After the market leaders Bitcoin and Ethereum traded slightly below their respective ATH’s, most altcoins market remained cautious and showed consolidatory movement, awaiting the next big move. Such was the case with BCH, DOGE, FTT and DCR, all of which were restricted between a tight channel at the time of writing.
Bitcoin Cash [BCH]
Rangebound movement between $547.6 and $511.4 showed consolidation in the Bitcoin Cash market, a state that was common in most altcoins since the king coin retraced from record levels. The former top 10 cryptocurrency, BCH, was trading at $544.8 at press time, with a market cap of slightly over $10 Billion.
The Bollinger Bands showed low volatility and reflected cautious sentiment in the BCH market. Meanwhile, the Awesome Oscillator was bullish-neutral. A rise above the current channel would likely spur some additional buying, but sellers would be in focus at $607-resistance. If Bitcoin snaps a newer record high, BCH would likely sustain itself above the $600-level.
Similar to its counterpart, BCH, Dogecoin was also in a state of equilibrium as the price oscillated between $0.059 and $0.056 for the past few days. The indicators flashed mixed signals in regards to DOGE’s short-term trajectory. The Stochastic RSI hinted at a reversal after closing in on a bearish crossover in the overbought region. On the other hand, the Awesome Oscillator tilted slightly in favor of the bulls.
A move below the current channel could be cushioned at $0.054-support. Conversely, an upwards breakout would likely be capped at the $0.063-level.
FTX Token [FTT]
A bearish crossover in the MACD saw FTX Token cool-off from record levels and move southbound on the 4-hour charts. At the time of writing, the fast-moving line was superimposed on the signal line, which reflected neutrality in the market. However, the accumulation period represented an important development for the bulls over the long-term and an uptrend could continue post the stabilization.
The CMF stayed above the half-line and showed that healthy capital inflows could likely see FTT hold on to its immediate support over the coming sessions.
Decred was also in a stabilization period as the price moved southbound from record highs and traded below $171.8 resistance. Muted trading volumes and buying activity worked against a favorable outcome, but optimism came from a bullish twin peak setup on the Awesome Oscillator. The RSI also pointed upwards from the 50-level and showed some bullish strength.
A rise above the current resistance would likely see DCR trade close to record levels, but stronger cues were needed to back a breakout prediction. A spike in the trading volumes could, however, boost DCR to a bullish outcome.