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BAT is expected to trade rangebound in the coming days, while Algorand is expected to split below a rising wedge pattern. Before making the next push, Bitcoin Cash could retrace to $1,000 or even lower.
On Algorand’s 4-hour map, a growing wedge was found, and a split in either direction may have significant consequences for the company’s mid-long term trajectory. A fall below the lower trendline would result in a drop towards the 200-SMA (green), but a step below this moving average could result in a prolonged sell-off. A bullish wider market, on the other hand, might lift ALGO beyond the $1.77 upper limit. This will bring the rebound above late February amounts to a close.
The RSI’s bearish divergence poured its weight behind an adverse result. An ADX reading of 14 also indicated a market weakness. In the event of a pullback, amounts to watch include $1.37 and $1.26.
Basic Attention Token [BAT]
Over the past week, Basic Attention Token has been rangebound between $1.40 and $1.59, and its on-chain metrics have done nothing to persuade the market of a turn away from this channel. Similar to the width of the Bollinger Bands, volatility was on the low side. Going on, the candlesticks are expected to bounce between the upper and lower bands.
Above the half-mark, the MACD line was superimposed on the signal line. If it trades sideways for another week, BAT could have reached an accumulation period before the next breakout. In such a case, traders will be wise to wait and observe. Many that want to profit from the campaign will sell at opposition and purchase at help.
Bitcoin Cash [BCH]
Bitcoin Cash, like other big caps recently, has been celebrating its moment in the sun on the back of a bullish king coin. BCH has gained another 27.5 percent in the last 24 hours, peaking at $1,200. Any Fibonacci extension values were plotted on the 4-hour timeframe using a low of $443.06 and a high of $1,216. Extensions averages were 127.2 percent and 141.4 percent, respectively, at $1,428 and $1,538, but a pullback was predicted before the next upswing.
This could happen at $1,051 or at the 61.8 percent Fib ($921.8) mark. The RSI pointed south from overbought terrain, indicating an impending correction. The MACD line had dipped in the previous sessions, as seen on the histogram.