Connect with us


Bitcoin Cash, SUSHI, Nano, Verge Price Analysis: 07 April



Source: Pixabay

Bitcoin Cash was in danger of slipping below the 50% Fibonacci level, but the bulls showed some resilience. SUSHI could go as low as $10 if it loses out on its strong support level at $12.7. Nano needed to gather more momentum to break above the $6-mark, while Verge moved south from a symmetrical triangle.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Using Bitcoin Cash’s fall during the late February pullback, some important Fibonacci Retracement levels were highlighted on its 4-hour timeframe. At the time of writing, BCH was in danger of dropping below the important 50% Fibonacci level at $602. A move below this point would likely keep BCH restricted below the $600-level over the coming days.

The OBV has largely remained firm since March and it seemed doubtful whether buying pressure could come to BCH’s aid. Nevertheless, trading volumes were still healthy at over $6 billion and a breakdown could be defended by the bulls. The RSI flattened at 51 and still showed a degree of bullishness in the market.

SushiSwap [SUSHI]

Source: SUSHI/USD, TradingView

Even though SUSHI dipped below its $14.36-support, another line of defense was available at $12.7. However, a break below this level could lead to an extended sell-off and the bulls must be wary of this over the next few trading sessions.

The OBV has formed lower highs since early March and this was not an encouraging sign if SUSHI is to maintain its upward trajectory. The CMF showed that capital inflows have also been restricted since late March. A breakdown could go as low as $10.5 or even $10 in a bearish outcome.

Nano [NANO]

Source: NANO/USD, TradingView

Nano did make some headway on its road to recovery towards $8, but the market did not look ready to make the climb just yet. The first challenge for the bulls was above $6 and this was not met despite several attempts made during the last two months. Secondly, a bearish crossover was spotted on the MACD as NANO attempted to regain the aforementioned level.

The Awesome Oscillator registered consecutive red bars but still remained above the half-mark. Trading volumes were also quiet over the last 24-hours. For the moment, the market cannot be considered bearish, but it did not support a northbound breakout either.

Verge [XVG]

Source: XVG/USD, TradingView

A break below the bottom trendline saw Verge move south from a symmetrical triangle and towards the support region at $0.042. The RSI formed two peaks in the upper territory and showed overbought conditions in the market before trending lower on the chart.

However, XVG’s trajectory in 2021 has been bullish and sharp breakdowns have been rare over the last few months. If the price does move south, the bulls can be expected to defend the $0.037-level from an extended sell-off.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

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.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.