in the overbought area and the price weakened instead.

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The MACD indicator illustrates that the current trend is in a positive phase because price movements are in the positive zone with a positive histogram. Price increase in CHZ will try to test the price level of 2.070 – 2.200, if this level is able to be broken, the opportunity to continue strengthening will open.

  • district0x (DNT)

The bullish phase was confirmed positive after WMA/75, WMA/85 crossed above the EMA/200 which occurred on July 04, 2022. The Bollinger Bands indicator shows if the two lines are moving apart or stretching, giving an indication that district0x (DNT) prices will fluctuate.

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The trend will be broken, if district0x weakens and penetrates the 660 price level, but before touching that level it will first test the nearest support level at 800 and 760 price range.

  • Polkadot (DOT) 

In a 4-hour time frame, showed that the two lines of the Bollinger Bands Indicator moved away from each other and this impacted the volatility of the price, this movement occured after the price broke the EMA/200 and then experiences a significant rebound after touching the 98,400 price.

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The price touched 131,000 which was the highest since June 10, 2022. The RSI indicator showed that if it touched the overbought area and weakens, the weakening will test the support level in the range of 118,000 – 120,600. The bullish phase trend will be stronger if the candle is able to form above the 131,000 resistance level.

  • Digix Gold Token (DGX)

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After previously being in the bearish phase due to a significant weakening, the Digix Gold Token was able to penetrate above the sideways area in the price range of 500,000 – 522,000, which resulted in the DGX price strengthening quite high and entering the Bullish trend. Weakness will test the 700,000 price level, a break of this level will try to move towards the EMA/75 at 685,000 price.

5 Bearish Crypto Assets

  • Origin Protocol (OGN) 

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The weakening occurred on April 25, 2022 when the candle experienced a sharp decline to penetrate the EMA/200, WMA/75 and WMA/85. The trend is currently in a sideways phase, where price movement is limited between the range of 2.825 and 3,470, this is also in line with the MACD indicator which is currently experiencing a narrowing, a break of this range will determine the direction of the next OGN movement.

  • Dao Maker (DAO) 

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The price of the Dao Maker continued to experience a fairly sharp decline, since May 2022 when the price fell from 54,900 to touch the level of 21,600 on July 31, 2022. The price will improve if it is able to break out and stay above the WMA/75 level at 21,685 and the WMA/85 at the price of 22,080.

The closest support is at the level of 19,900, if it is broken then the next support level will be at 17,300 – 18,100. Meanwhile, a strengthening will test the resistance level at 30,600.

  • Honest (HNST) 

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On the 1-Day chart Honest has been in a Bearish phase since December 09, 2021, which was marked by a sharp decline and a break of the strong support level at 220, which was enough to make the RSI indicator touch the oversold area several times.

The bearish zone can reverse direction if the candle is able to form and stay above the 160 level, and the price will try to break the 185 – 190 level.

  • Kunci Coin (KUNCI) 

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A deep weakening has made Kunci Coin in the downtrend area. On July 20, 2022, it broke through the EMA/200 to touch the level of 1.885, but after touching this level the price could not continue rising because the RSI indicator was in the overbought area, instead Kunci Coin weakened to around 25% by far.

The MACD indicator illustrates that both lines are rising but narrowing, which means the price will move sideways in the bearish area between the price range of 1.390 – 1.440.

  • Kardiachain (KAI)

The price decline on KAI was quite sharp and took place on July 22, 2022, which caused the break of a support line at 160. The price moves are quite limited due to bearish sideways happening in the price range of 130 – 145.

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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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