Indodax market signal 1 February-7 February 2021 issued 5 bullish and bearish crypto asset recommendations.
This week, the bullish market trend is directed at several crypto assets based on decentralized finance (DeFI). This is due to technological developments and innovations from each platform. There is also a tendency that when Bitcoin goes down, DeFi crypto assets also increase.
One of the DeFi crypto assets that are experiencing bullish is SUSHI. Apart from that, there are also several other DeFi crypto assets.
Apart from DeFi, the increase in XRP is also predicted to strengthen in the first week of February 2021. Buying action on a large scale began last week. Price increases have also started in the last few hours.
Meanwhile, crypto assets that have decreased are crypto assets that are still experiencing a saturated market. Like CRO, which continued to weaken prices from last week. These assets appear to be on a decline and investors are turning to more attractive crypto assets.
On the other hand, last week, DOGE’s crypto asset increased by more than 800%. It’s just that DOGE has experienced a little resistance after touching Rp1,000. Although in fact, there is no DOGE in the bearish market this time because DOGE can still increase or even show a downward trend in prices.
5 Bearish Crypto Assets This Week
- Ripple (XRP)
Indodax Market Signal predicts XRP in bullish crypto assets this time. Last year, the SEC (Security and Exchanges Commission) and the Exchange Authority sued Ripple Labs (XRP company) for fraud transactions.
This allows XRP to be listed across all exchanges in the United States. However, other countries such as Japan and Europe still sell XRP.
In fact, large-scale buying of XRP was carried out in these two markets. This action was taken to increase the price of XRP. After touching the lowest price of IDR 3,000 on the Indodax market, XRP has started to increase to IDR 8,000 on Monday (1 February 2021) morning.
This step is allegedly also able to increase the XRP price back to its highest price in history (all time high / ATH). However, can XRP really strengthen to its highest price?
Chart XRP/IDR
In today’s trading, XRP moved at the lowest level of IDR5701 and the highest level of IDR8298.
Here’s the XRP technical analysis for this week:
| action | ||
| EMA 5 | 6,310 | buy |
| WMA 75 | 4,965 | buy |
| WMA 85 | 5,119 | buy |
| EMA 200 | 4,536 | buy |
| RSI (15) | 80.4865 | overbought |
| MACD 12,26 | 465.1845 | buy |
| Summary | BUY (5) overbought (1) | |
| bullish |
- ELROND (EGLD)
The crypto asset that is bullish on Indodax Market Signal this week is Elrond (EGLD). Elrond is one of the DeFi tokens. Not only based on DeFi, EGLD also claims to be based on the internet of things (Iot).
EGLD is a crypto asset that relies on blazing fast transactions. EGLD is capable of sending 15,000 EGLD per second. In addition, shipping costs are relatively cheap. EGLD transaction fees are only USD 0.001 for each transaction.
Chart ELGD/IDR
In today’s trading, ELGD moved at the lowest level at IDR850,000 and the highest level at IDR994,000. EGLD entered into 5 bullish crypto assets on Indodax Market Signal this week.
Here’s the EGLD technical analysis for this week:
| action | ||
| EMA 5 | 810,505 | buy |
| WMA 75 | 467,096 | buy |
| WMA 85 | 439,820 | buy |
| EMA 125 | 296,557 | buy |
| RSI (15) | 83.5533 | overbought |
| MACD 12,26 | 106263.1198 | buy |
| Summary | BUY (5) overbought (1) | |
| bullish |
- Sushiswap (SUSHI)
At the next Indodax Market Signal, SUSHI is in the bullish category. The increase in SUSHI happened last week. This week, SUSHI is allegedly continuing to strengthen prices.
Sushiswap is the DeFi protocol which is a fork of Uniswap. SUSHI has collected 80% of Uniswap’s assets. Since its launch on August 26, SUSHI has locked (stake) more than USD 1 billion.
Chart SUSHI/IDR
In today’s trading, SUSHI moved at the lowest level at IDR101,100 and the highest level at IDR132,500. SUSHI has entered into 5 bullish crypto assets this week.
Here’s the SUSHI technical analysis for this week:
| action | ||
| EMA 5 | 132,273 | buy |
| WMA 75 | 10,314 | buy |
| WMA 85 | 65,963 | buy |
| EMA 125 | 435,940 | buy |
| RSI (15) | 72.3599 | buy |
| MACD 12,26 | 19638.5555 | buy |
| Summary | buy | |
| bullish |
- Compound (COMP)
Compound (COMP) is included in the bullish category on the Indodax Market Signal this week. This crypto asset is also a DeFi based crypto asset.
Compound is a blockchain project or crypto asset under Ethereum’s ERC-10 network. Compound facilitates users to provide loans by pledging (stake) crypto assets. When staking is done, crypto assets will be locked in the Compound network and get COMP which is rewarded.
Chart COMP/IDR
In today’s trading, COMP moved at the lowest level of IDR 4,280,475 and the highest level of IDR 4,725,000. COMP entered into 5 bullish crypto assets this week.
Here’s the COMP technical analysis this week.
| action | ||
| EMA 5 | 4,450,674 | buy |
| WMA 75 | 3,532,161 | buy |
| WMA 85 | 3,480,449 | buy |
| EMA 200 | 2,942,514 | buy |
| RSI (15) | 65.4814 | buy |
| MACD 12,26 | 331435.0022 | overbought |
| Summary | BUY | |
| bullish |
- Saffron Finance (SFI)
Saffron Finance (SFI) is back in a bullish market on Indodax Market Signal this week. Saffron Finance also comes from DeFI. He maintains the strengthening of his price, since two weeks ago.
