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Bitcoin Cash, NEM, Decred Price Analysis: 24 December

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After Bitcoin, the world’s largest cryptocurrency, registered a slight correction in its price, altcoins such as Bitcoin Cash, NEM, and Decred followed suit and fell down the charts too.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Bitcoin Cash’s price registered a lot of volatility in the month of December. At the start of the month, the cryptocurrency’s price had tested the support at $256.38, before rising steadily, all the way up to $380 by 21 December. However, the same retraced itself after reaching this price level, losing a staggering 29.3% over the last few days. The cryptocurrency’s depreciation also affected BCH’s monthly returns, with the same down by 19.2%.

At the time of writing, BCH was heading towards the support at $256.5. In the short-term, the price can trade between its immediate resistance and support levels at $256.51 and $297.32, respectively. Another southbound move could see the price drop to its next support level at $234.63. Hence, the bearishness could continue in the near future.

The Relative Strength Index implied bearishness since it was heading towards the oversold zone. Finally, the Chaikin Money Flow showed that money was moving away from the crypto-asset, with capital outflows consistent with price drops over the last few days.

NEM [XEM]

Source: XEM/USD, TradingView

Although XEM has been on an uptrend since November, its recent trading sessions saw a drastic drop in price. After scaling to a two and a half year high last week, the cryptocurrency fell by 38.45% on the charts. Trading close to its support level at $0.196 at press time, XEM’s price could continue to fall in the near-term, with the next support at $0.138 able to provide some respite. If XEM’s price does bounce back and rise, the resistance at $0.235 could be tested.

The Awesome Oscillator registered a massive spike in bearish momentum, suggesting that the price might continue to fall before a reversal takes place.

The On Balance Volume also showed declining interest in the crypto-asset, indicating that the price could remain bearish in the near future.

Decred [DCR]

Source: DCR/USD, TradingView

Decred’s price has consolidated throughout the course of December, with the crypto hitting lower highs and higher lows on its price chart. Overall, December has been a good month for DCR, with monthly returns up by 45.45%, placing the cryptocurrency among the highest gainers for the month.

However, the last few sessions saw the cryptocurrency’s price hit the resistance at $36.54 and move lower, towards the support at $30.57. In the short-term, the price might trade sideways between these two channels.

The MACD indicator implied bearishness as the Signal line was moving well above the fast-moving line. However, the histogram registered a slight decline in bearish momentum, reiterating the fact that prices could move sideways in the next few sessions before a reversal.

The Parabolic SAR signaled the start of a bear run. If the crypto’s prices were to fall below the present support at $30.56, support at $27.97 could be tested.

A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.