BCH’s downtrend was clearer on the hourly charts as the price was lower. DOGE jumped within a fixed channel and was likely to stay above $0.0054 in the next sessions. Monero may have suffered more losses as the on-chain metrics favoured a prolonged bearish outcome.
Bitcoin Cash [BCH]
On the regular time frame, Bitcoin Cash seemed to be consolidating as the price change rangebound after snapping a local high to over $720. However, there has been a downtrend on the hourly timeframe as rates have risen to lower highs and lower lows over the last few sessions.
The RSI hit the oversold zone, while the red bars of the Amazing Oscillator rose below the half-line. The current price level may also provide some opportunities for traders to purchase. The bullish result could see BCH move closer to the $687 resistance.
Although weekly losses of almost 2 percent seemed to be forgivable to Dogecoin, it painted a rather sombre picture when compared to its monthly returns of more than 500 percent. In addition, the 4-hour chart showed that the Doge-hype had decreased as the price after its ATH moved below several lines of support.
The Bollinger Bands remained restricted and displayed low volatility as the cryptocurrency consolidated at lower levels. Despite recent bearishness, DOGE seems to have discovered new levels of support due to the recent bullish trend. Since the MACD was bullish-neutral, expect the ‘meme coin’ to remain above its current support until a clear uptrend emerges.
On the 4-hour timeframe, Monero lost out on the $252 support level after a reversal of more than 20 per cent, taking the price down from its local peak of more than $280. In addition, the losses will possibly continue over the next few sessions as the measures sided with the sales side.
The MACD line moved far below the signal line, while the histogram showed an improvement in the bearish momentum. The CMF also slipped under half the line as capital drifted away from the crypto asset. Further losses could see the XMR test for the next line of protection at $214.6.
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