Even though it has a rating that is not too high, SFI still has high interest. This is why the demand for these crypto assets continues. Then the impact on the strengthening of the price.
Chart SFI/IDR
In today’s trading, SFI moved at the lowest level of IDR11,202,000 and the highest level was IDR13,999,000. SFI entered into 5 bullish crypto assets this week.
Here’s the SFI technical analysis for this week:
| action | ||
| EMA 5 | 12,450,713 | buy |
| WMA 75 | 9,473,251 | buy |
| WMA 85 | 9,322,037 | buy |
| EMA 200 | 7,275,177 | buy |
| RSI (15) | 60.6975 | buy |
| MACD 12,26 | 528399.6294 | buy |
| Summary | BUY | |
| bullish |
5 Crypto Assets Bullish
- Okex (OKB)
At Indodax Market Signal this time, OKB is included in a bearish market signal. Because it is not too dominant and has a rating that is not that high, OKB seems to be abandoned by its investors.
OKB has also not been able to increase its technological innovation. Apart from that, there is also a trend that investors are more interested in other crypto assets. In fact, in the OKB market, the analysis shows there was oversold selling.
Chart OKB/IDR
In mid-year trading, OKB moved at the lowest level of IDR 75,200 and the highest level of IDR 84,900.
Here’s OKB’s technical analysis for this week:
| action | ||
| EMA 5 | 77,469 | sell |
| WMA 75 | 88,594 | sell |
| WMA 85 | 87,817 | sell |
| EMA 200 | 82,336 | sell |
| RSI (15) | 37.3722 | oversold |
| MACD 12,26 | -4674.4931 | sell |
| Summary | SELL (5) OVERSOLD (1) | |
| bearish |
- Monero (XMR)
Indodax market signal next bearish category is Monero (XMR). This crypto asset is a mining-based crypto asset.
Mining jobs are starting to be abandoned. This is because considering how difficult it is to get crypto assets. Miners are turning to staking for DeFi crypto assets.
The decline in demand for XMR also had an impact on its price decline
Chart XMR/IDR
In today’s trading, XMR moved at the lowest level at Rp1,918,230 and the highest level was Rp1,970,000
Here’s the XMR technical analysis for this week:
| action | ||
| EMA 5 | 1,938,107 | sell |
| WMA 75 | 1,932,509 | sell |
| WMA 85 | 1,944,686 | sell |
| EMA 200 | 2,047,655 | sell |
| RSI (15) | 49.3353 | sell |
| MACD 12,26 | 6267.8252 | sell |
| Summary | SELL | |
| bearish |
- Multicollateral (DAI)
DAI entered into a bear market on Indodax Market Signal this week. DAI is a stablecoin where the price is relatively the same as USD (1: 1). DAI is a crypto asset created by DAO markers.
This stablecoin shows a weakening price due to the weakening dollar price against the Rupiah. In addition, USDT and USDC which also have a ratio of 1: 1 to USDC are also allegedly going to experience a price decline.
Chart DAI/IDR
In today’s trading, DAI moved at the lowest level of Rp13819 and the highest level was Rp14,100
The following is DAI’s technical analysis for this week:
| action | ||
| EMA 5 | 13,999 | sell |
| WMA 75 | 14,073 | sell |
| WMA 85 | 14,084 | sell |
| EMA 150 | 14,149 | sell |
| RSI (15) | 54.5309 | sell |
| MACD 12,26 | -34.4557 | buy |
| Summary | SELL (5) BUY (1) | |
| bearish |
- Crypto.com Coin (CRO)
Indodax Market Signal in the bearish category re-entered Crypto.com Coin (CRO). This altcoin has experienced price weakness continuing the previous weeks.
Crypto.com is still unable to show trend support this week. In fact, some time ago, the Crypto.com centralized exchanges platform has collaborated with Booking.com as their business innovation.
Chart CRO/IDR
In today’s trading, the lowest price of CRO is at the level of IDR882 and the highest price is IDR955.
Here’s the CRO technical analysis for this week:
| action | ||
| EMA 5 | 915 | sell |
| WMA 75 | 982 | sell |
| WMA 85 | 994 | sell |
| EMA 200 | 998 | sell |
| RSI (15) | 43.6455 | neutral |
| MACD 12,26 | -13.96 | sell |
| Summary | SELL (5) NEUTRAL (1) | |
| bearish |
- Bitcoin SV (BSV)
Indodax Market Signal in the bearish category re-entered BSV. Bitcoin SV (BSV) is a fraction of Bitcoin Cash which is a hard fork with Bitcoin in the mining zone.
The decline in BSV prices also continued this week, after previously BSV also experienced price weakness. Although relatively similar to Bitcoin’s price movements, BSV is more of a downward trend than Bitcoin and its derivative crypto assets.
Chart BSV/IDR
In today’s trading, BSV moved at the lowest level of Rp2,406,000 and the highest level was Rp2,530,000.
The following is the BSV technical analysis for this week:
| action | ||
| EMA 5 | 2,486,435 | sell |
| WMA 75 | 2,457,827 | sell |
| WMA 85 | 2,479,890 | sell |
| EMA 200 | 2,582,634 | sell |
| RSI (15) | 55.0219 | sell |
| MACD 12,26 | 16800.307 | buy |
| Summary | SELL (5) buy (1) | |
| bearish |
NOTE: If the EMA 5 crosses the WMA 75, 85 and 200 EMA and these lines intersect from bottom to top, the market trend tends to go up (bullish),
In each table above, it shows that if the value of EMA 5 is higher than WMA 75.85 and EMA 200 then 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, overbought condition or oversold condition is an indicator that the market is at a point of changing the trend direction.
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