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Bitcoin Cash, Tezos, Basic Attention Token Price Analysis: 08 February

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Source: Pixabay

BCH  moved below its 200-SMA once again but the bulls were likely to overturn the bearish market moving forward. XTZ projected an upside at $3.42 after the indicators flashed bullish signals and BAT could rise above its August 2020 levels if the price moves north of $0.427.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Bitcoin Cash slipped below its 200-SMA (green) on the 4-hour timeframe as the price traded just above the $450 mark. A look at the chart showed that bulls have attempted to overturn the bearish market as the price snapped higher highs and lower lows since the beginning of February. This is why a rise above the 200-SMA was certainly a possibility over the coming sessions. The bullish movement could also offer some strong buy signals as the 20-SMA (blue) was on the verge of crossing over the 200-SMA.

A favorable outcome was also backed by a bullish crossover in the Stochastic RSI. On the other hand, the Awesome Oscillator showed that momentum was strong on the bearish side as the red bars fell below the half-line. In the event of a fall, support at $418 could come into focus.

Tezos [XTZ]

Source: XTZ/USD, TradingView

Tezos’ bulls targeted a rise above $3.42 after buying activity picked up over the last few sessions. Capital inflows were strong, according to the Chaikin Money Flow, while trading volumes picked up by over 30%. A bullish crossover was also witnessed on the MACD.

All these factors pointed towards a bullish scenario for XTZ moving forward. The next level of resistance lies at $3.61. Conversely, a bearish outcome, although unlikely, could see XTZ move closer to the $3.14 support-mark.

Basic Attention Token [BAT]

Source: BAT/USD, TradingView

The bullish momentum on Basic Attention Token carried the cryptocurrency to a local high of $0.422 at the time of writing. The Awesome Oscillator highlighted the strong momentum on the buyers’ side. A rise above $0.427 could see BAT surpass its August 2020 levels.

However, the momentum could fizzle out over the next few sessions after a bearish divergence was spotted on the Relative Strength Index. In case of a short term bearish move, a fall below $0.32 would be unlikely considering the uptrend over the past 30 days.

 

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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.

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