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Bitcoin Cash, THETA, Filecoin Price Analysis: 23 June

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The global crypto-market cap was $1.41 trillion at press time, having seen a hike of 4.3% over the last 24 hours. What’s more, the total crypto-market volume had climbed to $135.89 billion over the same period.

As Bitcoin regained its strength, most altcoins followed suit. Bitcoin Cash’s market capitalization increased by 17.29%, followed by THETA’s hike of 10.16%. Finally, even though Filecoin showed signs of recovery, it still traded below its crucial support zone. 

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Bitcoin Cash plunged below the $540-support level on June 21 post which it found support at $417 temporarily. 

After hitting its lowest level of $420 since the May crash, the coin recovered by 7.7% and was priced at $472.27, at press time. 

The coin saw heavy sell-offs on June 21, however, at press time the Relative Strength Index had moved north towards the neutral zone. And yet, sellers still outnumbered buyers in the market. While capital inflows had picked up slightly of late, the Chaikin Money Flow pictured a dip in the same over the last few hours. 

Further, while the Bollinger Bands had closed in somewhat on the 4-hour chart, the mouth of the indicator was wide enough to point to a degree of volatility.


Source: THETA/USD, TradingView

THETA’s price dipped recently after there was significant market weakness over the past week. The coin, however, showed signs of recovery in the last 24 hours. At press time, the altcoin was priced $6.38, a 60% fall from its highest valuation of $16 on 11 May. 

The Bollinger Bands suggested that the price volatility of THETA could decline slowly over the upcoming trading sessions thanks to a degree of convergence. A bullish crossover took place in the early hours on June 23 and the MACD’s histogram pictured the beginning of bullish momentum. 

THETA climbed up from the oversold zone in the last 24 hours as the Relative Strength Index embarked on a northbound journey towards the neutral zone. However, selling pressure was slightly higher than the buying pressure. 

On the developmental front, THETA enthusiasts can look forward to the forthcoming THETA Mainnet 3.0 update set to release on June 30. 

Filecoin [FIL]

Source: FIL/USD, TradingView

Filecoin was priced at $162 on May 2 and at press time, it was valued at $55.19, which meant that the coin fell by over 65% in over a month and a half. FIL saw a surge in prices on June 3, however, the crypto-crash in the month of June pushed the coin on a southward journey.

FIL broke its crucial support of $59 around 3 days back and the coin has been trading below that support level ever since. As FIL has appreciated over the last 24 hours, the alt could find resistance at the $59-level if the price continues to move north.

With a bullish crossover on June 23, the MACD’s histogram noted bullish momentum emerging. The Parabolic SAR pictured the beginning of an uptrend as the asset’s price started to recover on the charts.

Finally, after a period of increased price volatility, the Bollinger Bands narrowed on June 23 and pointed to declining price fluctuations over the next few trading sessions.


Anushmita is a full-time journalist at AMBCrypto with a background in Mass Communication. She is inclined towards writing about the socio-political aspects of the crypto market and also has an interest in analyzing market trends.
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