Bitcoin Cash, Ethereum Classic, Polkadot Price Movement Analysis for 9th May, 2021

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The flow of Bitcoin Cash was contained within the boundaries of a falling triangle, and a breakdown was nevertheless anticipated given the bearish market momentum. In a severe sell-off, Ethereum Classic could fall as low as $45.5. Finally, Polkadot sustained its uptrend, but a break over $46.5 seemed impossible.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

As Bitcoin Cash exchanged within a descending triangle, the Squeeze Momentum Indicator revealed bearish momentum in the market. The lower trendline at $1,280 marked the conclusion of the bulls’ rally. A break from this trend could result in a drop into the $1,200 support level. The bulls wanted to reclaim $1,430-$1,460 from the sellers in order to break out.

Following overbought conditions, the RSI has slowly deteriorated over the last few days. A price drop below 47-45 will indicate bearish price action.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

At press time, Ethereum Classic was trading in the pink, but its losses were nowhere near those seen a few days earlier. BCH was up 3% in the last 24 hours, but weekly gains were high at 160 percent. This also indicated that ETC would need to correct itself before resuming its northbound course. If $111 funding is sustained, another increase is likely in the coming days. If the sellers break that amount, pullbacks to $90 and $70.5 were also probable. An drastic sell-off could take the price as low as $45.5 and get it below the 20-SMA (red).

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The breadth of the Bollinger Bands signalling high market uncertainty and supported a pullback after the candlesticks sold on the upper band. At the time of publication, the RSI had reached its second high in the overbought region and was heading south.

Polkadot [DOT]

Source: DOT/USD, TradingView

Bullish energy was observed in the market as Polkadot’s up-channel approached the $42.2 upper limit. It would be exciting to see how this momentum continues as DOT reaches the next ceiling, which is $46.5. If purchasing activity should not slow down prior to a breakout, DOT’s initial goals are $53 and $57.

As DOT reached $42.2, the green bars on the Awesome Oscillator indicated optimistic purchase pressure. If the buying subsides, a pullback between $33 and $35 is possible. The downtrend in OBV demonstrated that the purchasing pressure seen at late-February highs has been steadily declining. This could occur and operate towards a breakout forecast. A positive result is possible if OBV manages to climb above its upper sloping trendline.

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