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To escape a collapse from its 20-SMA, Bitcoin Cash required to protect $668.5 help. EOS remained above the $6.45 support level, while Enjin Coin could fall all the way to its 200-day simple moving average before attempting a bullish comeback.
Meanwhile, Bitcoin was trading at $60,217, with a market capitalisation of more than 1.1 trillion dollars.
Bitcoin Cash [BCH]
To escape a breakdown from its 20-SMA, Bitcoin Cash wanted to hang on to $668.5 support in the coming sessions (red). Additional service areas were located at $629.6 and $600, and these amounts will be prioritised in the event of a southbound switch.
A bearish divergence on the MACD supported a breakdown forecast. When bears attempted to gain dominance of the sector, the Signal line also crossed over the MACD line. The RSI has shifted south from 52, and a drop below 40 could cause BCH to miss out on the $600 mark. A stronger area of support was seen at $550, which coincided with the 200-SMA (green), but a drop below this level may be detrimental to BCH’s mid-long term trajectory.
At the time of writing, EOS had broken south of its ascending channel and was hovering just above a support level of $6.45. If this level is sustained, EOS bulls can look to retest the $7.06 resistance level. The OBV, on the other hand, developed lower lows, indicating heavy selling pressure in the market.
According to this, a southbound transfer was possible, and additional support layers were at $6.2 and $5.7. A bearish crossover in the MACD increased the likelihood of a breakup. If it falls below the equilibrium line, the price will stay suppressed in the short-to-medium term.
Enjin Coin [ENJ]
Over the last 24 hours, Enjin Coin prices have been dragged down by a correctional process as the market has pushed towards $2.94 support. However, this was well within plans, but bulls should be careful of halting losses at $2.83. A split below this and the 50-SMA (blue) will most likely push ENJ towards the 200-SMA (green). Since early January, the market has not fallen below its long-term moving average even once, and the bulls will be hoping to keep this up in the coming sessions.
Since ENJ retraced from the $4 stage, the dotted markers of the Parabolic SAR have moved below the candlesticks, indicating a downtrend. Lower highs on the RSI reinforced the market’s bearish trend.