Bitcoin Cash, ATOM, ZCash Price Analysis: 22 August
It has been a mixed day for the altcoin market, so far. Bitcoin Cash just depreciated and traded close to its immediate $672.21 support line, while COSMOS logged an impressive 18% gain over the last 24 hours, marking a multi-month high. ZCash appreciated by 4.1% and prepared to topple over the $160.89 immediate resistance mark.
Bitcoin Cash (BCH)
Bitcoin Cash noted a slight decline over the last 24 hours, and was available for $687.21. The altcoin was trading close to its support line of $672.21. Trading near the aforementioned support level longer than a few more sessions could cause prices to rest below it, on the $623.37 support line.
Awesome Oscillator displayed red signal bars, denoting bearish price movement in the market. Correspondingly, MACD also noted receding green bars on the histogram.
In contrast, the Relative Strength Index noted increased buying strength as it stood near the 60-mark. In case, BCH heads higher up than the current prices, it may again face resistance at $705.20 for the second time in a week.
Cosmos hiked by a staggering 18%, trading at $22.69, at press time. It had last touched this price level on May 16. The uptrend, if maintained, could push the alt to touch the $23.44 resistance mark for the second time in 48 hours.
MACD remained bullish as it noted green bars on its histogram. Relative Strength Index stood at the 70-mark as it was pictured inside the overbought territory, a few trading sessions ago.
A chance of price reversal can’t be ruled out, in case of which, ATOM would find itself on the $21.50 and $18.00 support line. Bollinger Bands diverged, implying that chances of market volatility could see a rise over the next trading sessions.
ZEC rose by 4.1% on its chart and was trading for $159.63 and would soon be aiming to topple over the $160.89 resistance line. Technicals for ZEC remained quite positive.
Buying strength increased as the Relative Strength Index shot up to touch the 65-mark. Chaikin Money Flow too was seen above the half-line, inside the bullish territory as it recorded capital inflows.
MACD displayed growing green bars on its histogram, which referred to the strengthening of bulls in the market. The alt had last touched this level on 4 June, post which it dipped to the $159.63 mark.
In the event of ZEC hovering around the same prices over upcoming trading sessions for long, it could rest on the $137.78 support line.