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Analysis

Bitcoin Cash [BCH] Price Analysis: Long-term bears loom as mid-week bulls carry token

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Bitcoin Cash [BCH] Price Analysis: Long-term bears loom as mid-week bulls carry token
Source: Pixabay

The market cap of the collective cryptocurrency market was stable at $135 billion, riding high from an early-week low of $131 billion.

At press time, the coin had gained marginally against the US dollar by 1.29 percent, and was trading at $133.10. The price of Bitcoin Cash [BCH] had petered out after spiking to $135.71, following which the price began to peter out.  Bitcoin Cash posted a market cap of $2.36 billion, with a surging Binance Coin [BNB] behind by just $220 million.

LBank dominates the BCH market, accounting for 13.05 percent of the global BCH volume via the trading pair BCH/BTC. Other exchanges which posted high Bitcoin Cash trading volumes were P2PB2B, HitBTC, and BiteBTC.

1-hour

Source: Trading View

The mid-week uptrend pushed the price from $128.37 to $133.46, and was followed by a market correction which pulled the price from $133.57 to $129.25. Following this roller coaster-like movement, the coin was stable around the $132 mark.

Bitcoin Cash showed an immediate resistance level of 133.46, which the coin touched earlier this week. The immediate support level of the coin stood at $127.15.

The Bollinger Bands showed a massive increase in volatility as the coin’s price shot up, before dropping down within a two-day window. The Moving Average line showed a bullish market.

The Chaikin Money Flow tool pointed to an increase in the money inflow into BCH tokens, as the CMF line was above 0.

The Awesome Oscillator indicated a rise in short term momentum. However, since the concluding bars were red, a bearish phase for the coin was expected.

1-day

Source: Trading View

Barring one solitary long-term uptrend in February which raised the price from $128.03 to $152.76, the coin was stuck between two downtrends. Prior to the uptrend, the coin’s price dropped from $196.72 to $119.01, following which the coin’s price fell from $150.85 to $130.02.

The coin’s immediate support stood at $118.42, while the immediate resistance for the coin was found at $153.

The Parabolic SAR indicated a bearish market.

The MACD showed a mildly bearish market as the Signal Line was just above the MACD line.

The Relative Strength Index pointed to a drop in the coin’s investor interest as the RSI had dropped from 69.21 to 52.81, since February.



Conclusion

Bitcoin Cash was buoyed by mid-week bulls and managed to sustain its high, with the coin pushing above the $130 mark. In the short-term, the coin was trading on a high as the CMF line pointed to an increase in money inflow and short term momentum looked to rise. In the long-term however, the coin was struggling to get free from the bears’ grasp.





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Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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