Another slow day for cryptocurrency markets except for XRP and Stellar that are blowing up the last few hours. Let’s take a look at some of our favorite cryptocurrencies and see what the charts have in store for us.
The crypto market of TRX/USD pair is today giving a bullish performance, having recorded an upsurge of about 10% over the intraday. The pair’s price found strong support near $0.0158 that lead to an intense buying pressure that impressively pushed the price momentum North ways. TRX/USD pair, therefore, escalated from the opening price of $0.0159 to the current rate that was stood at $0.0177. Afterward, there seemed to be a struggle to breach the critical resistance level that was defined at $0.0178.
In terms of the technical indicators, both moving averages are ascending with the short-term SMA being above the long-term SMA. Besides, the RSI indicator was seen hovering close to the overbought territory that suggested an intense buying pressure. Therefore further upside correction is likely in the near term.
A break above $0.01800 may trigger more bullish rally near $0.01880. However, failure to break past $0.01800 may result in a period of consolidation that may be followed by a downside correction below $0.0165 level.
DASH/USD was also on a bullish mode, having recorded some gain by 5.2% over the last 24hrs. The price exhibited unbeatable moves that reflected a strong bullish pressure. For instance, the support level was upended from $90.6819 to $94.000 that is a positive sign. Nevertheless, at around 16:00, a falls bullish accumulation pattern was seen that moved the price up to rally at a high of $99.6030. The emergence of a bearish engulfing pattern later followed that showed a strong denial of higher price levels. That dropped the price to a low of $94.2643 before embarking to a steady flow, which defined the current price at $96.0727.
Additionally, further upside climbing should be anticipated, since most indicators are foreshadowing incoming favorable scenario. Moving averages are heading north while the RSI is hovering above level 50 that confirmed the assurance of bullish reaction.
Investors should take a long position if the bulls succeed to push the price past $98.0000 level and place targets near $104.0000 and 105.0000 levels. On the downside correction, if sellers overcome buyers, then a breach below 92.0000 may trigger a decline near $85.0000.
BCH/USD pair has also increased investors sentiments over the intraday with its unbeatable performance. The 4th-ranked cryptocurrency has thereby given an upside gain of 5.7%, having shifted from a low price of $306.4 to a high price of $324.8 which is the current price rate. The long-term moving average has formed an ascending trend line that signified an uptrend.
However, the price started the day with an upside correction the moved the price to a high of $328.1 that was followed by a medium-term period of consolidation below $318.4 support level. In addition, the RSI has been gravitating above level 50 that showed that buyers were in control, which is a positive sign for the investors.
Higher price level should be expected as reflected by the moving averages that are now trading below the candle with the short-term SMA being above the long term SMA. New targets should be stood at $350 that is if the price manages to break past $327.2 resistance level.
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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