Bitcoin Cash, Tron, FTX Token Price Movement Analysis for 1st February 2021

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While the larger altcoin market has seen mixed signals on the charts over the past 24 hours, BCH, TRX, and FTT flashed at press time. BCH looked at a step above its 20-SMA, while FTT looked at $11.6 above the upper ceiling. TRX was also forecast to climb higher on the charts, but it was not known if the price could be sustained above $0.03 of support.

Bitcoin Cash [BCH]

Bitcoin Cash has been under some selling pressure as losses have been tracked down to almost 9 percent in the last seven days. Bearishness was noted in its market as the price slipped below 20-SMA (yellow) and 200-SMA (green) on the 4-hour map. In the other hand, at the time of publishing, markets showed some short-term turmoil as indicators favored investors in the short term.

The Chaikin Money Flow shifted sharply upward, an indication that BCH’s capital inflows were high. The Awesome Oscillator even favoured the bulls slightly. Despite recent price activity, a break over the 200-SMA was doubtful in the coming sessions, as the traction of the coin appeared sluggish on the market, and the trading volume also sank over the past 24 hours.

Tron [TRX]

Source: TRX/USD, TradingView

In the past few sessions, Tron experienced some buying interest as the stock broke through $0.03 of resistance. Trading value has risen to more than $2 billion, up 8 percent from yesterday. In addition, the Stochastic RSI pointed up and suggested an extended bullish scenario for TRX over the coming sessions.

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However, it was not clear if the bulls would be able to hold upward on the charts, as the MACD indicated a lack of a good bullish impetus. If trading volumes also shrink over the next few sessions, TRX could sink below its immediate support.

FTX Token [FTT]

Source: FTT/USD, TradingView

FTX Token had a favorable start to the new year as earnings in the month of January amounted to more than 80%. During this time, the price also increased to multiple record highs, backed by strong purchasing activity. However, FTT appeared to be facing a price reversal as the market price of the coin dropped by more than 9 per cent after reaching an all-time high a few days earlier.

The $11 support was able to cut losses as the bulls stepped in to relieve the selling pressure. Indeed, measures favoured bulls in the short term, as the Relative Strength Index pointed upwards from the neutral region. The MACD also revealed that the bearish trend was weakening. In a bullish situation, the FTT could climb above the resistance to $11.6.

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