Bitcoin Cash, Ethereum Classic, Neo Price Movement Analysis for 24th May, 2021

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With the global cryptocurrency market experiencing a brief recovery in the last 24 hours, some altcoins have yet to retake key areas in order to boost their development. Similarly, Bitcoin Cash, Ethereum Classic, and Neo all sought a break above key resistance thresholds in order to extend their own gains on the charts.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

As Bitcoin Cash saw northbound action on its 4-hour map, the market’s bulls came to the rescue at the $500-support stage. The 20-SMA (red) provided some resistance around $630, but a breakout could enable BCH to rise above the 23.6 percent Fibonacci mark ($771.4). An extremely bullish result could send it all the way up to the 50% Fibonacci stage ($1,075), but such a huge leap would take wider market signals.

Expect any rangebound action if a breakout over $771.4 is rejected.

A bullish twin peak on the Awesome Oscillator signalling a possible change in momentum in favour of investors, and a jump beyond the half-line would allow for a breakout. Even though the RSI recovered from oversold conditions, it needed to rise above 50 to indicate a bullish market.

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Ethereum Classic [ETC]

Source: ETC/USD, TradingView

A descending triangle collapse saw a single candlewick fall to the $39.4-support level, but investors reacted quickly in the Ethereum Classic market. A central area point of influence, however, was located at $55-54 – a region that coincided with the 50-SMA (yellow) on the hourly map. A move above this crucial level could result in a 15% increase to the $65-resistance level.

About the fact that the Stochastic RSI was overbought, stabilisation could be found at the $55-54 support. While the Squeeze Momentum Indicator showed bullish momentum, the black dots indicated low volatility and restricted profits. Sharper gains are anticipated if the dots are changed to white.

Neo [NEO]

Source: NEO/USD, TradingView

On the 4-hour map, Neo defended $37.9 after a breakdown and attempted a comeback beyond the $50.86-resistance. A 35 percent price increase awaited NEO if it broke through the above limit, and volumes must be monitored in the coming hours. Expect NEO to travel rangebound over $37.9 if a breakout is denied by sellers. A further drop, on the other hand, could be met with resistance at the $31.6 stage.

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The Supertrend Indicator blinked a sell warning, as predicted, but with a stop loss at $54.5, just above the 20-SMA (red). To reverse bear market conditions, the RSI needed to climb above the $48-49 resistance level.

 

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