Bitcoin Cash, Aave, Status, Enjin Coin Price Analysis: 23 March
Bitcoin Cash was trading below the equilibrium mark of its horizontal channel of $550.2 and $507.5. Aave witnessed a breakdown from a descending triangle, but awaited confirmation on the same. Status retested the $0.117-resistance and move south once again and finally, ENJ dipped below its 50-SMA.
Bitcoin Cash [BCH]
Bitcoin Cash remained within the horizontal channel of $550.2 and $507.5 and even though the price ticked up over the last 24-hours, it was still below the equilibrium of its press time channel. The ADX moved flat at 16 and underlined the lack of a trend, while the RSI rested at 45. A move away from this channel would offer strong buy or sells signals, depending on the direction of the breakout.
The $600-level presented a target for the bulls, while the bears could eye the $468.7-support in the event of a breakdown.
While Aave saw a breakdown for a descending triangle, the price held steady at $336.4, at the time of writing. A retest of the lower trendline could offer some sell positions, but a move back within the pattern would invalidate the breakout. The next few sessions would provide confirmation, and an extended bearish outcome would likely lead to a fall towards the $304-support level.
The RSI reversed its direction from the lower zone and settled slightly above 30 on the charts. The Awesome Oscillator noted strong bearish momentum as the price moved south from the pattern.
Gains over the last week amounted to over 20% as Status showed a healthy uptrend after bouncing back from the $0.07-support. The Parabolic SAR’s dotted markers moved below the candlesticks and highlighted bullish movement as the price flipped the $0.117-resistance. Trading volumes were healthy and clocked in at over $200 million, at press time.
However, a bearish divergence was spotted on the RSI as the index made lower highs while the price snapped higher highs. The Awesome Oscillator noted momentum on the selling side. Considering the position of the indicators, a bearish outcome can be projected over the next few trading sessions. Further, the support at $0.105 would be in focus if the price moves south.
Enjin Coin [ENJ]
Weekly losses of over 16% saw Enjin Coin continue its southbound movement from record levels. Furthermore, a dip below the 50-SMA (blue) could lead to additional short or medium-term losses. Support levels would lie at $1.94 and $1.58, if the price moves south from the press time channel.
The OBV fell steadily and showed a lack of buying pressure in the market. On the other hand, the Chaikin Money Flow noted healthy capital inflows which could act as a cushion against a further price drop.