Bitcoin Cash was trading just above its 20-SMA, its market relying on buyers. However, a bearish pullback could see BCH fall towards the $ 600 level over the next few trading sessions. Further down the crypto scale, SNX calmed down from record highs when market sellers took control of the market. Finally, DOGE could stabilize around the $ 0.4 level, despite a reduction in bearish momentum.
Bitcoin Cash [BCH]
With gains of over 40% in the past seven days, Bitcoin Cash broke above the $ 750 mark, a level last seen in July 2018. The uptrend was clear on the 4-hour chart as the candlesticks were trading above 20-SMA (blue), 50-SMA (yellow) and 200-SMA (green).
However, a bearish pullback in recent trading sessions has seen BCH trade move closer to the $ 688 support. Although the CMF remained above the balance mark at the time of writing, heading lower on the charts. The Awesome oscillator has a single green bar. A prolonged bearish scenario could see BCH drop to support at $ 600.
On the daily charts, Synthetix’s price appeared to be undergoing a correction as the price fell more than 10% from its ATH. The RSI moved lower from the overbought zone as the OBV has also moved south in recent days. An extended sell-off at the price level at press time could see SNX trade close to its $ 20 support.
Considering the strength of the market as a whole, it also seemed difficult to rule out a bullish scenario. A favorable outcome would see SNX break yet another ATH after its correctional phase ends.
Dogecoin slipped to 13th position on the crypto-rankings charts after its price fell more than 7% in the past 24 hours. Last week’s losses were close to 30% as DOGE bulls were unable to support their recent bull cycle. A 13% drop in trading volumes and a lack of strong buying pressure worked against a bullish result going forward, although the MACD noted a decline in bearish momentum.
The RSI highlighted the weakness in prices as the index hovered just above the oversold zone, although it was pointing north. While it is likely that the bulls would hold the press time support level, DOGE could stabilize lower around the $ 0.4 level in the long term.
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