Bitcoin Cash, Ethereum Classic, Litecoin Price Movement Analysis for 10th June, 2021

Spread the love

 188 Interactions,  2 today

Because of strong market and news signals, total market capitalisation increased by 6% in the previous 24 hours. Ethereum Classic has gotten a new Mantis update, LocalBitcoins has recently implemented Bitcoin Cash payment capabilities, and Grayscale Investments Holdings has just purchased 5131 Litecoin. Regardless, the coinage saw minor advances through the day.

Bitcoin Cash [ BCH ] :-

Source: BCH/USD – TradingView

For the second week in a row, Bitcoin Cash has performed poorly. Since May 28, the cryptocurrency had been frequently challenging the $605 support level, and the June 7 plunge brought it to fruition. BCH dropped below the support line for 36 hours before rising again on June 9. Despite the fact that the Parabolic SAR showed an active rally, the currency was perilously near to plunging again as the white dotted lines remained below the candlesticks, trading at $613 in red.

The rise in the Average Direction Index (ADX) 24 hours ago predicted a minor price increase. At the time of publication, this indicator was less directional, which might be a poor sign for the current active trend — rise. Because the indicator line was above the signal line, the bullish crossing on the MACD indicator might aid to avert a dramatic price drop.

RECOMMENDED READ:  Bitcoin SV, Neo, VeChain Price Movement Analysis for 18th February 2021

Since the cryptocurrency breached the active support level, the next target has been set at $503.

Ethereum Classic [ ETC ]:-

Source: ETC/USD – TradingView

ETC has lost around 27.6 percent of its value in the previous 15 days, trading at $59.8. This decline resulted in a temporary lower resistance level of $71. Since the beginning of June, the Simple Moving Averages have not been friendly to the currency. On the 4-hour chart, the lines – 50 SMA (orange) and 100 SMA (red) – remained highly bearish.

Between June 8 and 9, the Awesome Oscillator showed negative momentum, but at press time, the indicator showed bullish momentum. Capital inflows had been somewhat high, bringing the Chaikin Money Flow index back to zero. However, capital outflows have been somewhat higher in recent hours, putting the indicator near to the neutral line.

Price movement was inert at the time of publication, but ETC will require more bullish indications to break beyond $71.

RECOMMENDED READ:  Binance Coin achieves new milestone with  new ATH of $60

Litecoin [ LTC ] :-

Source: LTC/USD – TradingView

Litecoin plunged 13.2 percent at the start of this week, but a strong comeback has moved the cryptocurrency back up to $168.8 as of this writing. LTC’s resistance barrier has remained around $185.5. Despite the fact that the Squeeze Momentum Indicator shows an active squeeze release (the presence of white dots), bearish pressure has been seen to recede in the previous 24 hours.

After dropping into the oversold zone on June 8, strong buying pressure helped the Relative Strength Index (RSI) recover to near 50. At the time of writing, the purple signal had fallen significantly towards the neutral line.
Despite having split, Bollinger Bands moved parallel to each other at the time of publication. With no clear signs of volatility, it’s safe to consider sideways movement for the coin going forward.

Leave a Reply

Contact Us