Bitcoin Cash, Dogecoin, Synthetix Price Movement Analysis for 17th February 2021

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Bitcoin Cash traded only above its 20-SMA, with its market sitting with the sellers. However, a bearish pullback could see BCH drop to $600 in the next few trading sessions. DOGE could stabilise around the $0.4-level, despite a reduction in the bearish momentum. Further down the crypto ladder, SNX cooled off record levels as retail vendors took hold of the market.

Bitcoin Cash [BCH]

With gains of over 40 percent over the last seven days, Bitcoin Cash has risen above the $750 mark, the amount most recently seen in July 2018. The uptrend was apparent on the 4-hour chart as candlesticks traded above 20-SMA (blue), 50-SMA (yellow) and 200-SMA (blue) (green).

However, in the last few trading sessions, the bearish pullback saw BCH trade closer to the $688 support. Although the CMF remained above the balance mark at the time of writing, it was going down on the charts. The Amazing Oscillator had a single green bar. An extended bearish scenario might see BCH drop to $600 in aid.

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Synthetix [SNX]

Source: SNX/USD, TradingView

On the daily charts, the price of Synthetix seemed to have been corrected as the price had fallen by more than 10% from its ATH. The RSI moved lower from the overcrowded region, while the OBV also moved south in the last few days. An extended selling at the press time price level might see SNX trading near to its $20 support.

Considering the power of the wider economy, it seemed impossible to dismiss the bullish scenario as well. A successful outcome will see SNX snap another ATH after the end of its correction process.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin slid to 13th place on the crypto-rankings charts after its price fell by more than 7 percent in the last 24 hours. Losses in the past week amounted to almost 30%, as DOGE’s bulls were unable to continue their recent bullish cycle. A 13 per cent dip in trading volumes and a lack of strong purchasing pressure worked against a forward-looking bullish result, even though the MACD noted a decline in bearish momentum.

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The RSI highlighted the market weakness as the index floated just above the oversold zone, despite pointing to the north. Although it is possible that the bulls will hang on to the press time support level, DOGE could stabilise down around the $0.4 level in the long run.

 

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