89 Interactions, 4 Today
Today’s market dynamics mostly reflected consolidation. Similar trading patterns were seen with altcoins such as Bitcoin Cash and Dogecoin.
Bitcoin Cash has moved closer to the immediate support line of $690.28, with a 0.6 percent drop in the last 24 hours. Dogecoin also saw range bound movement, with a 1.7 percent gain. Finally, Filecoin gained 12.7 percent and is now trading near its multi-month high of $95.70.
Bitcoin Cash (BCH)
Bitcoin Cash showed signs of consolidation and was trading at $705.68. On its chart, the altcoin fell 0.6 percent and was a few notches below its multi-month peak. The immediate support line was at $690.28, and if it does not hold, it may drop to $655.
The additional support line was at $603.21, a level last seen by BCH roughly four weeks ago. BCH’s technical indicators appeared to be negative. The Awesome Oscillator was flashing red signal bars. Green bars on the MACD histogram retreated and were replaced by a single red bar, indicating that negative price action was on the way.
Bollinger Bands have converged slightly, indicating that BCH is less likely to see market volatility. An upturn in prices could propel the altcoin to touch its three-month high at $719.
DOGE noted an uptick of 1.7% over the last 24 hours and traded at $0.300. The altcoin continues to trade in a range-restricted manner since the beginning of September.
DOGE might reach a weekly high of $0.314 if it continues to rise. If it continues to rise, it may retest its three-month high of $0.347. Indicators for DOGE exhibited mixed trading signals. Following a bearish crossover, MACD produced short-bodied red bars on its histogram.
Capital inflows decreased as well, with Chaikin Money Flow falling below the mid-line.Surprisingly, the Relative Strength Index was over 50, indicating that it was in bullish zone.
A price reversal could cause DOGE to trade at an immediate support level of $0.273, regaining its one-week low. In recent news, DogeLabs announced plans to host and instal nodes in order to provide improved infrastructure support for the altcoin.
FIL brought in an impressive 12.7% gain over the last 24 hours and was trading at $94.06. At this level, it hovered around its multi-month high. The overhead resistance for the coin was $95.70. Key indicators pointed towards bullish price action in the market.
The MACD indicator detected a bullish crossover and displayed rising green bars on the histogram. Because the asset was overbought, the Relative Strength Index was set at 80. Because to the increase in capital inflows, Chaikin Money Flow was 0.20.
A negative pullback might push prices down to the $88.50 immediate support level and subsequently to $82.26. FAILURE TO MAINTAIN ABOVE THE LATER PRICE LINE WILL DRAG FIL DOWN TO $74.98. Prices have been propelled lower in recent weeks as a result of such a negative movement.