Altcoin
Bitcoin Cash, Tron, Terra Price Analysis: 03 December
As the broader market entered into a possible recovery phase, Tron saw gains on its daily chart after bouncing from its two-month support level.
Moreover, Terra’s LUNA saw 56.4% weekly ROI while it entered into price discovery and found its ATH on 3 December. On the flip side, Bitcoin Cash flashed bearish near-term technical indications.
Bitcoin Cash (BCH)
TradingView, BCH/USDT
After a down-channel breakout on 22 November, BCH continued to move in the descending triangle pattern (yellow) in its 4-hour chart for the past ten days. This downtrend occurred post the altcoin touched its nine-week high on 10 November.
With this milestone, bulls breached the 12-week long resistance at the $653-mark but could not sustain those levels. As a result, bears initiated a 27.2% retracement as BCH hit its one-month low on 28 November. For the past two months, bears have been retesting the support at the $544-mark.
At press time, BCH traded below its 20-50-200 SMA at $558.5. The RSI preferred the sellers after diminishing for the last three days. Further, the DMI confirmed the bearish vigor, but the ADX displayed a substantially weak directional trend.
Tron (TRX)
After attaining its six-month high milestone on 15 November, TRX broke out of a descending broadening wedge on its 4-hour chart.
Following a 54% incline from 29 September to 15 November, the price action steadily declined as the bears showed resistance at the $0.118-mark for the past six months. Consequently, TRX lost over a third of its value in the retracement phase to poke its one-month low on 28 November.
Now, the bulls retested the $1.0065-mark twice over the past three days. If the bulls sustain their influence and keep the price above the aforementioned mark, a further breakout could occur.
At press time, TRX traded at $0.10027 after noting a 4% gain in 24 hours. The RSI was in an uptrend while it swayed near the 62-mark after 17 days. Moreover, the DMI confirmed RSI’s hint by preferring the buyers. However, the ADX continued to display an overly weak directional trend.
Terra (LUNA)
TradingView, LUNA/USDT
LUNA registered an exceptional gain of over 80% from 26 November to 3 December. During the previous downtrend, LUNA lost over one-third of its value. Afterwhich, it touched its five-week low on 24 November.
However, after a strong upturn, the price action broke out from the descending channel and entered into price discovery until it touched its ATH on 3 December. The altcoin breached the $53.3-mark (all-time high support) after the bulls undeniably turned the tide in their favor.
Accordingly, the altcoin saw a 9.5% incline in 24 hours. At press time, LUNA traded at $67.85. The RSI moved near the overbought region for three days, hinting at a substantial bullish vigor. Nevertheless, AO and MACD depicted a slight decrease in bullish strength.
