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As buying pressure entered the market, the broader market gradually moved north. Bitcoin Cash, AAVE, and Verge quickly followed. Bitcoin Cash gained 3.7 percent but had yet to break through its immediate price ceiling. AAVE successfully held above its nearest support line and showed signs of consolidation with a 1.9 percent increase. Verge saw an increase, but its technical indicators remained bearish.
Bitcoin Cash (BCH)
As the broader market showed signs of strength, Bitcoin Cash climbed the charts. The altcoin gained 3.7 percent in the last 24 hours and was trading at $521.04. Its resistance level was $539.06, followed by $578.56.
Additional price ceilings for Bitcoin Cash were $608.74 and $672.68, its one-week high. As the market’s buying pressure recovered, the parameters pointed to a positive price action.
MACD displayed the onset of green bars on its histogram, indicating a price reversal. Green signal bars were displayed by Awesome Oscillator. The Relative Strength Index increased from 25 to near the half-line, indicating a decrease in selling pressure.
If the buying pressure remains below the half-line, then prices could drag down to trade near the support line of $504.63 and then at the multi-month low of $482.99.
AAVE has also risen by 1.9 percent in the last 24 hours and has been consolidating in recent trading sessions. The altcoin was trading at $281.82, with $302.90 as the next resistance level. Additional price ceilings were set at $338.25 and $375.40. Indicators suggested that AAVE might be reviving.
Chaikin Money Flow was above the midpoint due to positive capital inflows. Over the previous trading sessions, the Awesome Oscillator showed that red bars were receding. The Relative Strength Index also rose towards 50, indicating that buying pressure was resurfacing in the market.
If AAVE rises on the upside, it could require buying pressure to move into the bullish territory. Remaining in the bearish zone could cause prices to drop down again. In that case, AAVE would find support at $271.09 and then at $249.20.
Verge recovered 3.9 percent and was worth $0.020. However, coin indicators were slow to reflect the coin’s recovery. The key indicators continued to point to bearishness. On the plus side, the coin’s price ceilings were $0.023 and then $0.027, which was Verge’s one-week high. The price of XVG remained below the 20-SMA line on the four-hour chart. This indicated that the market’s price momentum favoured sellers.
Although the Relative Strength Index increased, it remained in bearish territory. MACD’s histogram showed flat red bars, indicating that a price reversal was possible. The Chaikin Money Flow indicator remained above the half-line, although it threatened to fall below, if capital inflows don’t witness an influx.
In case the bearish pressure doesn’t fizzle out just yet, the nearest support region for the coin remained between $0.0192 and $0.170 respectively.