Bitcoin Cash was on the verge of falling below the 50% Fibonacci mark, but the bulls held firm. Nano needed to gain more traction in order to smash through the $6 barrier. SUSHI could fall to $10 if it leaves its high support level at $12.7, while Verge has pushed south from a symmetrical triangle.
Bitcoin Cash [BCH]
Using Bitcoin Cash’s collapse during the late February pullback, several significant Fibonacci Retracement levels on the 4-hour timeline were illustrated. At the time of publication, BCH was on the verge of falling below the critical 50% Fibonacci mark of $602. A step below this amount will most likely hold BCH below the $600-level in the coming days.
Since March, the OBV has largely remained stable, and it was unlikely that purchasing pressure would come to BCH’s assistance. Nonetheless, trading rates remained healthy at more than $6 billion, and the bulls could defend a breakdown. The RSI flattened at 51, indicating that the demand was already bullish.
Despite the fact that SUSHI fell below its $14.36 support level, another line of defence was open at $12.7. A fall below this mark, on the other hand, could result in a prolonged sell-off, and bulls must be mindful of this over the next few trading sessions.
After early March, the OBV has formed lower lows, which is not a good indication if SUSHI is to continue its upward trend. According to the CMF, capital inflows have also been limited since late March. In the event of a bearish result, a breakdown may go as low as $10.5 or even $10.
Nano made some progress on its way back to $8, but the economy did not seem to be able to make the climb quite yet. The bulls’ first challenge was above $6, which was not reached after many attempts during the last two months. Second, a bearish crossover on the MACD was observed as NANO tried to reclaim the previously described standard.
The Awesome Oscillator displayed a string of red bars but stayed above the half-way stage. Trading levels have also been low over the last 24 hours. For the time being, the sector is not bearish, but it also does not help a northbound breakout.
Verge moved south from a symmetrical triangle and into the $0.042 support area after breaking below the bottom trendline. The RSI developed two peaks in the upper territory and indicated overbought market conditions before trending lower on the map.
However, XVG’s outlook in 2021 has been bullish, with just a few sharp breakdowns in recent months. If the price does fall, the bulls are likely to protect the $0.037 mark against a prolonged sell-off.
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