Its a slow Tuesday for cryptocurrency markets. Most coins are seeing a slight decline in their price in the range of 1-2%. Others like Monero and Dash are bleeding a bit more than others dipping over 5% in the past 24 hours. Let’s take a look at some of our favorite cryptocurrencies and see if the charts tell us anything…
BCH/USD pair has been on a consolidating mode for the last 24hrs. The pair’s price was able to remain intact between crucial resistance level and support level that was defined near $309.96 and $302.73 over the last 24hrs. The price volatility is low, that might be followed by a downside breakout.
BCH/USD pair moved from $306.92 to $305.37 that showed a slight recovery of about 0.5% over the intraday. The RSI indictor was seen hovering around the midpoint that signaled a range-bound for a short-term. The moving averages are currently above the candle that gives a negative signal. Investor’s sentiments are likely to be negatively affected in the near term, with the parabolic SAR suggesting a sell signal.
An upward rally above $310 may lead to a bull run near $360. Conversely, if the pair’s price drops further down from the recent value $305.37 and breaks below $302.00, a decline below $290 could perhaps be encountered.
LEO/USD market has been dealing with a minimal number of transactions as reflected by doji candles that were seen severally. The trend has been bearish as suggested by the long-term SMA that has formed a strong descending trend line above the short-term SMA. The parabolic SAR was also seen above the candles that gave investors a sell signal.
However, the RSI that is now heading north shows a reluctance of investors to go short since they are anticipating for better price digits. This also indicates that the bulls are trying to take over the market momentum; this shows that there is demand at higher levels.
If the bulls succeed in propelling the pair’s price above $1.056, then a climb above $1.062 is possible. On the downside move, if the bulls failed to propel the price above $1.056, then a cynical move below $1.040 might be seen.
TRX/USD pair is also trading sideways, and it has moved from the opening session of $0.0157 to now changing hands at $0.0158. The 13-ranked cryptocurrency has been on a range-bound between the support level $0.0156 and resistance level that is at $0.0161. Additionally, both support and resistance level was tested in several instances.
Looking at the technical indicators, the short-term SMA has been trading above the long-term SMA that suggests a bullish outlook. The RSI indicator is also heading towards north that gives a positive sign. Thus the bulls are dominating the momentum. Conversely, the parabolic SAR recommends investor to take a short position. This is since the parabolic SAR is now trading above the candles.
A bullish move above the resistance level may foreshadow an upward rally near $0.165. However, a downside break below the support level may invalidate the bullish view thus a downside rally near 0.151 might follow.
Cryptocurrency Charts By Tradingview
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.
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