The collective cryptocurrency markets dialed back its upward swing and fell below the $130 billion mark after a brief stint with the bulls. At press time, Bitcoin Cash [BCH] was trading in red, following the overwhelming trend of the market, with its price short of dropping below $130.
Bitcoin Cash fell against the US dollar by 4.35 percent and is the second biggest loser in the market behind XRP. The Bitcoin hardfork was trading at $131.64, with the market cap of the coin standing at $2.32 billion.
In terms of exchange dominance, LBank posted the highest BCH trade volume via the trading pair BCH/BTC, accounting for $28.71 million or 9.17 percent of the total volume. The next two spots were taken by P2PB2B in the trading pairs BCH/BTC and BCH/USD, accounting for 8.91 percent and 5.57 percent BCH trade volume respectively.
The one-hour chart for Bitcoin Cash showed a massive downtrend from $154.43 to $130.64, owing to the market drop last weekend. Following the same, the coin rose from $130.18 to $136.62.
Bitcoin Cash found immediate support at $129.51, which the coin fell below on 24 February. The immediate resistance level of the coin stood at $136.69.
The Bollinger Bands showed a massive drop in volatility as the price began to stabilize, while the Moving Average line indicated a bearish trend.
The Chaikin Money Flow tool indicated a marginal drop in the amount of money flowing into BCH, as the CMF had dipped below 0.
The Awesome Oscillator indicated the decline of short term momentum. It also suggested that the bears may be en route as the concluding bars were read, and below zero.
The one-day chart for Bitcoin Cash showed a significant dip post the hardfork, followed by months of movement with low volatility, with spurts of brief price hikes and declines. After the hardfork, the coin shot up from $87.39 to $197.76, and the recent uptrend in mid-February pushed the coin’s price from $121.64 to $142.52.
Bitcoin Cash found immediate support at $118.16, which the coin dipped below in early February. The immediate resistance level of the coin stood at $155.31.
The Parabolic SAR pointed to a bearish trend as the dotted markers were found above the coin’s trend line.
The Relative Strength Indicator showed that investor interest decreased, with a drop in the RSI from 68.22 to the mark of 49.81, at press time.
The MACD Line showed that the coin recently broke into a bullish trend as on 18 February, when the market was buoyed by the bulls.
Bitcoin Cash was desperately trying to rise to the price levels it saw a week ago, prior to the bearish onslaught. The coin managed to rise above the $135 mark, only to slip down a few days later. At press time, the coin, much like the larger market was in decline. In the short term, the bears looked to dominate, leading to a steady decline in price as indicated by the Bollinger Bands and the Awesome Oscillator. On the other hand, the long term forecasts were also bearish with a drop in investor interest.
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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.