The crypto market has been trading sideways for the past week but has offered traders opportunities. Bitcoin Cash has not seen much demand recently, although the buyers managed to defend a level of support at $277. Tezos and Axie Infinity also showed a lack of near-term trends on their charts.
Bitcoin Cash (BCH)
Source: BCH/USDT on TradingView
Bitcoin Cash has been trading within a range (white) from $271 to $345 since mid-January. At the time of writing, the price was just above those range lows. The indicators did not show strong momentum or volume in either direction for BCH. The MACD was flat at the zero line, while the OBV has been moving sideways for the past week.
The $305 level (mid-range) would need to be flipped to support to offer a buying opportunity. Likewise, a visit to the $260-$270 area beneath the range lows could also be bought.
Tezos (XTZ)
Source: XTZ/USDT on TradingView
XTZ has struggled to breach the $3 area in the past few days. The Visible Profile Volume Range showed that the Point of Control lay at $3.04. In the near term, the entire region from $2.97 to $3.07 was likely to offer resistance to any bullish impetus. In the past week, the price has been trading inside this zone for a considerable period of time.
This meant that only a move past $3.24 would indicate a shift in bias toward the bullish side. The RSI stood at 47.8, which was neutral. Both the RSI and the DMI showed that no significant trend in either direction has been in play for XTZ in the past week.
Axie Infinity (AXS)
Source: AXS/USDT on TradingView
The short-term outlook for AXS appeared to have flipped once again. The price has been oscillating from the $45.5 demand area to the $49 supply area (cyan and red respectively). At press time, the price exhibited a hidden bullish divergence with the momentum. Alongside, the OBV has also crept up.
This could see AXS rise to $49-$49.5, where it was still likely to face selling pressure due to a bearish order block in that zone.
