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Bitcoin Cash [BCH] Price Analysis: Bulls push for short-term consolidation

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Bitcoin Cash [BCH] Price Analysis: Bulls push for consolidation in the short-term
Source: Pixabay

The collective coin market turned green after days of sideways movement, and the sixth largest coin looked to return to the bullish days of February. BCH was pegged down since the start of the month, with Binance Coin [BNB] hot on its tail.

Bitcoin Cash marginally gained against the US dollar by 0.35 percent and was trading at $128.01, at press time. The market cap of the coin stood at $2.27 billion, ahead of BNB by just $140 million.

In terms of exchange dominance, P2PB2B took the top spot, accounting for 10.86 percent of BCH trading volume, in the pair BCH/BTC. Other prominent exchanges were HitBTC and LBank.

1-hour

Source: Trading View

Bitcoin Cash’s one-hour chart showed two sets of downtrends and a single uptrend. Bitcoin Cash dropped from $133.97 to $130.59, and later from $130.74 to $127.9. Following these downtrends, the coin rose back up from $125.95 to $128.28, showing signs of stabilization.

The immediate support level of the coin stood at $125.14. Bitcoin Cash found immediate resistance at $128.30.

The Bollinger Bands pointed to a decline in the coin’s volatility as the price looked to stabilize. The Moving Average line indicated a bearish market.

The Chaikin Money Flow tool indicated a rise in cash inflow into BCH tokens, as the CMF line was above 0.

The Awesome Oscillator indicated an increase in the market’s short-term momentum. However, the concluding bars were red and minor, suggesting bearish activity with low severity.

1-day

Source: Trading View

The one-day chart saw two notable movements in opposite directions. Bitcoin Cash enjoyed an uptrend in February, pushing the price from $128.03 to $152.76. Post the uptrend, the coin dropped from $153.15 to $132.65.

Bitcoin Cash found immediate support at $118.42, which the coin dipped below in early February. The immediate resistance level of the coin stood at $153.

The Parabolic SAR showed a bearish phase for the coin as the dotted markers were above the coin’s trend line.

The Relative Strength Index indicated that investor interest was on a decline, with the RSI dropping from 69.04 to 47.73.

The MACD pointed to a bearish market as the MACD line was below the Signal line.



Conclusion

With low volatility and positive money inflow, the bulls look to bless the BCH market in the short term. In the long-term, the bears still ruled as investor interest was declining, with both the Parabolic SAR and the MACD pointing to incoming bearish activity.





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Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bears stall coins’ bullish momentum

Yash Rajan

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XRP vs Stellar Lumen [XLM] Price Analysis: XRP and XLM bulls stalwart bears
Source: Pixabay

Ripple’s XRP saw a huge amount of capital being transferred yesterday and was ranked third on CoinMarketCap, with a market cap of $16.258 billion, at press time. According to CoinMarketCap, XRP was priced at $0.386 and had a 24 hour trading volume of $1.664 billion. It surged by 4.07% over 24 hours.

Stellar Lumens [XLM] stood ninth on the top-10 cryptocurrencies with a market cap of $2.438 billion. XLM was priced at $0.126 with a 24 hour trading volume of $474.116 million. XLM rose by 3.96% over the past 24 hours.

1-Day XRP

Resistance lines stood at $0.458 and $0.402 and supports were at $0.311 and $0.285. XRP saw an uptrend over the course of six months from $0.364 to $0.459. XRP also drew a downtrend over the past two weeks from $0.457 to $0.391.

Source: TradingView

Source: TradingView

Parabolic SAR markers were above the candles and indicated a bearish environment for the coin.

Moving Average Convergence/Divergence [MACD] indicator suggested an imminent bearish crossover

Relative Strength Index indicator showed that the buying and selling pressures had evened each other out

1-Day XLM

Stellar Lumens [XLM] saw an uptrend from $0.126 to $0.142. Resistance lines stood at $0.143 and $0.127 and support lines stood at $0.741 and $0.115.

Source: TradingView

Source: TradingView

Bollinger Bands pointed towards increment in volatility.

Awesome Oscillator indicator presented a bullish buying opportunity. However, bearish pressure was seen over the last few histogram bars.

Chaikin Money Flow indicator showed that the money flowing into the market was greater than the money flowing out of the market.



Conclusion

Both XRP and XLM seemed to have stalled in the face of bearish pressure, after posting some bullish gains.





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