The global crypto market cap is at $1.46 Trillion accompanied by a 2.3% growth over the last day. As prices shot up overnight, many altcoins traded above their crucial levels. For the coins to move ahead on the upside, the crypto market, on the whole, needs to regain its strength back significantly. Bitcoin Cash flashed a rise in demand, Solana’s technical indicators pointed towards a period of market volatility and Filecoin displayed strengthening of the current trend in the market.
Bitcoin Cash (BCH)
BCH/USD, TradingView
The four-hour technical chart spelled out bullishness for BCH. The market was projecting strength as the alt was priced at $507 at press time, owing to an almost 11% rise in prices over the last 24 hours.
The immediate resistance for BCH lies at $528, and to keep rallying, support from the broader crypto market will be required. The dotted lines on the Parabolic SAR indicator were seen aligning below the candlesticks, at the time of writing, pointing towards an uptrend in prices.
Bitcoin Cash was overbought owing to a sharp increase in demand, with a continued increase in demand, prices have the propensity to shoot upwards. The Relative Strength Index pictured the indicator above the 70-mark.
In terms of price volatility, the market entered a phase of low volatility, however, a price breakout could be anticipated from the reading of the Squeeze Momentum Index. The indicator pointed towards a signal to purchase the altcoin.
Solana (SOL)
SOL/USD, TradingView
SOL gained by 7.5% over the last 24 hours as the prices hovered around $29 at press time. From the technical analysis chart, SOL’s green candlesticks showed a decrease, indicating that bullish momentum might after all take a hit.
In that case, SOL’s support level rested at $26. On the upside, SOL could try to test the resistance level of $31 and then $32 as the latter was a concrete resistance point over a period of time.
The alt’s 24-hour trading volume increased by 116.61%, suggesting that buyers were purchasing the token. The Relative Strength Index displayed the strength of buyers in the market, it also noted an uptick pointing towards the precedence of buyers over sellers at press time.
Dotted lines of the Parabolic SAR was present below the price level hinting that prices could remain on the upside hovering around the $29 mark. Bollinger Bands widened slightly, indicating prices might undergo market volatility.
Filecoin (FIL)
FIL/USD, TradingView
After the crypto market witnessed a rally since July 21, Filecoin’s price movement has been on the uptrend but not as rapidly. At press time, it was priced at $51.40 and over the last 24 hours, it gained about 4.6%. FIL’s crucial resistance level was at $51.13 which the coin broke off and the bulls automatically regained their lost strength in the market.
A glance at the Relative Strength Index at this prices level showed a good buying pressure for FIL, which is why it could prove beneficial for FIL traders to invest in the same.
At press time, the indicator was just below the 75-mark, an inflow of buyers would push FIL to the overbought zone. Chaikin Money Flow also pictured an increase in capital inflows as buyers were dominant in the coin market.
Filecoin’s price movement over the last couple of days have been steady and strong, it challenged its resistance levels one after the other, thereby, strengthening itself. The Average Directional Index points towards the growing strength of FIL’s market, the indicator was seen approaching the 40-mark.
