Bitcoin’s market recovered slightly from its price fall at press time. Similarly, Bitcoin Cash registered a minor 1.80% hike over the last 48 hours while its trading volume fell by 34% over the last 24 hours. IOTA barely showed any movement on the 4-hour trading chart as it moved closer to its crucial support zone of $0.77. Finally, Dogecoin after Elon Musk’s publicity stunt, rose by 4.50% over the same period.
Bitcoin Cash [BCH]
Bitcoin Cash registered consolidation between $476 and $550 support and resistance levels, respectively. At the time of writing, BCH was trading at $495 after a minor hike over the last 24 hours.
BCH’s value had been moving within a tight range, as seen from the technical analysis chart. This served as an entry point for traders. On the Relative Strength Index, at press time, the indicator noted a slight downtick that signified a decrease in the number of buyers, lending more dominance to the selling pressure in the market.
The Awesome Oscillator flashed bullish signals beginning 9 July. If this short-term bullish signal pushes the price further up, then BCH can be expected to test the $550 resistance level.
The Bollinger Bands remained mostly parallel on the charts with minor convergence pointing to a possible decline in market volatility.
IOTA’s price has been moving sideways for the last couple of weeks and it continued to do the same on the 4-hour chart at press time. The altcoin fell by 0.6% over the last 24 hours as IOTA’s crucial support level lay at $0.77, while its resistance level was at $0.93.
If the price moves up, the immediate resistance would be at $0.93 and subsequently at the $0.97 and $1.19 levels.
The MACD indicator registered a bearish crossover on 8 July. Capital outflows increased too, as spotted on the Chaikin Money Flow. However, the CMF remained below zero. The Bollinger Bands held firm and affirmed the crypto’s sideways price action.
After Elon Musk claimed in a tweet just 48 hours ago that Dogecoin had the potential to become a superior payment system, it rose in valuation. Dogecoin’s price, at the time of writing, was $0.21, a figure which meant a 4.5% hike over the last 24 hours. With a 129.4% increase in 24-hour trading volume, DOGE rose by almost 8% in the last 48 hours.
Green signal bars appeared on the Awesome Oscillator post-Elon Musk’s tweet. On 9 July, the alt underwent a bullish crossover and the MACD pictured green histograms – A sign of short-term bullish momentum. Finally, Dogecoin’s price fluctuations could be minuscule as the Bollinger Bands tightened further at press time.