At press time, Bitcoin and Ethereum had started to reverse some of their recent losses. While BTC was back to trading above $47k, ETH was valued at $3,121.
Despite the said recovery, however, many altcoins were lagging behind. BCH declined by 2.1% as it fell below the $623.37 support level. Cosmos prepared to trade closer to the $17.14 price floor while DASH exhibited a considerable decline of 8.3%.
Bitcoin Cash [BCH]
Bitcoin Cash was trading at $609.03 on the back of a 2.1% decline over the last 24 hours. The altcoin failed to sustain itself over the $623.37 support line and was moving further below to rest on the $579.32 price floor. Technical parameters indicated bearishness in the market.
A hike in selling pressure pulled the value of the token down, with the same reflected on the Relative Strength Index as it stood below the half-line. The MACD also flashed red histograms.
The Bollinger Bands were converging and indicated that market volatility would remain low.
If buying pressure starts to recover, Bitcoin Cash can move up to topple the $623.37 level. It can then attempt to trade above the $672.68 resistance.
Cosmos declined by 2.2% over the last 24 hours and was priced at $18.15. The price last hovered around the said level on 19 May. If ATOM continues to decline, it could rest on the $17.14 price floor. Indicators signaled negative price action in the market.
Buying strength struggled to revive itself as the Relative Strength Index remained below the half-line. Correspondingly, the Chaikin Money Flow also was seen in bearish territory, highlighting a fall in capital inflows.
The Bollinger Bands remained parallel, implying that the price would move in a range-bound manner. ATOM has been trading between $20.31 and $18.15 over the last couple of days.
On the upside, the alt would face resistance first at $20.31 and then at $23.19.
DASH was valued at $228.67 after it noted a substantial decline of 8.3% over the last 24 hours. The token had just broken below its $234.84 support level and if the bears continue to pull the price down, it could land up on the $190.94 price level.
The Awesome Oscillator displayed red signal bars, validating the bearish sentiment in the market. Buying strength remained low as the Relative Strength Index was seen below the half-line. Divergence was spotted on the Bollinger Bands – A reading that signaled a hike in market volatility.
In case of an up-move, DASH would have to topple the $234.84 level and sustain itself above $251.85 in order to retest the $279.31 resistance.