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Analysis

Bitcoin Cash [BCH] Price Analysis: Bears lose momentum as bulls look to gain authority

Biraajmaan Tamuly

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Bitcoin Cash [BCH] Price Analysis: Bears lose momentum as bulls look to gain authority
Source: Pixabay

Bitcoin Cash [BCH] looked to consolidate its price valuation as the token gained momentum against the US dollar by 2.59%. The token was priced at $131.59, with a market cap of around $2.3 billion. The coin recorded a trading volume of $270 million over the past 24 hours.

The token was traded the most on P2PB2B exchange with the BCH/BTC trading pair, which contributed $22 million of the total trade, equivalent to about 7.83% of the 24-hour trading volume. It was closely matched by HitBTC exchange, which recorded 6.78% of the total trade.

1-hour

Source: TradingView

The token recovered some of its losses, as the price experienced a prominent uptrend on the chart. The uptrend extended from $128.10 to $133.30, while the previous downtrend extended from $134.003 to $128.30. The resistance line remained constant at $134.20.

The Bollinger Bands indicated a volatile period for the token as the bands seemed to be diverging. The Moving Average line was moving, with the candlesticks above it, suggesting an bullish run.

The Relative Strength Index or RSI suggested that the buying and selling pressures had evened each other out.

The Aroon indicator had the red line hover over the blue line, an indication of a bearish phase for the coin.

1-day

Source: TradingView

The long-term chart for the token indicated a major downtrend that extended from a high of $629.10 to  a low of $123.90. The resistance zone for the token remained between $195.90 and $123.90 since the fall in valuation. The support line was constant at $76.10 for the entirety of the trend.

The Parabolic SAR markers hovered over the candlesticks and indicated an ongoing bearish trend. However, the dotted markers were flattened very close to the candles and pointed at the possibility of a change in trend soon.

The Chaikin Money Flow indicated that there was no money coming into the token’s market as the line remained under the zero line.

The MACD line indicated a bearish trend for the coin. However, since the blue and red line were in close proximity to each other, a crossover was imminent.



Conclusion

The indicators for the BCH charts suggested that the bear trend was losing its momentum, with the bulls slowly coming back into the market.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

Published

on

Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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