Bitcoin’s market recovered slightly from its price fall at press time. Similarly, Bitcoin Cash registered a minor 1.80% hike over the last 48 hours while its trading volume fell by 34% over the last 24 hours. IOTA barely showed any movement on the 4-hour trading chart as it moved closer to its crucial support zone of $0.77. Finally, Dogecoin after Elon Musk’s publicity stunt, rose by 4.50% over the same period.
Bitcoin Cash [BCH]
BCH/USD, TradingView
Bitcoin Cash registered consolidation between $476 and $550 support and resistance levels, respectively. At the time of writing, BCH was trading at $495 after a minor hike over the last 24 hours.
BCH’s value had been moving within a tight range, as seen from the technical analysis chart. This served as an entry point for traders. On the Relative Strength Index, at press time, the indicator noted a slight downtick that signified a decrease in the number of buyers, lending more dominance to the selling pressure in the market.
The Awesome Oscillator flashed bullish signals beginning 9 July. If this short-term bullish signal pushes the price further up, then BCH can be expected to test the $550 resistance level.
The Bollinger Bands remained mostly parallel on the charts with minor convergence pointing to a possible decline in market volatility.
IOTA
IOTA/USD, TradingView
IOTA’s price has been moving sideways for the last couple of weeks and it continued to do the same on the 4-hour chart at press time. The altcoin fell by 0.6% over the last 24 hours as IOTA’s crucial support level lay at $0.77, while its resistance level was at $0.93.
If the price moves up, the immediate resistance would be at $0.93 and subsequently at the $0.97 and $1.19 levels.
The MACD indicator registered a bearish crossover on 8 July. Capital outflows increased too, as spotted on the Chaikin Money Flow. However, the CMF remained below zero. The Bollinger Bands held firm and affirmed the crypto’s sideways price action.
Dogecoin [DOGE]
DOGE/USD, TradingView
After Elon Musk claimed in a tweet just 48 hours ago that Dogecoin had the potential to become a superior payment system, it rose in valuation. Dogecoin’s price, at the time of writing, was $0.21, a figure which meant a 4.5% hike over the last 24 hours. With a 129.4% increase in 24-hour trading volume, DOGE rose by almost 8% in the last 48 hours.
Green signal bars appeared on the Awesome Oscillator post-Elon Musk’s tweet. On 9 July, the alt underwent a bullish crossover and the MACD pictured green histograms – A sign of short-term bullish momentum. Finally, Dogecoin’s price fluctuations could be minuscule as the Bollinger Bands tightened further at press time.
